Debt-laden Greece's economy suffered a new blow, contracting by 1.2 percent at the end of 2016, according to revised figures released Monday, meaning it remained in recession for the eighth straight year.
The figure by the national statistics agency Elstat compared with an earlier estimate of a seasonally adjusted 0.4 percent drop in the final three months of 2016 against the previous quarter.
It was the worst quarter since the height of the country's financial woes in latter half of 2015 when Greece came close to default and appeared to be on the verge of being kicked out of the eurozone. The revised figures mean that Greece's economy remained in recession for the eighth straight year, with GDP contracting by 0.05 percent in 2016 according to calculations made by Greek media.
The Elstat agency also said GDP fell by 1.1 percent in the fourth quarter in 2016 against the same quarter in 2015.
The new figures come at a time when Athens is locked in crucial bailout talks with the IMF and the European Union for its crisis-battered economy.
Following a long standoff between the EU and the International Monetary Fund over debt relief and budget targets, talks between Greek officials and representatives from its creditors aimed at freeing up fresh funds resumed in Athens last week.
AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence." >Copyright Agence France-Presse, 2017