Greece slides back into recession at start of 2017

By Szu Ping Chan

Greece slid back into recession in the first quarter in 2017 amid months of wrangling between Athens and its creditors over the country’s third bail-out deal.

The Greek economy contracted by 0.1pc in the first three months of 2017, after shrinking by 1.2pc in the final quarter of 2017, according to the Hellenic statistical authority.

Analysts had expected the economy to eke out growth of around 0.2pc in the first quarter.

The preliminary data means Greece fell into technical recession – defined as two straight quarters of economic decline – for the fourth time in nine years.