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Greece economic contraction worse than predicted

As Greece's bailout talks with creditors enter a second week, the country's economy contracted more in the last quarter of 2016 than initially estimated, figures show.

The Greek statistical authority said output declined by 1.2% in October-December, compared with the previous quarter. The earlier estimate was for a 0.4% contraction.

The authority said the revision was due to new data not available when the previous estimate was made.

The fourth quarter's sharp decline followed modest growth of 0.3% and 0.6% in the second and third quarters.

Greece's left-led government under Alexis Tsipras is locked in negotiations with bailout creditors in Athens over further budget cuts and reforms required for the release of a new rescue loan instalment.


From Belfast Telegraph