Greece Economy Moves Into Deep Recession

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Greece’s economy fell into a record recession in the second quarter due to the restrictions imposed to contain the coonavirus pandemic, provisional data from the Hellenic Statistical Authority showed Thursday.

Gross domestic product fell 14 percent sequentially in the second quarter, following a 0.7 percent drop in the first quarter.

The economy had entered a technical recession in the first quarter.

On a yearly basis, the economy shrank 15.2 percent after easing 0.5 percent a quarter ago.

The expenditure-side breakdown showed that final consumption expenditure fell 9.3 percent from the first quarter. At the same time, gross fixed capital formation decreased by 2.0 percent.

Exports of goods and services plunged 32.1 percent and imports of goods and services were down 16.7 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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