ATHENS: The Greece’s economy dipped from the last three months of 2016 as quarter reports show a lower gross domestic product, after growing phenomenally last third quarter. The fear of another recession surrounds the country coming this 2017, and debt crisis could once again resurface. All of the unexpected economic shrinking poses a greater threat on the current Greece and its creditors’ standoff.
The last three months of 2016 provided unexpected changes and slowdowns in Greece, these were all coming from a tremendous third quarter the country posted. The Greece’s gross domestic product fell as much as 0.4% in the last quarter of 2016 as opposed to the booming 0.9% increase in the previous quarter. According to the survey conducted, the country’s median estimate was 0.4% expansion, but recent results posted a total of 0.3% economic growth for the entire year.
According to Eurobank Ergasias’ Athens economist Tassos Anastasatos, “Most of the recovery in the third quarter had been driven by consumption,” and ending with “Toward the end of the year doubts already started to emerge that the review would close quickly, and that may have made people more cautious about their spending.”
The country is currently in a standoff with its creditors, it continues to intensify as Athens’ government holds a strong foot, headed by its prime minister Alexis Tsipras, with its decision to not give in to demands for further cuts; thousands of farmers protested in Athens over the heightening costs and unpopular reforms.
