Greek economy sinks into recession for first time since 2012

greece

Greece’s gross domestic product sunk by 0.1 percent in the first quarter of the year, falling back into recession for the first time sine 2012.

According to official figures from Eurostat released on Tuesday, the country’s GDP fell by a further 0.1 percent between January and March of this year, after shrinking by 1.2 percent in the final quarter of 2016.

The figures are set to worsen the Greek financial crisis, as the country struggles to secure a new bailout from international lenders almost two years on from a major crisis in 2015.

Greek unions are set to begin two days of industrial action against cuts to pensions and tax rises insisted on by creditors, as the country continues to fight against increasing austerity.

The Greek government are hoping a further loan payment will be approved by a meeting of eurozone finance ministers on 22 May.

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Miranda is the online editor of UK Investor Magazine. Her interests include private equity, crowdfunding, peer-to-peer lending, gender equality and coffee.