Greek economy contracted by 0.9% in the first quarter of 2020

Greek economy contracted by 0.9% in the first quarter of 2020

According to the Hellenic Statistical Authority (ELSTAT) provisional performance data of the first quarter of 2020, the Greek economy decreased by -0.9%.

“The recession is significantly smaller than in other Eurozone countries which averaged -3.2%,” said Finance Minister Christos Staikouras, adding that this proves  that the government’s economic plan and its implementation were moving in the right direction”.

He also expressed his confidence that “with faith in our strength, solidarity and cohesion, we will overcome the economic crisis that has resulted from the pandemic, with minimal social and economic costs”.

On the other hand, SYRIZA’s sector-head for economic affairs Nikos Pappas, said that “the effects of Mitsotakis’ disastrous policy came before the effects of the pandemic, as the coronavirus came to the country after the recession” and said the government shrunk the GDP by 1.6% in the first quarter of 2020 and by -0.7% in the last quarter of 2019.

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