Greece slides gently into a new recession


The bad news from To Vima:

The Greek statistics authority ELSTAT has documented a 0.7% rate of recession in the second trimester of 2016, compared to the same trimester last year in its last flash estimates.

Compared to the first trimester of 2016 though, the non-seasonally adjusted data shows that the Gross Domestic Product (GDP) in volume terms increased by 0.3% during this period.

Available non-seasonally adjusted data indicate that in the second quarter of 2016 the GDP in volume terms decreased by 0.1% in comparison with the second quarter of 2015.

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