Great Recession in Europe

Greek economy shrinks in first quarter, contraction deepens

Greece's economy contracted in January-to-March compared to last year's fourth quarter, the country's statistics service (ELSTAT) said on Thursday.

The seasonally adjusted data showed gross domestic product shrank 1.6 percent in the first quarter, at a faster pace compared to a 0.7 percent contraction in October-to-December.

FinMinCitu: The 3.3 billion euro loan gives us comfort of financing all expenditure foreseen in budget

We have gone out on the international markets and the interest in Romania has been almost 14 billion euros, of which we have chosen to borrow 3.3 billion euros, the Public Finance Minister Florin Citu said after the government meeting on Wednesday. He specified that the loan offered the possibility of financing expenditure from the budget without any problems.

Prices drop in April

Inflation turned negative in Greece in April, largely because of the collapsing oil prices, the EU statistics agency Eurostat announced Thursday.

The consumer price index dropped 0.9 percent in April, compared to April 2019; in March, inflation was 0.2% and last April, 1.1%.

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