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Revised data for Q4 2015 point to full-year real GDP contraction of 0.3%

Hellenic statistical authority (EL.STAT.) published earlier today provisional national accounts data for the fourth quarter of 2015. The release contained a positive development in the form of an upward revision in Q4 2015 real GDP growth to +0.1%QoQ/-0.8%YoY in seasonally adjusted terms from an initial reported estimate of -0.6%QoQ/-1.9%YoY. For the full year 2015 real GDP contracted by 0.3%, better than -0.7% previously reported and in line with our projection envisaged in the Greece Macroeconomic Outlook 2016 report.