Investing.com - Official data on Tuesday showed that Greece’s economy shrank more-than-expected in the fourth quarter, as the debt-laden country struggles to avoid a messy sovereign debt default.
In a report, the Hellenic Statistical Authority said the country’s gross domestic product contracted at an annualized rate of 7.0% in the fourth quarter, worse than expectations for a 4.0% contraction.
Greece’s economy shrank by 5.0% in the preceding quarter. The figures aren't seasonally adjusted.
On the quarter, Greek GDP contracted by 7.9% after expanding by 3.4% in the third quarter.
Following the release of the data, the euro was higher against the U.S. dollar, with EUR/USD climbing 0.13% to trade at 1.3204.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 rose 0.45%, France’s CAC 40 added 0.3%, Germany's DAX gained 0.55%, while London’s FTSE 100 edged 0.15% higher.
In a report, the Hellenic Statistical Authority said the country’s gross domestic product contracted at an annualized rate of 7.0% in the fourth quarter, worse than expectations for a 4.0% contraction.
Greece’s economy shrank by 5.0% in the preceding quarter. The figures aren't seasonally adjusted.
On the quarter, Greek GDP contracted by 7.9% after expanding by 3.4% in the third quarter.
Following the release of the data, the euro was higher against the U.S. dollar, with EUR/USD climbing 0.13% to trade at 1.3204.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 rose 0.45%, France’s CAC 40 added 0.3%, Germany's DAX gained 0.55%, while London’s FTSE 100 edged 0.15% higher.