Greek GDP Revision Shows Slump at Worst in Five Quarters: Chart

(Bloomberg) -- Greece’s economy shrank 1.2 percent in the fourth quarter, three times as much as initially estimated and the most since the country closed its banks for three weeks and introduced capital controls in 2015. The revision means gross domestic product shrank 0.1 percent last year, dealing a blow to Prime Minister Alexis Tsipras’s claims that the recovery has begun. As if anticipating Monday’s huge change, the International Monetary Fund said in a report last month that frequent and large revisions in Greek GDP data complicate analysis of the economy.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net.

To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Swint