piraeus bank group

Real GDP (% change)

In the 1st quarter of 2016, according to seasonally adjusted data, real GDP (first estimate) contracted by -0.4% on a quarterly basis, close to our estimate of -0.25% QoQ, whereas contracted by -1,3% compared to the 1st quarter of 2015. The nominal GDP also contracted by -0.4% QoQ and by -1,3% YoY, denoting a zero deflator.