Greek economy shrinks in first quarter, hurt by bailout review uncertainty

Greece's economy contracted in the first three months of the year but less than in the final quarter of 2016, flash estimates by its statistics service showed on Monday, as jitters over the conclusion of a bailout review hurt business confidence.

The data showed the economy shrank 0.1 percent in January-to-March compared to last year's final quarter when gross domestic product contracted by 1.2 percent.

The seasonally adjusted data also showed that the Greek economy contracted at an annual 0.5 percent pace in the first quarter, at a slower clip than in the fourth quarter of 2016, when it shrank by 1.1 percent.

"The weakness seen in the fourth quarter continued but at a softer pace in the first three months," said National Bank economist Nikos Magginas. "It's an encouraging sign given that up until February uncertainty over the successful conclusion of a bailout...