Moderate contraction of 0.9% in Q1

The coronavirus measures that were introduced in late February and led to a lockdown in the second half of March were enough to turn the gross domestic product data for the entire first quarter of 2020 negative - albeit at a significantly slower rate than in the rest of the eurozone - according to data issued on Thursday by the Hellenic Statistical Authority (ELSTAT).

The figures showed an annual economic contraction of just 0.9% in January-March and quarterly shrinkage of 1.6%, compared to 3.2% and 3.8% respectively for the euro area.

"This illustrates that the economic plan of the New Democracy government and its application are in the right direction," said Finance Minister Christos Staikouras, predicting that eventually "we will overcome the crisis with the least possible social and economic cost."

The relatively mild contraction of the economy in Q1 "is...