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Since the beginning of the year, Greece’s economy has fallen back into recession due to the decline in GDP, as shown by the preliminary data of the Greek Statistical Office.

In particular, the decline in the first quarter of 2015 was 0.2% and, according to analysts, it was smaller than expected. In the fourth quarter of 2014, it reached 0.4%.

Seasonally adjusted data however show that in the first quarter of the year, Greece’s economy attained growth of 0.3% on an annual basis, which is a slowdown compared to the growth rate of 1.3% in the fourth quarter of 2014.

The initial expectations for 2015 were that Greece would attain 2.9% growth. The government and the European Commission have significantly lowered their forecasts to 0.8% and 0.5% respectively, due to the continuing uncertainty caused by the protracted negotiations between Athens and Brussels on the financing of Greece.