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The Greek economy returned to recession in the first quarter of 2015, although not at such an intense pace as expected, according to a report that the Greek statistical office ELSTAT released today.

The recession in the particular period reached 0.4% compared to the second quarter of 2015 and 0.5% compared to the third quarter of last year. At the same time, state budget revenues reported a decline amounting to 2.1 billion euro, despite the good rhythm of tax collection in October.

Seasonally adjusted data show a 0.1% decline in the gross domestic product whereas the estimates by the economic team of the Greek government indicate much higher recession in the third quarter.

It is worth noting that this is traditionally the "best" time of the year, as it covers the summer tourist season. This year, however, capital controls were introduced in this period and banks were closed for 20 days in July.