Greek economy enters recession as first quarter GDP remains negative

The Greek Statistics service confirmed on Friday that the country's economy shrank 0.2% in the first quarter, according to preliminary estimates.

Since the latest contraction follows a 0.4% decline in the fourth quarter of 2014, Greece is now in a technical recession.

The data confirmed widely held market sentiment that the Hellenic country's economy had turned a corner for the worse, in wake of the complicated situation it faces regarding a much needed agreement with international creditors.

Greece's economy had only emerged from a six-year long recession last year.

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