Debt-laden Greece’s economy shrank 1.1 per cent in the last quarter of 2016 against the same period the previous year and gross domestic product fell 1.2 per cent against the last quarter, the national statistics office said on Monday.

The new figures are far lower than previous estimates and come at a time when Athens is locked in crucial bailout talks with the IMF and the European Union for its crisis-battered economy.

The Elstat agency had earlier predicted a 0.4 per cent GDP slide in the last quarter against the third. The new figure is a three-fold rise over the previous estimate. The revised figures mean that Greece remained in recession for the eighth straight year. (AFP)