Greece’s economy slipped back into recession in the first three months of the year amid delays in approving its latest bailout loan.

Axar.az reports citing Euronews.

Gross domestic produce shrank by 0.1 percent between January and March compared to the final three months of last year when GDP had contracted by 1.2 percent. Officially a country is in recession when its economy falls for two consecutive quarters.

“The weakness seen in the fourth quarter continued but at a softer pace in the first three months,” said National Bank economist Nikos Magginas.

“It’s an encouraging sign given that up until February uncertainty over the successful conclusion of a bailout review remained high.”