Greece

Greek Economy Contracted in Second Quarter

Compared with last year's second quarter the economy shrank 6.2 percent.

|

THE Greek economy, struggling in a fifth year of recession, shrank 6.2 per cent in the second quarter compared with a year earlier, according to official data issued on Monday.

The economy contracted 6.5 per cent in the first quarter, worse than the initially given 6.2 per cent, according to revised figures issued in June.

The Bank of Greece expects the economy to shrink 4.5 per cent for 2012 as a whole, following a 6.9 per cent drop last year.