Greek Economy Contracting More Than Expected

Government still negotiating economic reforms

The Greek economy contracted at a faster pace than previously estimated, confirming the country remains mired in recession as government spending and exports both fell, data from Greek statistics agency Elstat showed Friday.

Greek gross domestic product contracted 6.3% on the year in the second quarter. That is a revision from the 6.2% drop reported in the provisional estimate last month and compares with a 6.5% fall in the first quarter and a contraction of 7.3% in the second quarter of 2011.