The Greek economy contracted more than initially estimated in the first quarter, falling deeper into recession while the country struggles to resolve the debt crisis and avoid an exit from the Eurozone, data released by the Hellenic Statistical Authority showed Friday.
Gross domestic product (GDP) fell 6.5 percent year-on-year in the first quarter, faster than the 6.2 percent decline previously estimated. The rate of contraction was, however, slower than 7.5 percent seen in the fourth quarter. The economy contracted for the eighth consecutive quarter.
Total final consumption expenditure decreased 7.5 percent annually during the three-month period, while gross fixed capital formation fell by 21.3 percent, data showed.
by RTT Staff Writer
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