Greece GDP shrinks in second quarter

Greece’s national output shrank in the second quarter of 2012 by 6.2% on an annual basis, showing a marginal improvement over the first quarter, according to a flash estimate released by Elstat, the country’s independent statistics authority on the 13 August 2012.

Analysts warned that the second-quarter contraction did not necessarily suggest the rate of decline in the Greek economy was starting to bottom out after a cumulative output contraction of more than 13% in two years of recession.

ESO: Key source: The Greek Debt Crisis http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Greece agrees €11.5bn spending cuts http://www.europeansources.info/record/greece-agrees-e11-5bn-spending-cuts/

BBC News, 13.8.12: Greece's economy continues to contract http://www.bbc.co.uk/news/business-19247442

Kathimerini, 13.8.12: Greek economy shrinks by 6.2 pct in Q2, 13 pct over last two years http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_13/08/2012_456706

Website: Hellenic Statistical Authority (EL.STAT) http://www.statistics.gr/portal/page/portal/ESYE

Elstat: Press Release, 13.8.12: Quarterly National Accounts, 2nd Quarter 2012 http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_02_2012_01_E_EN.pdf

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