Greek Q1 GDP shrinks 5.6 pct y/y, more than pvs flash estimate

Fri Jun 7, 2013 5:15am EDT

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ATHENS, June 7 (Reuters) - Greece's gross domestic product
(GDP) shrank 5.6 percent year-on-year in the first quarter of
2013, more than a previous 5.3 percent contraction estimate in
May, the country's statistics service ELSTAT said on Friday.
    The revised data showed the economy remains mired in its
sixth consecutive year of recession, hurt by fiscal austerity
demanded by the country's international lenders to keep bailout
funding flowing.
    The contraction, based on seasonally unadjusted data, 
followed a 5.7 percent slump in the fourth quarter of 2012. 
    Data on quarter-on-quarter changes were not provided. 
    The economy is expected to contract by 4.2 to 4.6 percent 
this year after a 6.4 percent slump in 2012 before recovery
starts in 2014.
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    KEY FIGURES      Q1 2013   Q4 2012   Q3 2012   Q2 2012
    GDP (y/y, pct)     -5.6     -5.7      -6.7      -6.4
    ----------------------------------------------------
    source: ELSTAT
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