Greek economy shrinks at slowest pace since late 2008

ATHENS, Sept 1 Mon Sep 1, 2014 5:09am EDT

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ATHENS, Sept 1 (Reuters) - Greece's economy shrank a revised 0.3 percent in the second quarter from a year earlier, contracting at its slowest pace since late 2008, data showed on Monday.

The gross domestic product reading, based on seasonally-unadjusted data, was revised down from a flash estimate earlier this month showing a 0.2 percent contraction. It was the fifth straight quarter of slowing economic contraction.

Greece and its EU/IMF international lenders project the economy will emerge from a brutal six-year recession this year, expanding by a modest 0.6 percent on the back of a strong tourist season and a rebound in investment.

Greece does not provide seasonally adjusted quarter-on-quarter GDP data, which most countries use to measure their economic performance.


KEY FIGURES Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013

GDP (y/y, pct) -0.3* -1.1 -2.3 -3.2 -4.0


source: ELSTAT

* = Revised (Reporting by Renee Maltezou, Writing by Deepa Babington)