ATHENS Oct 6 The Greek economy shrank even more
over the last five years than previously estimated, according to
revised economic growth figures released by the debt-ridden
country's statistics agency.
In a statement published late on Friday, the ELSTAT agency
said gross domestic product (GDP) contracted by 4.9 percent in
2010 and 7.1 percent in 2011, exceeding previous estimates of
3.5 percent and 6.9 percent respectively.
The revision took account of "significant reductions ... in
the consumption expenditure of households," ELSTAT said.
GDP estimates are a key parameter in assessing the
sustainability of Greece's debt under two multi-billion-euro
bailouts from the European Union, European Central Bank and
International Monetary Fund since 2010.
The Greek economy has shrunk by about a fifth since 2008,
partly due to punishing austerity measures demanded in exchange
for the bailouts.
The Greek government, which is negotiating new savings in
order to clinch the next loan tranche, is forecasting a further
economic contraction of 6.5 percent this year and 3.8 percent