ELSTAT revises 2013 GDP, says economy shrank 3.3 pct

Greece revised data on last year’s gross domestic product on Friday, showing its economy

shrank by 3.3 percent for the year as a whole, less than a previous estimate of a 3.9 percent contraction.

The country’s statistics service ELSTAT said the revision reflected the use of new and updated data on national accounts, in line with the new European Systems of Accounts (ESA 2010).

The new data also showed that the recession in 2012 was milder than previous estimates, with GDP shrinking 6.6 percent, less than a previous 7.0 percent estimate.

Greece and its EU/IMF international lenders project the economy will emerge from a six-year recession and expand by 0.6 percent this year.

Reuters

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