BUSINESS

Economy shrinks by 0.9 percent in first quarter, beating original estimate

The Greek economy performed better than expected in the first quarter of this year, shrinking by 0.9 percent year-on-year, compared to a contraction of 1.1 percent estimated in May, the Hellenic Statistical Authority said on Friday.

The quarterly figure is the smallest since 2008, before Greece's debt crisis hit.

After six full years in recession, the government and troika are looking toward a gradual recovery with a 0.6 percent growth rate predicted.

Online