BUSINESS

Greek economy contracted 0.7 percent in Q2 year-on-year

TAGS: Economy

The Greek economy contracted 0.7 percent in the 2nd quarter of this year compared to the same period last year but grew slightly, by 0.3 percent compared to the first quarter of this year, according to Hellenic Statistical Authority (ELSTAT).

The slight improvement in the annual figures are partially attributable to the strong performance of the tourism sector.

The government is hoping that the economy will prove to be resilient for the rest of the year, leading to an annual recession rate of no more than 0.6 percent of GDP.

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