Greek recession slowed again in Q3 as economy shrank by 3 pct
Greece's gross domestic product(GDP) shrank 3.0 percent year-on-year in the third quarter of 2013, unchanged from a previous flash estimate published in November, the country's statistics service ELSTAT said on Monday.
The decline, based on seasonally unadjusted data, followed a 3.7 percent slump in the second quarter, bringing the economy's annual contraction pace in the first nine months of the year to 4.0 percent. This is the fourth consecutive quarter in which Greece's recession eases year-on-year.
ELSTAT does not provide seasonally adjusted quarter-on-quarter GDP data, which most countries use to measure their economic performance.
Greece and its international lenders project the economy will shrink 4.0 percent in the full year of 2013, in what they expect to be the end of the country's six-year recession.