BUSINESS

Greece's Q1 recession less severe than estimated, Commission spokesman says [video]

Recession in Greece during the first quarter of 2013 was less severe than originally estimated, the European Commission said Thursday.

Responding to a question by Kathimerini’s Brussels correspondent Nikos Chrysoloras, Simon O’Connor, who is spokesperson for economic and monetary affairs, said that the Commission’s recession forecast for Greece was above the 5.3 percent which was announced on Wednesday.

“Our internal expectations have been exceeded by the flashback estimate,” O’Connor said.

“It was a slightly better outcome than we expected,” he said.

Olli Rehn’s spokesman also hailed recent data showing an improvement of economic sentiment in Greece, which in May reached its highest point in the last five years.

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