ECONOMY

Greek economy contracts by a massive 6.6 pct in Q4

Greece?s economy contracted by a larger-than-expected annual pace of 6.6 percent in the last three months of 2010, versus 5.7 percent in the July to September period, the Hellenic Statistical Authority (ELSTAT) said on Tuesday.

A poll of economists prepared by Reuters showed that the economy, that has been shrinking for 10 consecutive quarters, was seen contracting by 4.8 percent.

On a quarter-on-quarter basis, the 230-billion-euro economy shrank by 1.4 percent, ELSTAT added.

?The significant reduction in consumer spending contributed to the drop in gross domestic product (GDP), while the improvement on the trade deficit partly offset the negative result,? it said in a statement.