ECONOMY

Growth down 7.5 pct of GDP in final quarter of 2011

Greece’s gross domestic product (GDP) contracted by 7.5 percent year-on-year in the fourth quarter of 2011, the country’s statistics office said on Friday based on seasonally unadjusted provisional estimates.

The contraction, which followed a 5.0 percent GDP decline in the previous quarter, was deeper than a previous Feb. flash estimate of -7.0 percent.

[Reuters]