ECONOMY

Greek Q1 GDP shrinks 6.5 pct y/y

Greece’s gross domestic product (GDP) shrank 6.5 percent year-on-year in the first quarter of 2012, the country’s statistics service ELSTAT said on Friday, based on seasonally unadjusted preliminary estimates.

The contraction was deeper than a previous -6.2 percent flash estimate in May and followed a 7.5 percent slump in the last quarter of 2011.

Data on a quarterly basis were not provided. [Reuters]