ECONOMY

Greek economy shrinks by 6.2 pct in Q2, 13 pct over last two years

The Greek economy contracted by 6.2 percent in the second quarter of the year compared with the same period last year, meaning it has shrunk by 13 percent in the last two years, according to data published by the Hellenic Statistical Authority (ELSTAT) on Monday.

?Available non-seasonally-adjusted data indicate that, in the 2nd quarter of 2012, the Gross

Domestic Product (GDP) at constant prices of year 2005 decreased by 6.2 percent in comparison with the 2nd quarter of 2011,? said ELSTAT in its flash estimate.

Although severe, the contraction is slightly less than in the first quarter of the year, when the Greek economy shrank 6.5 percent compared to the same period on 2011.

In terms of a peak-to-trough drop, the Q2 figures indicate that the Greek economy has contracted by 17.5 percent since the second quarter of 2008, when it peaked.

Greece?s economy is expected to shrink by close to 7 percent this year.