ECONOMY

Greek economy shrank by 6 pct in final quarter of 2012

The Greek economy shrank by 6 percent in the last quarter of 2012 compared to a year earlier, according to date published by the Hellenic Statistical Authority (ELSTAT) on Thursday.

The preliminary data from ELSTAT confirms that 2012 was another year of deep recession for Greece, with the year’s three other quarters all showing the economy had contracted substantially. However, the rate of contraction in the fourth quarter was slightly slower then earlier in the year.

In Q1, the economy shrank by 6.7 percent, in Q2 it was 6.4 percent and in Q3 it rose to 6.7 percent.

Combined, the data suggests that the Greek economy contracted by 6.4 percent in 2012, its fourth consecutive full year of recession.

The Finance Ministry had forecast a contraction of 6.5 percent for 2012. The troika had expected the economy to shrink by 6 percent.