Greek economy shrank by 5.3% in Q1 of 2013 as recession continues

Greece’s economic output fell by 5.3 percent in the first quarter of 2013, compared to a year earlier, according to figures published the Hellenic Statistical Authority on Wednesday.

The Greek economy, which has been in recession since 2008, is expected to shrink by about 4.5 percent of GDP this year.

The last quarter of 2012 saw the Greek economy contract by 5.7 percent.

Greece’s first quarter contraction was the 19th consecutive quarter of recession and the largest shrinkage in the European Union.

In data published by the European Commission’s statistical agency (Eurostat) on Wednesday GDP was found to have fallen by an average of 0.2 percent in the euro area and by 0.1 percent in the whole of the EU.

In the fourth quarter of 2012, growth rates were -0.6% and -0.5% respectively.