Stournaras estimates GDP drop at 3 percent in Q3

Greece’s economy is likely to shrink by about 3 percent in the third quarter, Finance Minister Yannis Stournaras said on Monday, easing from 3.8 percent in the previous quarter after a revival of tourism revenues.

Such a reading would indicate that the economy, which is in its sixth year of recession, would shrink by about 4 percent this year, in line with forecasts by the government and the country’s international lenders, the European Union and the International Monetary Fund.

“The Greek economy is certainly entering a new phase,” Stournaras said during a tourism conference in Athens.

“We expect an even better result in the third quarter, probably close to -3 percent, a result in which tourism has certainly contributed significantly.”