Greek economy shrinks 3.7 pct in 2013

Greece’s economy performed better than forecast last year, for the first time since it plunged into its debt crisis in late 2009, statistics data showed on Friday.

Gross domestic product (GDP) shrank by 3.7 percent in 2013, less than a 4 percent contraction forecast by the government and the country’s lenders, the European Union and the International Monetary Fund.

That was Greece’s sixth consecutive year of a recession, caused mainly by austerity measures demanded by the EU/IMF. GDP contracted by 23 percent over 2008-13 and is expected to grow by 0.6 percent this year. [Reuters]

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