Greek GDP revision puts 2013 contraction at 3.9 pct

Greece’s statistics service (ELSTAT) said on Wednesday that the country’s economy shrank by 3.9 percent last year, correcting a previous revised estimate for 2013 gross domestic product issued in October.

Revised data released by ELSTAT on October 10 had shown a 3.3 percent GDP contraction last year.

ELSTAT said the correction had arisen because the deflator for gross fixed capital had been “erroneously calculated” in the previous release.

In October, ELSTAT had said the GDP revision reflected the use of new and updated data on national accounts, in line with the new European Systems of Accounts (ESA 2010).