ECONOMY

Greek economy to contract by 16 pct in Q2 says finance minister

greek-economy-to-contract-by-16-pct-in-q2-says-finance-minister

Greece is expected to see its economy shrinking by 16 percent in the second quarter, mainly due to lower annual revenues from tourism, the country's finance minister said on Wednesday.

"Right now, it seems that there is no tourism…on the islands," Christos Staikouras told a Greek radio station.

Staikouras said that this has been fully incorporated in data sent to the European partners which included a projection for a contraction of about 16 percent in the second quarter. 

[Reuters]