Economy contracts more than estimated during Q2

Greece’s economy contracted more than originally estimated in the second quarter of the year, as the global recession hit tourism, construction and exports. Gross domestic product declined 0.3 percent from a year earlier, more than the 0.2 percent decline reported in a preliminary estimate last month, the National Statistical Service said yesterday in a statement. The economy grew 0.2 percent from the previous quarter, less than the 0.3 percent expansion initially reported. Exports fell almost 11 percent in the period, reflecting declining revenues from shipping and tourism, while imports decreased 21.8 percent, according to the statement. The value of construction activity fell 6.9 percent. Looking ahead, economists said falling investments, export revenues and private consumption spending are unlikely to be offset next quarter by declining imports.