Greek Economy Shrinking Less

ATHENS – With the government heralding an imminent comeback, Greece’s economy is still shrinking, but less than it had been, giving hope for a recovery.

Data released Sept. 1 showed the economy shrank a revised 0.3 percent in the second quarter from a year earlier, contracting at its slowest pace since late 2008, Reuters reported.

The Gross Domestic Product (GDP) reading, based on seasonally-unadjusted data, was revised down from a flash estimate earlier this month showing a 0.2 percent contraction. It was the fifth straight quarter of slowing economic contraction.

Greece and its international lenders, the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) project the economy will emerge from a brutal six-year recession this year, expanding by a modest 0.6 percent on the back of a second straight record-breaking tourist season and a rebound in investment.

Greece does not provide seasonally adjusted quarter-on-quarter GDP data, which most countries use to measure their economic performance.