Last update: 09-Dec-2013 5:10 pm
Monday, December 09, 2013
Trinidad & Tobago Guardian Online
You are here
Tourism helps slow Greek recession
ATHENS—High tourism revenues helped Greece’s battered economy shrink less than initially estimated in April-June, making a projected exit from recession next year more likely. The country’s statistical authority said Friday that the second quarter contraction was 3.8 per cent, considerably better than last month’s flash estimate of 4.8 per cent.
The authority said the revision was based on data not available when the preliminary estimate was issued. These included a 5.3 per cent turnover increase in accommodation and food services in April-June—compared to a 21 per cent fall a year earlier—and a strong improvement in the external trade deficit. Debt-crippled Greece is in a sixth year of recession, which hit a contraction of nine per cent in late 2010. The downturn was exacerbated by harsh austerity measures demanded by bailout creditors.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff. Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Please help us keep out site clean from inappropriate comments by using the flag option.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments. Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.