Wall Street Journal
September 8, 2011
Greece's economy sank deeper into recession in the second quarter than previously forecast, with gross domestic product contracting by 7.3% on the year, data from the Hellenic Statistical Authority showed Thursday.
Plunging domestic consumption was mostly responsible for the steep contraction rate in a trend likely to continue in the coming months, economists said, and offsetting gains for a strong year from the country's tourism sector.
Last month, a flash estimate provided by the statistics agency showed that Greece's annual economic output contracted 6.9% in the second quarter, compared with a decline of 8.1% in the first three months of the year.
"The difference of 0.4% in the GDP growth rate, compared with the flash estimate announced on Aug. 12, is due to the availability of new data, mainly on the turnover in the services sector," the agency said in a statement. The figures are nonseasonally adjusted.
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