The Greek economy remained in deep recession in the first quarter of the year, with the country’s Gross Domestic Product falling 4.8 percent in the January-March period, compared with the same period last year, the independent Hellenic Statistical Authority said on Friday.
The statistics service, in a report, also revised downwards its estimates for the Greek economy in the fourth quarter of 2010. The GDP shrank by 7.4 percent in the October-December 2010 period, down from an initial estimate of 6.6 percent, for a negative growth rate of 4.35 percent in 2010 reflecting a 2.8 percent shrinking in first quarter, a 3.1 percent shrinking in the second, a 4.1 percent shrinking in the third and a 7.4 percent shrinking in the fourth quarter.
The country’s GDP shrank by 2.35 percent in 2009.
ANA-MPA
