Tuesday, July 22, 2014

Tourism helps slow Greek recession in 2nd quarter

September 06. 2013 6:35AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) 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 percent, considerably better than last month's flash estimate of 4.8 percent.

The authority said the revision was based on data not available when the preliminary estimate was issued. These included a 5.3 percent turnover increase in accommodation and food services in April-June compared to a 21 percent 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 9 percent in late 2010. The downturn was exacerbated by harsh austerity measures demanded by bailout creditors.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds