News Column

Greece Reports 20th-Straight Quarter of Negative Growth

August 12, 2013

Greece on Monday reported its 20th quarter of negative growth in a row with the economy shrinking 4.6 per cent year-on-year in the second quarter of 2013, according to the Hellenic Statistical Authority.

The economy contracted 5.6 per cent in the first quarter compared with the same quarter a year earlier, statistics showed.

Finance Minister Yannis Stournaras said last week that he believed the economy would shrink about 4 per cent overall this year but he expected growth to return next year.

Meanwhile, Deputy Finance Minister Christos Staikouras said the country had a primary budget surplus of 2.6 billion euros (3.45 billion dollars) for the first seven months of 2013.

The figure excluded payments for interest, the social security fund and the budgets of local governments. It was better than the 3.1-billion-euro that had been expected, he said.

Greece has been shut out of international capital markets since 2010 and is receiving emergency bailout aid from the European Union and the International Monetary Fund to avert bankruptcy.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH. Distributed by MCT Information Services

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