Greek Economy Shrank More than Estimated in Second Quarter

Greece's economy contracted more than previously thought in the second quarter, according to new figures.

The country's statistics agency said that the economy shrank at an annual rate of 3.7% in the second quarter, compared with an initial estimate of a 3.5% decline, The Wall Street Journal reported. The economy contracted 1.8% from the previous quarter, rather than the initial estimate of 1.5%.

"The deterioration in GDP from the previous flash estimates is because private consumption decelerated further in the second quarter from the first, and because investments fell sharply, given the uncertain climate," Nick Magginas, an economist at National Bank of Greece, told The Journal.

Magginas forecast that the economy would touch bottom in the middle of next year.

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