Tourism helps slow Greek recession in second quarterFriday 06 September 2013 11.36
High tourism revenues helped Greece's battered economy shrink less than initially estimated in the three months from April to June, making a projected exit from recession next year more likely.
The country's statistical authority said that the second quarter contraction was 3.8%, considerably better than last month's flash estimate of 4.8%.
The authority said the revision was based on data not available when the preliminary estimate was issued.
These included a 5.3% turnover increase in accommodation and food services in the second quarter - compared to a 21% 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% in late 2010. The downturn was exacerbated by harsh austerity measures demanded by the country's bailout creditors.