The recession in Greece that began in 2008 was deeper than thought in the early phase but turned milder than estimated in the last two years, revised data showed today. 

The country's statistics service ELSTAT - which unveiled revised data on GDP since 1995 - showed Greece's economy shrank 3.3%, less than a previous 3.9% contraction estimate. 

The recession was also milder in 2012, with GDP shrinking 6.6% compared to the 7% estimate. 

But today's new data showed that the economic slump was deeper than previously estimated, particularly from 2009 to 2011, including a massive 8.9% in 2011 - much deeper than the previous 7.1% estimate. 

ELSTAT said the revision reflected the use of new and updated data on national accounts, in line with the new European Systems of Accounts (ESA 2010). 

Greece and its EU/IMF international lenders project the economy will emerge from a six-year recession and expand by 0.6% this year.