Greece remains mired in recession

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The Greek economy continued to contract in the first quarter of 2013, the flash estimate from the Hellenic Statistical Authority showed Wednesday. Gross domestic product was down 5.3% year-on-year, in line with economists’ expectations. The economy has remained in recession since late 2008. However, the latest rate of decline was slower than the 5.7% drop registered in the fourth quarter of 2012 and it was the smallest fall since the third quarter of 2011.

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