Greece remains mired in recession

Tourism

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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