Greece’s statistics service (ELSTAT) said the economy shrank by 3.9 per cent last year, correcting a previous revised estimate for 2013 gross domestic product (GDP) issued in October.
Revised data released on October 10 by ELSTAT had shown a 3.3 per cent GDP contraction last year.
ELSTAT said the correction had arisen because the deflator for gross fixed capital had been “erroneously calculated” in the previous release.
In October, ELSTAT had said the GDP 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 per cent this year.
Source: Reuters