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June 6, 2014

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Gov't Says: 'Recession decelerating'

The Greek finance ministry hailed the new data on recession published on Friday by Greece's statistics agency ELSTAT.

The new data, which shows that the economy slowed at the slowest pace since 2008, and  based on seasonally unadjusted data, notes that Greece's gross domestic product (GDP) shrank 0.9% year-on-year, less than a previous -1.1% flash estimates.
     "Recession is clearly decelarating at an annual basis which can be seen in all the key variables which constitute the GDP," the finance ministry said in a statement.
The prices of Greek bonds have risen significantly in the last few days, while the yields have fallen to very low levels, it added.
     "Those events confirm the Greek economy is finally coming out of the deep recession of the last years, while we are creating the conditions for a return to growth in 2014." 


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