Revised estimates show Greek economy shrank 3.7% in quarter

The data confirmed analysis that the economy is gripped by deepening recession as the country battles an unprecedented debt crisis.

The national statistics office (Esye) said that in the first quarter, the economy had contracted by 0.8 percent from output in the last three months of 2009 and by 2.3 percent on a 12-month comparison.

Gross capital investment fell by 18.6 percent in the second quarter. Total consumer spending also slumped by 5.1 percent on a 12-month comparison. Imports of goods and services fell by 13.5 percent. Exports dropped by five percent, the agency said.

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