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Tourism helps slow Greek recession in 2nd quarter

September 6, 2013 • Business


Police officers in uniform chant anti-government slogans during a demonstration in the northern Greek city of Thessaloniki, on Friday, Sept. 6, 2013. Labor unions are planing a series of weekend demonstrations in the country’s second largest city, demanding a reversal of minimum wage cuts imposed in the bailed out country last year. Protests coincided with the inauguration of the annual Thessaloniki International Trade Fair by conservative Prime Minister Antonis Samaras. (AP Photo/Nikolas Giakoumidis)

ATHENS, Greece (AP) — High tourism revenues helped Greece’s battered economy shrink less than initially estimated in April-June, making a projected exit from a six-year recession in 2014 more likely.

The country’s statistical authority said Friday that the second quarter contraction was 3.8 percent of gross domestic product year-on-year — considerably better than last month’s flash estimate of 4.8 percent, and the lowest in three years.

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