The outlook for Greece's economy is even worse than authorities estimated, as the economy shrank 7.3 per cent in the second quarter on a 12-month comparison, the statistics institute announced Thursday according to dpa. The institute had estimated the contraction to be at 6.9 per cent. The Hellenic Statistical Authority also revised the shrinkage in the first quarter up to 8.1 per cent and the government said the economy was now set to shrink 5 per cent this year instead of the previously estimated 3.5 per cent.
