Greek GDP falls 3.5% in second quarter

Greece’s economy contracted by 1.5% in the second quarter of the year, according to the Hellenic Statistical Authority.

The statistics agency says a significant decrease of general government expenditure and a decrease of gross fixed capital formation have contributed to the GDP decline.

Since the second quarter of 2009 Greece’s GDP has declined by 3.5%. In the first quarter of 2010 the economy shrank by 0.8%.