The Greek statistics authority ELSTAT published data today which show that the rate of recession during the first quarter of 2014 was 0.9% GDP, which was an improvement over the initial 1.1% GDP prediction.

According to ELSTAT, the discrepancy in the rate of recession is due to the inclusion and consideration of data that was not available when the initial predictions were made.

Overall, the gross domestic product was estimated to be 36.934 billion euros, compared to 37.281 in 2013, while consumer expenditure increased to 35.1 billion euros (0.8%). The gross fixed capital formations also shrunk by 7.9% compared to last year.

The export of goods and services increased by 0.5& and 13.1% respectively and 5.4% collectively. Likewise, the import of goods and services increased by 2.3% and 1.9% respectively and 2.2% collectively.