The Greek economy shrank by 5.6 percent in the first quarter of this year, according to figures published by the Hellenic Statistical Authority (ELSTAT) on Friday.

The flash estimate published in May foresaw shrinkage of 5.3 percent. GDP has been contracting since the third quarter of 2008.

Total final consumption expenditure recorded a decrease of 8.3 percent in comparison with the 1st quarter of 2012.

Gross fixed capital formation decreased by 11.4 percent in comparison with the 1st quarter of 2012.

External trade deficit decreased by 22.9 percent, contributing positively to the GDP percent change.

Exports decreased by 2.6 percent in comparison with the 1st quarter of 2012. Exports of goods increased by 4.9 percent while exports of services declined by 12.4 percent.

Imports decreased by 7.8 percent in comparison with the 1st quarter of 2012. Imports of goods decreased by 5.3 percent and imports of services declined by 17.8 percent.