Greek economy shrank 4.5 pct in Q3

The Greek economy shrank by 4.5 pct in the third quarter of 2010, compared with the corresponding period last year, Eurostat said on Thursday.

The EU executive’s statistics agency, in a report, said Eurozone economy grew 1.9 pct and the EU-27 economy grew by 2.2 pct in the July-September period.

Eurostat said Greece was the only Eurozone state to record a recession in the third quarter of the year, while only two EU member-states recorded recession in the same period (Greece and Romania).

Greece’s Gross Domestic Product fell by 1.1 pct in the third quarter compared with the second quarter of 2010, while in the Eurozone and the EU-27 GDP grew by 0.4 pct and 0.5 pct, respectively.