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Greek GDP Shrinks for Seventh Quarter, Unemployment Rises

Greece’s economy contracted for a seventh quarter and unemployment rose as the wage-cuts and tax increases that aim to trim the European Union’s second-biggest budget deficit deepened a recession.

Gross domestic product shrank 1.5 percent in the second quarter from the previous three months, the Athens-based Hellenic Statistical Authority said in an e-mailed statement today. That was more than the 1.1 percent median estimate of five economists surveyed by Bloomberg News. From a year earlier, GDP shrank 3.5 percent, from a revised 2.3 percent pace in the first quarter. Economists estimated 3.4 percent.