Regions

In its sixth uninterrupted year of recession,Greece is still far from recuperating from an economic slump . Greece recorded a second quarter pace of 4.6%, and in total, slumped down more than 20% since 2008.  

The given statistics may be a slight improvement compared to analysts' foresights. The country, however, remains struggling as private consumption remains crippled by the economic decline. 

The Greek government and other financial institutions provided bailouts during the euro crisis.  Both the lenders and government projected a 4.2% reduction for the entire year. Dimitris Maroulis, an economist from the Alpha Bank says, "Recession will decelerate in the third quarter, helped by tourism, and in the fourth, helped by base effects. That means that recession will not exceed 4.2% this year." 

Additional figures from Monday's reports in Reuters brings the country's economic contraction to an annual pace of 5.1%. Data on the changes per quarter however, were not disclosed.