The Greek economy shrank by 0.3% in the second quarter of 2014 and despite the fact that Hellenic Statistical Authority revised upwards its initial estimate of -0.2%, it is clear that the Greek economy is exiting its six-year recession.

In a report released on Monday, the Hellenic Statistical Authority said that the country’s Gross Domestic Product fell by 1.1% in the first quarter of 2014 for an average decline of 0.7% in the first six months of the year, after a 5.0% decline recorded in the corresponding period last year.

According to the statistics service, the revised figures were based on monthly and quarterly data.