The Greek economy is a never-ending drama
The Greek economy is a never-ending drama
Things seem to be getting worse and worse for the Greek economy and the recession is deepening as time goes by. Unemployment stands at 16% and experts say that very soon, the ones without a job will be more than 4 million.
UPD:
Things seem to be getting worse and worse for the Greek economy and the
recession is deepening as time goes by. Unemployment stands at 16% and
experts say that very soon, the ones without a job will be more than 4
million.
According to the latest data of the National Statistical Service, the GDP for the first trimester of 2011 showed a negative development of 7.7%, with the second one appearing slightly better at 7.3%, yet contrary to what specialists had estimated, saying it would reach 6.9%. The main reason for the low development levels is the decrease in investments.
On the other end stands the balance of trade, which did better with its deficit shrinking by 26.5%.
The NSS data showed also a decrease in both imports and exports by 7.6% and 1.4% respectively.
Translated by Lida Filippakis
According to the latest data of the National Statistical Service, the GDP for the first trimester of 2011 showed a negative development of 7.7%, with the second one appearing slightly better at 7.3%, yet contrary to what specialists had estimated, saying it would reach 6.9%. The main reason for the low development levels is the decrease in investments.
On the other end stands the balance of trade, which did better with its deficit shrinking by 26.5%.
The NSS data showed also a decrease in both imports and exports by 7.6% and 1.4% respectively.
Translated by Lida Filippakis
UPD:
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