Greece's economy contracted 6.2 percent in the second quarter compared to a year earlier, the Hellenic Statistical Authority said Monday. The independent data office said the sharp contraction was slightly less agonizing than the first quarter annual rate of retreat of 6.5 percent. Still, data points to a long-term recession that is, arguably, a depression, The New York Times reported Monday. As of May, the unemployment rate reached 23.1 percent, up from 22.6 percent in April. The country, meanwhile, has seen negative growth in its economy since 2008. The economy is 18 percent smaller than it was at the time Lehman Brothers bank failed -- that failure an international symbol of the almost global financial meltdown. Now tied to a $160 billion international lifeline for the Greek government, Prime Minister Antonis Samaras is proposing further spending cuts to meet the demands of the so-called troika, the European Central Bank, European Commission and International Monetary Fund, which is demanding budget discipline as terms for the loans. In March, the government said it would trim the government deficit to 7.3 percent of the gross domestic product in 2012 and to 4.6 percent in 2013. Some economists fear the repeated spending cuts have created a vicious downward spiral, as government support for the economy is in retreat, which creates a smaller economy that prompts less in tax revenues. Economist Sarah Hewin at the Standard Chartered Bank in London said the second quarter was especially bumpy with two parliamentary elections required to form a new coalition government. She also said the tourism industry was in better shape than previously thought, providing hope to some Greek businesses.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor