Greek economy shrinks another 7.2% for a total of 22%
Wednesday, 14 November 2012

The Greek economy shrank a yearly 7.2 percent in the third quarter of 2012, the Greek statistics authority said on Wednesday in its first estimate for the period, AFP reported.


The authority said Greece, in its fifth year of recession, contracted further than the 6.3 percent 12-month recession posted for the second quarter of 2012.


The country has accumulated a recession of 22% since 2008 and a budget for next year passed on Sunday forecasts another contraction of 4.5 percent in 2013 after a 6.5 percent slowdown estimated for this year.

In 2011, Greece shrank by 7.1 percent.


The government and the European Commission are forecasting a return to growth in 2014, when the economy should grow by 0.2 percent although this is perhaps not realistic.

The coalition government of conservative Prime Minister Antonis Samaras has made achieving growth its top priority as the nation struggles to meet its commitments to international creditors.


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