Financial Times
August 12, 2010
Greece sank deeper into recession in the second quarter, according to provisional data released on Thursday by the national statistics service.
A sharp rise in the year-on-year jobless rate from 8.5 per cent to 12.5 per cent in May – a record increase – also reflected worsening conditions in the real economy, said analysts.
Jobs are mainly being cut in small and medium-sized companies, which were the first to be affected by the country’s debt crisis.
“The second half of 2010 will be difficult ... there’s been a very steep decline in construction and the fourth quarter won’t be supported by tourism revenues,” said Platon Monokroussos, a senior economist at EFG Eurobank.
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