Financial Times
September 8, 2011
Greece’s economy remains mired in recession, shrinking by 7.3 per cent in the second quarter on an annual basis, according to provisional figures released on Thursday by Elstat, the country’s statistics agency.
But the unemployment rate fell to 16 per cent in June from a record 16.6 per cent in May. Almost 30,000 workers were hired in June, the start of the summer tourist season.
The second-quarter growth performance turned out worse than anticipated after flash estimates announced in August showed a contraction of 6.9 per cent. The figures are not seasonally adjusted.
Elstat said the additional 0.4 per cent contraction was registered after data on turnover in the services sector, received after a 70-day delay, had been processed.
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1 comment:
It seems that whatever numbers are published in Greece they are changed for the worse at a later date. Whether this be because the Greek statistics machine can't get a handle on the numbers or that its just the way economic numbers are. However, its not only the numbers which betray the slow decline of life in Greece but also what we see around us. I visited Pelion last week a truly beautiful place. Alas the pains of Greece are clear to see. Rubbish everywhere lining the streets and roads full of pot holes some half dirt and half cement. Then of course the usual crook who charged 8 euro for a sun bed with coffee extra and self service to boot. I'm afraid that its every man for himself and that unfortunately has been the problem in Greece for a long time now.
Philip Cooper
Lamia
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