Greece | Economic Overview | 2013 Q1


Recent updates for the Greek economy show further deterioration in the economic cycle. In the fourth quarter of 2012, the GDP shrank 6 percent, after recording a record contraction of 6.7 percent from July to September. As the country implements the tough austerity policies demanded by its international lenders, the unemployment rate continues to rise and has reached an all-time high of 27 percent in February. To make things even worst, consumer confidence remains very low and retail sales decreased 16.4 percent over the previous year in January. On the positive side, Greece seems to be regaining international confidence and the 10-year government bonds fell below 11 percent, the lowest level since October 2010.


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5/9/2013 10:13:48 AM