Professional Documents
Culture Documents
stubborn
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_14/11/2013_527834
The flash estimate of gross domestic product released by statistics service ELSTAT on
Thursday marked the smallest fall in economic output since the third quarter of 2010.
Economists had forecast a 3.1 percent contraction.
"The reading was broadly in line with expectations, reflecting mainly the positive impact of
strong tourism revenues," said economist Platon Monokroussos at Athens-based Eurobank.
"The figure supports our forecast for a full-year reading less than -4.0 percent."
The seasonally unadjusted data followed a downwardly revised 3.7 percent slump in the
second quarter, bringing the economy's annual contraction in the three quarters to 4.0
percent.
Tourism, which accounts for about a fifth of Greek GDP, is rebounding and revenues, which
fell about 5 percent last year, jumped 13.7 percent in the first eight months of this year.
The country's international lenders, funding its 240 billion euro bailout project, predict the
economy will shrink by 4.0 percent this year before a mild recovery takes root next year.
There was little solace on unemployment, however, as fresh data on Thursday showed
continuing pain caused by austerity measures imposed on Greece due to its EU/IMF bailout
program.
The jobless rate held steady at 27.3 percent in August, more than twice the average rate
in the euro zone of 12.2 percent in September.
The overall unemployment rate has more than tripled since 2008, the start of a six-year
recession which has wiped out about a quarter of Greece's economy.
Joblessness is a major headache for the government as it scrambles to hit fiscal targets
and carry out structural reforms demanded by its international creditors.
Correcting Greece's economic imbalances has come at a high social cost, with 1.36 million
people officially without work.
Data showed those aged 15 to 24 remained the hardest-hit. The jobless rate in that age
group, excluding students and military conscripts, was 60.6 percent in August. [Reuters]