Greek GDP Contracts by 6.2% in Q2

World | August 13, 2012, Monday // 21:06|  views

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Greece's GDP contracted by 6.2% on an annual basis in the second quarter of 2012, following a 6.5% decline registered in the first three months of 2012, according to the country's statistical office, Elstat.

Greece is in its fifth year of recession and the financial institutions have been warning repeatedly that the situation may deteriorate more than expected in 2012, according to local news agencies, as cited by the Bulgarian Telegraph Agency (BTA).

The country is struggling to meet deficit-reduction targets set by the European Union and the International Monetary Fund in exchange for a second bailout package amounting to EUR 173 B.

The Greek central bank already predicted a GDP reduction of 4.5% after a 6.9% contraction registered in 2011.

In its latest outlook on Greece, the European Commission also postponed the country's return to growth for 2014.

Greece's new coalition government led by Prime Minister Antonis Samaras declared the return to economic growth a key priority.

Meanwhile, the unemployment rate in the country reached 23.1% in May.

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Tags: greece, GDP, GDP growth, International Monetary Fund, economic growth, bailout loan

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