Thursday November 27, 2014 Search
Weather | Athens
14o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
More gloom for Greece as unemployment, GDP figures released

The Greek economy contracted by 6.4 percent in 2012, its fourth consecutive full year of recession, according to data released Thursday.

Greeces unemployment rate in November rose to 27 percent from 26.6 percent in the previous month, according to data released Thursday by the Hellenic Statistical Authority (ELSTAT) that also confirmed 2012 was another year of recession for the debt-hit country.

Unemployment in Greece was more than double the eurozone's average rate of 11.7 percent in November as an austerity-fueled recession continued to take its toll on the labor market.

More than 300,000 Greeks lost their jobs between November 2011 and November 2012, when the unemployment rate reached 27 percent.

ELSTAT said that the jobless rate rose by 6.2 percentage points from November 2011, when it was 20.8 percent.

Unemployment in Greece is now roughly double what it was at the beginning of 2010.

he number of unemployed came to 1,350,181 in November 2012 as 323,808 people had lost their jobs in the previous 12 months; a rate of 887 a day.

There as a small drop in the number of inactive people, who reached 3,339,982, slightly higher than the number of employed, which stood at 3,642,102 in November.

The highest rate of unemployment is in the 15 to 24 age group, where it stands at 61.7 percent.

This is followed by the 25 to 34 age group with 36.2 percent.

Deep recession

Meanwhile, the Greek economy shrank by 6 percent in the last quarter of 2012 compared to a year earlier, according to the same data.

The preliminary data from ELSTAT confirms that 2012 was another year of deep recession for Greece, with the years three other quarters all showing the economy had contracted substantially. However, the rate of contraction in the fourth quarter was slightly slower then earlier in the year.

In Q1, the economy shrank by 6.7 percent, in Q2 it was 6.4 percent and in Q3 it rose to 6.7 percent.

Combined, the data suggests that the Greek economy contracted by 6.4 percent in 2012, its fourth consecutive full year of recession.

The Finance Ministry had forecast a contraction of 6.5 percent for 2012. The troika had expected the economy to shrink by 6 percent.

ekathimerini.com , Thursday February 14, 2013 (13:17)  
Ship with 700 migrants safely towed to Greek coast
Independent Greeks MP to be questioned over bribery claims
Greece paralyzed by major strike, flights cancelled
Chief suspect in Piraeus bar shooting arrested
ILO report warns of prolonged social crisis unless steps are taken in employment
The International Labor Organization this week warned that Greece faces a prolonged social crisis unless steps are taken to improve the "anemic" pace of job creation. In a report titled "Pro...
Greek tobacco firm Papastratos planning 25-mln-euro investment
Greek tobacco manufacturer Papastratos is planning an investment of 25 million euros at its facility in Aspropyrgos, west of Athens, the listed company's president and CEO, Nikitas Theofilop...
Inside Business
SOCCER
Atletico drubs Olympiakos 4-0, leaving Reds with slim chances of CL qualification
Atletico Madrid avenged its 3-2 defeat in Piraeus in September with a 4-0 win over Olympiakos on Wednesday, meaning the Greek champion only has mathematical hopes left for a spot in the next...
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
Inside Sports
COMMENTARY
Scraping together the 180 MPs will not be enough
Even if the coalition government was to scrape together the 180-MP majority it needs to elect a new President in the 300-seat House, skeptics say, what will change really? There is one evide...
EDITORIAL
Taking back whats stolen
A large group of public prosecutors and state officials (coming from various departments) have been working on major corruption cases. Of course it is their duty to do so, yet their actions ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Ship with 700 migrants safely towed to Greek coast
2. ILO report warns of prolonged social crisis unless steps are taken in employment
3. Greek tobacco firm Papastratos planning 25-mln-euro investment
4. Independent Greeks MP to be questioned over bribery claims
5. Greece paralyzed by major strike, flights cancelled
6. Chief suspect in Piraeus bar shooting arrested
more news
Today
This Week
1. Troika talks to continue after failure to wrap up negotiations in Paris
2. Greece scrambles to find food, shelter for 700 migrants on crippled ship
3. Greek diplomat dies in fall under Thai train
4. Chief suspect in Piraeus bar shooting arrested
5. Greek, German, Portuguese, Spanish debt to benefit most from ECB QE - ABN Amro
6. Bourse index recovered on Wednesday
Today
This Week
1. Give Greece a chance
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Scientists expand excavation of ancient Amphipolis
4. Extremism from a bygone era
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Coscos Greek unit adds multinational rail-freight client
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.