Tuesday March 3, 2015 Search
Weather | Athens
11o C
6o 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)  
Greek government searches for funds amid fresh speculation about third bailout
Ankara backpedals on Aegean military drill
Ties between terror groups probed
Judges indict 21 over Skouries gold mine attack
PMI records drop in orders but rise in jobs
New activity in Greek manufacturing last month posted the sharpest decline since July 2013, according to the Markit research firms Purchasing Managers Index (PMI). The main reason for that ...
Fur exports to be hurt by ruble decline
The sliding ruble is expected to hurt Greek fur exports, which account for 10 percent of the global market. "This year is very difficult for enterprises in the fur sector due to the devaluat...
Inside Business
BASKETBALL
Waters turns from zero to hero for Kolossos Rhodes
For 40 minutes he was a real disappointment for his coach, Aris Lykoyiannis. His shooting rate was a miserable 1 in 10 two-point shots and he had made no three-pointers. On top of that he co...
SOCCER
Super League clubs promise to combat violence, again
The Super League clubs agreed on Monday to a blueprint of proposals for combatting violence in soccer grounds and will present it to Deputy Minister Stavros Kontonis to ask for the top fligh...
Inside Sports
COMMENTARY
Three options for the PM
There is one thing of which I am completely certain. If we want Greece to remain a member of the eurozone and to advance, the government faces a Herculean task. Prime Minister Alexis Tsipras...
EDITORIAL
Destination unknown
Alexis Tsiprass government is floundering in its own contradictions and risks taking the country down with it. The prime minister took on the responsibility of an agreement with our partner...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Waters turns from zero to hero for Kolossos Rhodes
2. Greek government searches for funds amid fresh speculation about third bailout
3. Ankara backpedals on Aegean military drill
4. Ties between terror groups probed
5. Judges indict 21 over Skouries gold mine attack
6. PMI records drop in orders but rise in jobs
more news
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. Greek reforms could prompt bailout payment in March, says Dijsselbloem
3. EU Commission: seeking unity in EU after Spain, Portugal clash with Greece
4. Schaeuble urges Greece to implement reforms during extension
5. Next Greek aid deal will emerge in coming months, Moscovici says
6. ECB uncomfortable with leading role in Greek funding drama
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. Spain said to lead push to hold Greece to terms as Podemos grows
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.