ECONOMY

Greeks spending less on fun, food

Most Greeks have cut spending on clothing and food due to the economic crisis while many believe the downturn is still in its initial stages, according to survey results made public yesterday. The survey, commissioned by public servants’ worker group ADEDY, found that 86 percent of respondents have trimmed expenses on entertainment, while four in five currently spend less on clothing. Close on half said that they have reduced their food bills. Greece’s economy, which has been one of the fastest growing in the eurozone in recent years, is headed for a sharp slowdown this year under the weight of the global crisis. The government sees the economy expanding at an annual rate of 1.1 percent while the European Commission is less optimistic, placing the figure at 0.2 percent. The study also found that two-thirds of Greeks believe the economic woes have only just begun, with 40 percent projecting that the crisis will run for another two to three years. Just less than 75 percent said they consider Greece’s participation in the single currency a positive fact for the country.