The course of economy is at a nodal point while the government is placing high significance in the observation of the memorandum commitments.

Deceleration of growth in the second quarter of the year and drop in state revenues create difficulties that should be overcome in order to achieve recovery.

Reduction in investments and consumption has led to a 3.5% drop in the Gross Domestic Product (GDP) in an annual base, half percentage point beyond forecast. The government's aim is to boost growth, key to positive course of other indexes such as unemployment rate.

In the meantime, government spokesman George Petalotis, in an interview with state television channel NET, ruled out additional measures. He reconfirmed support to weak social groups through streamlining of social expenditures.

However, there is high concern with the rise in unemployment rate which has risen to 12% in May compared against 8.5% in the same month last year and 11.9% in April, 2010 according to data released by the National Statistics Service.

The total number of unemployed rose to 602.185 in May, as unemployment rate rose by 42% in one year, in number 181.764 people. The number of unemployed is expected to drop due increased tourist activities during summer.

Regions with the highest unemployment in May are the following:

East Macedonia-Thrace 15,9%

West Macedonia 13,3%

Sterea Hellas 13%

Crete 12,8% and

Attica 11,9%

One in three young adults is unemployed while in the group ages 15-24 and 25-34 unemployment rate in percentage points is 32,5% and 15,8% respectively.

Employment Ministry predicts rise of unemployment rate to 14% till the end of the year while GSEE (Confederation of Greek Labour) speaks of 500.000 new lay offs in 2010 and rise of unemployment to 20%.