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ELSTAT website posts key economic indices for Greek economy

26. September 2011. | 09:03

Source: Emg.rs, ANA

The Hellenic Statistical Authority (Elstat) on Friday for the first time posted a new publication summarising key figures concerning the Greek economy on its website, under the headline "The Greek Economy".

The Hellenic Statistical Authority (Elstat) on Friday for the first time posted a new publication summarising key figures concerning the Greek economy on its website, under the headline "The Greek Economy".

The report reflects the deep recession that the Greek economy has been struggling with for the last three years, following drastic wage cuts and the rapid rise in unemployment.

The report will be updated every second Friday, listing all the key economic figures of the country for a period of five to ten years.

Figures for GDP growth showed that this had shrunk by 4.5 percent in 2010 and two percent in 2009, while Finance Minister Evangelos Venizelos has predicted that the recession will be even worse and fall to 5.5 percent in 2011.

One of the main reasons for the continue recession is a sharp drop in domestic demand and investments, with private consumption down 2.2 percent in 2009 and 6.6 percent in 2010, and gross fixed capital formation plummeting 11.2 percent in 2009 and 16.5 percent in 2010.

Elstat also recorded a rise in unemployment to 9.5 percent in 2009 and 12.5 percent in 2010, a decline in labour cost by 10.1 percent in the first quarter of 2011 and an eight percent drop in wages.

The report also had figures concerning the local banking system, whose total assets in July 2011 were 651 billion euro from 654,6 billion euro in December 2010.

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