Greek Economy Shrank 7.5% in Fourth Quarter

“Available non-seasonally-adjusted data indicates that, in the 4th quarter of 2011, gross domestic product (GDP)…decreased by 7.5 percent in comparison with the fourth quarter of 2010, compared with a decrease of 7.0 percent that was calculated for the flash estimate of the 4th quarter” the Greek statistics office said in a statement.

Based on the quarterly figures given, the Greek economy shrank by 6.9 percent in 2011.

The economy was initially expected to shrink by 5.5 percent in 2011 and by 2.8 percent this year according to budget forecasts.

In a separate statement, the agency said prices had also increased by 2.1 percent in a year for the month of February. The rate of inflation in January was 2.3 percent in an annual comparison.
(source: AFP)



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