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Greek GDP to Fall by 4.5 Per Cent

Greece’s central bank warned in its annual report that the country’s GDP will contract by 4,5% this year.
Greece is expected to enter a fifth straight year of recession in 2012, and the economic recovery is likely to start only in 2013. The Greek central bank explained that, based on provisional estimates, the GDP’s average annual contraction will stand at 4.5% in 2012, after Greek economy shrank 6.9% in 2011. The unemployment rate rose to 17.7% and is feared to exceed 19% this year. Moreover, despite the austerity measures passed by the government, public deficit rose to 10.6% of GDP in 2011, well above the 9% target set by the executive.
However, the central bank is confident that the economic recovery will start in 2013, which would lead to fewer dismissals and a lower inflation rate.
(source: AGI, ShareCast)

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