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Recession Deepens in Greece: -6.8% in 2011

Greek Statistics Authority (ELSTAT) tells us what we all know: that nothing moves in the economy of the country, with permanent income decreases and banks hardly giving a loan of 1 EUR to business and enterprises. Recession reached -6.8% in the whole of 2011, and it even reached 7% in the fourth quarter of 2011.

The deterioration of the Greek economy accelerated in the final three months of last year, the latest government figures show.

The estimate showed that, compared with a year earlier, Greek GDP contracted by 7% in the fourth quarter of 2011.

That is an acceleration from the 5% contraction in the third quarter.

The report also shows that the Greek economy shrank 6% last year, an increase on earlier estimates and the fifth year of recession.

sources: BBC,

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