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Eurostat: Recession in Greece at -7% in Q4 2011

Recession in Greece hit -7% in the last three months of the 2011, in comparison to the same period of 2010, according to latest Eurostat report. Recession has been also recorded in Portugal (-2.7%), Slovenia (-1.5%), the Netherlands (0.7%), Italy and Cyprus (-0.5%).

The biggest growth was recorded in Lithuania (+5.4%), Latvia (+5.3%) and Poland (+4.3%).

 In both the Euro area and the EU 27, the GDP decreased by 0.3% during the fourth quarter of 2011, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2011, growth rates were +0.1% in the euro area and +0.3% in the EU27.

 Compared with the fourth quarter of 2010, seasonally adjusted GDP rose by 0.7% in the euro area and by 0.9% in the EU27, after +1.3% and +1.4% respectively in the previous quarter

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  1. Another proof that the programs which are implemented by Greek and European politicians to handle the crisis are completely useless.