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Europe Live Friday 24th May 2013

Recession in Greece will be worse than forecast

30th April 2012

According to the latest annual report on the Greek economy published on 24th April the Bank of Greece is forecastig a GDP contraction of more than 5% in 2012. The recession will therefore be worse than previously forecast in March. The first estimates forecast a recession of only 4.5% of the GDP. Moreover the annual unemployment rate is due to rise to 19% in 2012 (against 17.1% in 2011) whilst inflation is due to drop to 1.2%.

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