Greek Economy Slumps Further

Greece's official government data firm Elstat reported that the nation's economy contracted at a rate of 6.3% per annum based on second-quarter figures. The numbers were a revision of previous preliminary forecasts, and they reinforce the notion that Greece has fallen into an economic depression that could last for years. According to the Wall Street Journal:

Figures from Elstat, meanwhile, showed that total consumption slumped 7.2% on the year in the second quarter after a 7.1% drop in the first quarter, with the fall in consumer spending particularly sharp.

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, Economy, International Markets