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
Read Full Story

Markets

DJIA 25,090.48 -84.83 -0.34%
NASDAQ 7,746.38 -14.66 -0.19%
NIKKEI 225 22,709.69 -142.06 -0.62%
HANG SENG 30,309.49 -130.68 -0.43%
DAX 13,010.55 -96.55 -0.74%
USD (per EUR) 1.16 0.00 -0.08%
USD (per CHF) 1.00 0.00 0.01%
JPY (per USD) 110.49 -0.12 -0.11%
GBP (per USD) 1.33 0.00 -0.04%