Greece: sixth consecutive year of recession | Handelsblatt

The Greek central bank estimates that the country needs to adjust to the sixth consecutive year of recession. Also on the labor market is a recovery not expected until 2014. The bank still believes in the reforms.

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“Forever closed” is in this business in Athens. The country’s economy has been shrinking for five years.

AthensGreece must adjust to the sixth consecutive year of recession after assessment of its central bank. And unemployment will continue to rise initially before 2014, economic recovery insets, the central bank said on Wednesday in its monthly report. It expects 2013 with a decline in economic output by 4.6 percent. The minus is therefore likely to fail even higher than the previously predicted 4.5 percent. 2013 would thus be the sixth consecutive year in which the Greek economy shrinks.

For the labor market, it looks in the opinion of the Bank of Greece until further bleak: the unemployment rate is expected to rise from 27 percent currently to 28 percent and gradually decline again in 2015. Also be for the current year, a deflation, or falling prices to expect about 0.3 percent. Core inflation, excluding food and energy will therefore, probably fall by around one percent.

The government appealed the Bank to continue the reform. The climate for the success of the reforms is better than ever.

 

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