Wednesday, October 1, 2014   

Greek economy shrinks in first quarter
(05-15 17:39)

The Greek economy shrank by 1.1 percent in the first quarter of the year on a 12-month basis, Greece's statistics agency said on Thursday.
The data, unadjusted for seasonal factors showed that output by the bailed out economy "decreased by 1.1 percent in comparison with the first quarter of 2013,'' the Elstat agency said.
Based on the data announced on Thursday, the economy in 2013 shrank by 3.86 percent according to AFP calculations.
This year, the economy is expected to switch into growth of 0.6 percent, showing the first expansion since 2008, according to the finance ministry.
The coalition government of Prime Minister Antonis Samaras is trying to persuade critics at home that four years of grueling austerity under the bailout program are now bearing fruit.
But the Greek central bank has warned that political stability is needed to protect the fragile recovery.
The government faces a tough local elections challenge over the next two weeks, with anti-austerity parties poised to gain heavily from widespread anger over the six-year recession and soaring unemployment gripping the country.
And early national elections may be necessary by February when the term of President Papoulias ends. --AFP   
Other Business breaking news:
China eases home purchase restriction (09-30 18:12)
Eurozone inflation drops, unemployment steady (09-30 17:54)
Apple to launch iPhone 6 in China from October 17 (09-30 17:38)
German unemployment rate steady in September: official data (09-30 16:44)
Hang Seng plunges ahead of holidays (09-30 16:36)
French public debt over 2.0 trillion euros for first time: data (09-30 14:59)
German retail sales climb in August (09-30 14:25)
China September PMI misses estimate: HSBC (09-30 14:05)
China clears way for Apple iPhone 6 sales: regulator (09-30 13:50)
Hang Seng falls by lunch (09-30 12:27)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.