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FINANCIAL NEWS

Greek unemployment hits new record of 27% in November

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Greeces jobless rate scaled a new record of 27.0 percent in November compared to 20.8% in November 2011 and 26.6% in October 2012, statistics service ELSTAT said today.

The number of employed amounted to 3,642,102 persons. he number of unemployed amounted to 1,350,181 while the number of inactive to 3,339,982.

The number of employed decreased by 265,584 persons compared with November 2011 (a 6.8% rate of decrease) and by 30,144 persons compared with October 2012 (a 0.8% rate of decrease).

Unemployed increased by 323,808 persons (a 31.5% rate of increase) compared with  November 2011 and by 20,255 persons compared with October 2012 (a 1.5% rate of increase).

Inactive persons –that is, persons that neither worked neither looked for a job–  decreased by 19,577 persons (a 0.6% rate of decrease) compared with November 2011 and by 2,683 persons compared with October 2012 (a 0.1% rate of decrease).

Greek Q4 2012 GDP shrinks 6%

Greeces gross domestic product (GDP) shrank 6.0 percent year-on-year in the fourth quarter of 2012, based on Eurostat flash estimates released today.

The GDP of the three previous quarters of 2012 is revised, based on the most recent data of the General Government accounts as well as new estimates of the short-term indices.

For the full year of 2012, Greeces economy shrank by about 6.5 percent based on the latest figures, in line with government projections, after a 7.1 percent contraction in 2011.

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