Bloomberg News

Greek Economy to Shrink 2.5 Percent in 2012, Draft Budget Says

October 03, 2011

Oct. 3 (Bloomberg) -- Greek gross domestic product will shrink 2.5 percent next year after contracting 5.5 percent in 2011, according to the draft 2012 budget approved by the government.

The general government debt will reach 172.7 percent of GDP next year from 161.8 percent this year, while unemployment will average 16.4 percent in 2012, compared with 15.2 percent this year, according to the draft budget, e-mailed from the Athens- based Finance Ministry.

European Union-harmonized inflation will average 0.6 percent next year, compared with 2.8 percent in 2011, according to the budget.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Maria Petrakis at mpetrakis@bloomberg.net


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