Post date: Aug 12, 2011 3:44:41 PM
Greece's severe recession slowed in the second quarter, data showed on Friday, but economists said recessionary pressures would worsen in the second half as more austerity kicks in, making EU/IMF targets harder to meet.
GREECE-GDP - New data shows that Greece's severe recession slowed in the second quarter, but economists say things are likley to get worse in the second half as more austerity kicks in.
The fear is that will make EU/IMF targets harder to meet.
Greek gross domestic product fell 6.9 percent in the second quarter from a year earlier.
That's after a contraction in GDP of 8.1 per cent in the first quarter.
Demand for imports slumped while exports picked up, improving the country's trade balance.
However, a sharp fall in domestic consumption and investment weighed on the economy already confronted with its share of challenges.
Matt Cowan, Reuters.