Greek economy sinking: ESEE, ELSTAT

1 September 2016
87 Views

The barrage of taxes, the reduction in wages and pensions, capital controls and a sentiment of uncertainty about the future of the Greek economy are some of the main factors that driving down consumer confidence and leading to deeper recession in the country. According to data released by ELSTAT and the Hellenic Confederation of Commerce & Entrepreneurship (ESEE), retail is under great pressure from the recessionary cycle, while exports have virtually frozen, based on figures by the Exports Association. The numbers released by ESEE on the 2016 summer sales paint a beak picture, as over half of the businesses recorded a drop in sales compared to last season. Meanwhile, according to the President of the Panhellenic Exporters Association, Christina Sakelaridi, exports are ‘sinking’ for the first 6 months of 2016, standing at a negative 8.1%, stressing that if they were comparable to last year’s numbers Greece’s GDP would have a 0.9% expansion instead of a 0.9% decline.

You may be interested

Environment may have partially led to the fall of Queen Cleopatra, research suggests
WORLD
shares26 views
WORLD
shares26 views

Environment may have partially led to the fall of Queen Cleopatra, research suggests

Panos - Oct 20, 2017

Environmental records and historic documents suggest a volcanic eruption could have aided the Romans in victory According to a report…

Greek astronomer in Germany discovers spindle-like galaxies
GREECE
shares37 views
GREECE
shares37 views

Greek astronomer in Germany discovers spindle-like galaxies

Panos - Oct 20, 2017

Athanasia Tatsi is another Greek scientist at the forefront of global scientific research this time in the field of Astronomy.…

Reuters: Greek banks plan record sale of bad loans as pressure mounts
FINANCE
shares42 views
FINANCE
shares42 views

Reuters: Greek banks plan record sale of bad loans as pressure mounts

Panos - Oct 20, 2017

Three of Greece’s largest lenders plan to sell up to 5.5 billion euros ($6.5 billion) in bad loans by early…

Leave a Comment

Your email address will not be published.