Il Greece's GDP to fall by 4,5% this yearbefore orienting yourself towards a possible recovery in 2013. The data released today by the Central Bank of Athens are even worse than those published last month by the European Commission, which had forecast a -4,4% on GDP for 2012. Previously, the International Monetary Fund had forecast a drop of 4,8%. %. However, the decline will be more contained than that recorded in 2011, which closed with a contraction of 6,9%.
Meanwhile last year the unemployment in Greece it reached 17,7% and in its annual report the Central Bank predicts that it will reach 19% on the 2012 average. bank deposits, have decreased by 35 billion euros and the share of bad bank loans has increased, while the sufferings they reached 14,7%. The deficit-GDP ratiofinally, it stands at 10,6%, exceeding the expected 9%.
Despite this nightmare scenario,"it is foreseen that during 2013 a recovery will begin“, continues the Hellenic Central Bank, emphasizing that this would lead to fewer layoffs, while inflation should remain moderate.
Greece has just received the green light from the Eurogroup a a new aid plan worth 130 billion euros, in exchange for new commitments on fiscal consolidation and reforms. Today the premier Lucas Papademos said he was confident on a start of recovery "within the second half" of 2013 and assured that Greece will proceed in any case on the adjustment path agreed in exchange for international aid, even after the imminent elections.
