Greek central bank predicts 2012 GDP reduction at 5%
2012-04-24 17:49:13
The Greek central bank has revised a previous forecast and warned that the average annual rate of GDP reduction will approach 5% this year.
In March the central bank predicted a 4.5% contraction.
Greece has been living through economic recession for four years already.
The bank has also warned that it will be possible to slow down the recession only if the government undertakes necessary structural reforms.
Greece has been given two EU/IMF bailouts to cope with its national debt crisis.