Greece's long-running recession deepened in the second quarter while unemployment rose as government austerity measures took hold, official statistics showed Thursday.Is Greece (and other similar countries) a leading indicator for California? Don't count on being saved by the stimulus package.
Greek gross domestic product contracted 1.5% compared to the first quarter, the statistics agency said. GDP declined 0.8% in the first three months of the year.
The Greek economy has contracted on a quarterly basis for seven consecutive quarters. Second-quarter GDP dropped by 3.5% compared to the same period last year.
Economists had forecast a 1% quarterly drop.
The statistics agency also said the unemployment rate rose to 12% in May from 11.9% in April.