World Economy

Greek Economy Remains Stagnant

Greek Economy Remains StagnantGreek Economy Remains Stagnant

The Greek economy remains in recession while figures for the rest of the eurozone have taken a positive turn with growth on the horizon, as new Eurostat data released show, Tornosnews reported. Unemployment is at its lowest in eight years across the 19 eurozone countries, with Greece showing disturbingly high figures, according to the European Union statistical authority. Greece remains mired in debt and economic woes, with unemployment remaining at an alarming 23%, according to October figures, while in December the eurozone average was 9.6%, the lowest since 2009. The unemployment for Greek youths under 25 was at 44.2%. Also Eurostat says that eurozone growth went by a quarterly rate of 0.5% in the fourth quarter of 2016 compared to the previous three-month period when growth was 0.4%. The quarterly growth rate was the same as in the first quarter of 2016 when growth was also 0.5%. Overall, the eurozone economy expanded by 1.7% in 2016, Eurostat said.


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