Economy of Greece fell down by 1.5% again

Economy of Greece fell down by 1.5% againAccording to the statistic agency of Greece, the economy of the country has seen a further 1.5% fall in the second quarter of this year. This fall has resulted 0.8% fall in the GDP compared to the first quarter of the year, which shows that the fall in the Greek economy is speeding up.

The GDP of Greece has fallen down 3.5% since the same time period of last year. The country has been forced to apply huge spending cuts because of the huge debt crisis of Europe.

The statistics agency Elstat of Greece has said that, the reduction in the public spending has pushed the economy of country in to deep recession. The economists of the country are not surprised at all by the figures and blamed the austerity measures of the government for the decline in the GDP.

The senior economist of National Bank of Greece, Nikos Magginas has said that the economy of Greece is falling at high pace because of the high uncertainty and gradual implementation of the austerity measures. According to the European Union and IMF the forecast for GDP fall in the year 2010 is expected to hit 4%.