Foundation for Economic and Industrial Research(IOBE) estimated that Greece's GDP will fall 6.9% this year, far lower than 5% as predicted in April. Meanwhile, it lifted the unemployment rate forecast from 20% to 23.6%.
IOBE economist Angelos Tsakanikas said the nation has only 3,500 people (0.04% of the popluation) planning to buy a home this year, which will make the construction sector in trouble. Meanwhile, the descending economy will offset the effort of the government to cut deficit, bring more problems to the nation's citizens. (r)
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