Greece’s official statistics office announced that the nation’s GDP fell by 7% in the fourth quarter. A look at the data shows the contraction goes all of the way back to the last quarter of 2008.
The data show there has been no robust expansion since the third quarter of 2007.
The information may make private lenders, the EU, ECB, and IMF worry again about the next payment due in March to help Greece out of its nearly endless sovereign debt problems. The drop is certainly an indication that a recovery in GDP growth is quarters, if not years off. Many economist believe that new austerity programs, which cut government stimulus, jobs, and the minimum wage, will do even more damage
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