The Greek economy remained deep in recession in the second quarter, data showed on Thursday, highlighting the pain the country is suffering from austerity measures and its failure to implement growth-boosting reforms. Gross domestic product contracted at an annual pace of 7.3 percent in the three months to June, from 8.1 percent in the previous quarter.
According to seasonally unadjusted figures by statistics agency ELSTAT, while unemployment stayed near record highs. Greece is cutting public spending and hiking taxes to comply with the terms of a European Union/International Monetary Fund bailout that has saved the country from bankruptcy. But the measures are taking a bigger-than-expected toll on the economy, which is in its third consecutive year of recession, making it even harder for the country to meet the 2011 budget deficit target of 7.6 percent of GDP.
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