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Old 01-10-2013, 12:14 PM   #2
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Think tank: Greece's jobless rate to rise further
Jan. 10, 2013, 11:09 a.m.

By Nektaria Stamouli
The Greek economy is expected to shrink 4.6% this year, while the unemployment rate is expected to rise further to 27.3%, a business think-tank said Thursday.

The Foundation for Economic and Industrial Research, or IOBE, said in its report that its "forecast is slightly worse than the government's prediction of a 4.5% decline in gross domestic product."

The country's economy is foreseen by its international creditors--the European Union and the International Monetary Fund--to contract by more than 4.2% in 2013.

It also reiterated its estimate for a 6.6% contraction in 2012 and a 24.5% unemployment rate.

"This year will be much better compared to 2012 as regards the economic indicators," said IOBES Vice President Raphael Moisis. "But the economy's recovery is not sufficient in order to improve the unemployment issues."

Earlier Thursday, the Greek statistics agency Elstat said a further 36,219 people lost their jobs in October, bringing the total to 1.35 million. That amounts to 26.8% of the population that is eligible to work, up from 26.2% in September.

Greece's unemployment level is much higher than the euro-zone average, which stood at 11.7% in October, according to figures from the European Union statistics agency, Eurostat.

Elstat said the number of unemployed people in October was nearly 38% higher than a year earlier.

IOBE said about 60% of those are long-term unemployed, which makes their reintegration into the county's workforce even more difficult
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