Greek economy fell down by 1.8% in the second quarter

The debt laden economy of Greece has seen a fall of 1.8% in the second quarter of this year as a result of the slashed consumers spending.

The decline in the economy was worse than expected before and well above the 0.8% shrinkage of the first quarter of the year. According to the national statistics office of Greece, the private consumption dropped down by 4.2% year on year against a rise of 1.5% in the first quarter in this year.

These figures have reflected the struggle of Greece economy against the recession and debt crisis. The country has faced so many protests and strikes over the condition of the economy but could not do anything with the economy even after getting the bail out from EU.

The country was granted for 110 billion pounds of emergency bailout from the International Monetary Fund (IMF) and European Union (EU). The economist of EFG Eurobank, Platon Monokroussos has said that there would be no chance of any economic recovery for Greece in near future; rather it will be cleared gradually and take time.