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Greece Focus Notes

15 June 2012
• Q1-2012 non-seasonally adjusted real GDP declines by -6.5%YoY, following a -7.5%YoY contraction in the prior quarter
• May 2012 HCPI inflation at 0.9% YoY and unemployment rate at 21.9% in March 2009, both highlight the deflationary pressures on the Greek economy
• Real sector indicators point towards a continuation of the recession; diverging paths between the Greek economy and the rest of the euro area
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