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Greek output slumps, jobless near record highs

Greek output slumps, jobless near record highs
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More evidence of the collapse of Greek economy in the latest government data from Athens.

In October industrial output and manufacturing production in Greece declined by around 12 percent compared to the same month last year.

Industrial production fell 5.8 percent in 2010 and has been in steady decline since at least January 2009.

With the Greek economy contracting for a fourth consecutive year in 2011 unemployment has risen sharply.

The official jobless rate in September was 17.5 percent down from almost 18.5 percent in August.

The number of the unemployed grew to 857,656 in September from 627,715 in the same month a year earlier.

Greece’s jobless rate, which is not adjusted for seasonal factors, is well above the 10.2 percent average in the 17-nation euro zone.

Young people — who have led protests against the government and austerity measures in recent months — continued to be the hardest hit, with the jobless rate in the 15-24 category worsening to 46.4 percent from 43.5 percent in August.