Greek economy to shrink 2.5 per cent in 2012, jobless rate, debt rise

Reuters: Greece’s economy will continue to shrink by 2.5 percent next year, compared with a 5.5 percent contraction in 2011, according to the country’s 2012 budget draft released on Monday.

Government debt is seen climbing to 172.7 percent of the country’s gross domestic product (GDP), from an estimated 161.8 percent this year, the budget draft showed. The jobless rate is expected to rise to 15.2 percent in 2011 and to 16.4 percent in 2012.