The global financial crisis demolished the Greek economy. Data of the Greek National Statistic Services shows that the turnover of big Greek companies has shrunk with the extreme 30.7% for May in comparison to the same month in 2008. New orders for the same month have decreased even more – with 37.7%. The shrinkage is noticed in all production types, independently of whether they are importing or exporting, because the decreased demand is characteristic for the local and foreign market. The collapse of the Greek industry will lead not only to slowing down the economy’s development but mostly to an increase in the unemployment rate.

It is expected that during the following days the International Monetary Fund will announce its prognosis for the development of the Greek economy, which is expected to be negative. The forecasted growth of the GDP will be around -1.5%. Meanwhile the unemployment rate during April reached 9.4% in comparison to 7.7% during April 2008. One of every 3 job openings during the March-May period is for a part-time job and a total of 5900 full-time job positions have turned into part-time positions, because of the employers try to lower the prime cost of the production.

The crisis is affecting all types of productions – metallurgy has shrunk with 54.2%, electronics with 37.3%, engineering industry with 32.2%, chemical manufacturing with 29.6%, tailoring industry with 28%. The only growth is noticed in the pharmaceutical industry, which is with 1.7%. May is the thirteenth consecutive month, during which the Greek industry is lowering its productivity.