The majority of Greeks, along with other Europeans, are pessimistic about the state of the economy and their purchasing power, according to a survey by Deloitte released on Wednesday.

In Greece, 59 percent of respondents saw their economy as being in recession, with almost a quarter believing that the financial status of their households will improve.

The remainder either believes that their circumstances will worsen or stay the same, said the report entitled Year-End Holiday Survey 2006.

In addition, Greece belongs to a group of countries that are showing a strong inclination to spend more on gifts on the holiday period this year. The other countries in the group were Cyprus, North Africa and Ireland.

Source: Xinhua