Greece has surprised markets by posting growth of 0.8pc in the second quarter, even as the beleaguered economy faced exit from the eurozone. On an annual basis, Greek economic output in the…
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GDP advanced by unadjusted 1.5 percent in the second quarter from a year ago, in contrast to a 0.5 percent contraction forecast by economists.
No official data was provided on what drove the growth as these are preliminary figures.
The Greek economy grew in the three months before its bailout talks collapsed and it had to close its banks.
So as it stands now, Greece returned to growth after two quarters of recession. “This explains the surprising second quarter GDP reading”.
GDP rose by 0.8%, as opposed to the 0.8% fall that analysts had been expecting.
Under the baseline scenario Greek authorities have agreed with worldwide creditors in the new bailout agreement, Greece’s economy is projected to shrink by 2.1 to 2.3 percent this year.
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At the very end of the period, on June 28, the government shuttered banks, imposed capital controls.
