Greece’s economy expanded by 0.8% in the second quarter of 2015, the national statistics agency there has estimated, with the country escaping recession in the first quarter as growth remained flat.
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After seasonal adjustments, GDP grew 1.4 percent after rising 0.5 percent in the first quarter.
The credit crisis sparked six years of recession in Greece, from which it emerged in 2014 before shrinking again.
Its Prime Minister, Alexis Tsipras, said the deal would end the country’s economic uncertainty.
The accord is “comprehensive and designed to address the shortcomings of the Greek business model”, the source told a background briefing in Brussels, asking not to be named. That could mean the surprise growth was partly powered by increased consumption, as Greeks took money out of the banks and stocked up in anticipation of the shutdown.
The return to growth should bolster the government’s financial position, the sources said.
Data for seasonally adjusted gross domestic product rose 0.8% from the previous quarter, when economic growth was revised to zero by the Hellenic Statistical Authority, or Elstat. Recent reports painted a picture of an economy crippled by months of haggling over a new bailout and question marks over the nation’s future in the euro.
Greece and its creditors completed negotiations on the terms of a third bailout package on Tuesday.
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The International Monetary Fund and many analysts have expressed concern over the sustainability of the debt-it is more than three times the EU ceiling of 60 per cent-and Greece has pressed for relief.
