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14 Nov 2016

Greece Out Of Recession

The Greek economy emerged from recession for the first time since 2014, managing two straight quarters of GDP growth, figures released Monday showed.

Greece's gross domestic product (GDP) increased by 0.5 percent in the three months to September from the previous quarter, and by 1.5 percent from the third quarter of 2015, statistics bureau Elstat said.

It had already nudged 0.2 percent higher in the second quarter from the first. Two consecutive quarters of growth officially mark the end of a recession.
The Greek government expects the Greek economy to contract by 0.3 percent in the full-year 2016, before returning to growth next year when it predicts GDP to surge by 2.7 percent.

The government disclosed the growth dynamic was now in better shape than at any point since the financial crisis.

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