Econ­omy grows by 0.8 pct in Q3

Kathimerini English - - Focus -

Greece’s econ­omy ex­panded for the sec­ond quar­ter in a row and by more than an­a­lysts ex­pected in July-Septem­ber, sta­tis­tics ser­vice data showed yes­ter­day, bod­ing well for a stronger re­cov­ery next year after a pro­tracted re­ces­sion. Re­vised estimates showed a 0.8 per­cent ex­pan­sion rate in the third quar­ter com­pared to April-July, when gross do­mes­tic prod­uct grew 0.4 per­cent. It was a higher read­ing than a 0.5 per­cent flash es­ti­mate

Hel­lenic Petroleum’s di­rec­tor of strate­gic plan­ning and de­vel­op­ment, Ge­orge Alex­opou­los, told a Amer­i­can-Hel­lenic Cham­ber of Com­merce con­fer­ence yes­ter­day that his firm dis­cerns ma­jor in­vest­ment prospects in the next decade in sur­vey­ing and uti­liz­ing Greek hy­dro­car­bons and aims to tap them. released ear­lier this month. The sea­son­ally ad­justed data showed the 175-bil­lioneuro econ­omy ex­panded at an an­nual 1.8 per­cent pace in the third quar­ter, faster than a pre­vi­ous 1.5 per­cent es­ti­mate. The re­vised read­ings beat mar­ket ex­pec­ta­tions. An­a­lysts polled by Reuters had forecast 0.5 per­cent quar­ter-on-quar­ter growth and a 1.4 per­cent an­nual ex­pan­sion rate in the third quar­ter. “The data con­firm the econ­omy bot­tomed out in the sec­ond quar­ter. Do­mes­tic de­mand is strength­en­ing in the sec­ond half and a pos­i­tive read­ing of 0.1 per­cent for the full year now ap­pears a plau­si­ble sce­nario,” said Eurobank chief econ­o­mist Pla­ton Monokrous­sos. The Euro­pean Com­mis­sion and Greece’s cen­tral bank had been pro­ject­ing a 0.3 per­cent eco­nomic con- trac­tion for this year as a whole. The EU sees the econ­omy re­bound­ing by 2.7 per­cent next year, while the Bank of Greece projects it will ex­pand by 2.5 per­cent. The OECD in its lat­est forecasts sees 1.3 per­cent growth next year.

Hy­dro­car­bon prospects.

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