Greece out of re­ces­sion af­ter 2 years

The Myanmar Times - - International Business -

THE Greek econ­omy emerged from re­ces­sion for the first time since 2014, manag­ing two straight quar­ters of GDP growth.

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

It had al­ready nudged 0.2pc 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 0.3pc in the full-year 2016, be­fore re­turn­ing to growth in 2017 when it pre­dicts GDP to surge by 2.7pc.

Last week it said the growth dy­namic was now in bet­ter shape than at any point since the fi­nan­cial cri­sis.

“The Greek econ­omy has not known a com­pa­ra­ble growth rhythm since the first quar­ter of 2008,” gov­ern­ment spokesper­son Dim­itris Tzanakopou­los said.

He said Greece was count­ing on debt re­lief to sup­port growth, as well as on Athens gain­ing ac­cess to the Euro­pean Cen­tral Bank’s quan­ti­ta­tive eas­ing pro­grame which in­volves pur­chases of sov­er­eign bonds.

Apart from a brief re­spite in 2014, the econ­omy has been steadily con­tract­ing since 2008 as cred­i­tors as well as the Euro­pean Union and the IMF im­posed harsh aus­ter­ity mea­sures ac­com­pa­ny­ing suc­ces­sive bailouts.

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