Greece out of recession after 2 years
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.