Greece: Economy records smallest contraction in one year in Q2
August 12, 2016
Greece’s crisis-hit economy improved in the second quarter, although economic activity continued to shrink. According to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 12 August, GDP fell 0.1% in Q2 over the same period last year. The fall was less pronounced than the revised 0.8% decline recorded in Q1 (previously reported: -1.4% year-on-ear) and marked the best reading since Q2 2015.
On a quarterly basis, GDP expanded 0.3% in seasonally-adjusted terms. The result contrasted Q1’s revised 0.1% drop (previously reported: -0.5% quarter-on-quarter) and overshot market analysts’ expectations. In addition, the figure marked the fastest growth since Q3 2014. The statistical institute will release more detailed data on 29 August.