Greece: Greece's economy expands in second quarter, surprising market analysts
August 14, 2015
Greece’s economy accelerated notably in the second quarter of 2015, expanding 1.5% over the same period last year, according to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 14 August. Q2’s reading marked a notable improvement over the meagre 0.2% expansion recorded in Q1 2015 and the largest increase in three quarters.
On a quarterly basis, the economy grew 0.8% in Q2 2015 in seasonally-adjusted terms, which marked an improvement over the first quarter’s zero growth. In addition, the result surprised market analysts who had expected the economy to contract 0.5%. Moreover, the second quarter’s strong reading is surprising, since throughout the quarter the government was locked in negotiation with its creditors for a third-bailout agreement and Grexit was a large looming risk. The statistical institute will release more detailed data on 28 August.