Greece GDP


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.

FocusEconomics Consensus Forecast panelists see the economy falling 1.9% in 2015, which is down 0.1 percentage points over last month’s forecast. For 2016, the panel expects growth of 2.5%.

Author: Angela Bouzanis, Senior Economist

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Greece GDP Chart

Greece GDP Q2 2015

Note: Year-on-year changes of GDP in %.
Source: Hellenic Statistical Authority (EL.STAT) and FocusEconomics Consensus Forecast.

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