Greek Economy Grows 1.5% in 3rd Quarter



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The Greek economy grew 1.5 percent in the third quarter of 2016, laying the foundations for its return to positive growth rates in 2017. The Hellenic Statistical Authority, in a report released on Monday, said the country’s Gross Domestic Product (GDP) grew 1.5 percent in the third quarter compared with the same period in 2015 (GDP was down 2.2 percent in the third quarter of 2015). On a quarterly basis, the country’s GDP grew 0.5 percent in the third quarter from the second quarter.

The statistics service revised its GDP estimate upwards in the first two quarters of the year, to -0.8 percent (instead of an -1.0 percent initial estimate in the first quarter and -0.6 percent from -0.9 percent in the second quarter).

Provisional figures for third quarter GDP will be released on November 29, based on updated primary data. Based on non-seasonally adjusted figures, the Greek GDP grew 1.2 percent in the third quarter compared with the same period last year.

(Source: ANA-MPA)