Greek quarterly GDP up 0.3pc against expectation of 0.2pc dr
GREECE unexpectedly averted a recession in the second quarter managed GDP growth of 0.3 per cent as when the country and its creditors haggled over the release of bailout funds, reported Bloomberg.
The median estimate in a Bloomberg survey was for a 0.2 per cent drop.
Greece and its creditors spent much of the first half of the year in talks over measures such as pension reform and budget savings needed to unlock funds from the nation's rescue package.
The government says the EUR10.3 billion (US$11.5 billion) in loans tied to that aid review will help the economy by paying off arrears, counterbalancing the new taxes that hit Greeks in June.
The Bank of Greece has said it expects the economy to contract 0.3 per cent this year before growing 2.5 per cent in 2017.
Sales-tax increases helped keep Greece's European Union-harmonised inflation rate at 0.2 per cent in July for a second month, the statistics authority said earlier this week. It was the first time since 2012 that the index rose in consecutive months.
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