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Greek economy grew 0.8% in Q2, averted recession in Q1

According to the new figures, second quarter growth up 1.4% compared to the same period the previous year

AFP/PTI  |  Athens 

A vendor waits for customers outside his shop in central Athens, Greece

Greece's expanded by 0.8 per cent in the second quarter of 2015, the national statistics agency estimated today, with the country escaping recession in the first quarter as growth remained flat.

According to the new figures, the Greek posted zero growth in the first quarter of the year after having contracted 0.2 per cent in the last quarter of 2014 -- thus averting two periods of decline constituting recession.

The figures showed second quarter growth up 1.4 per cent compared to the same period the previous year.

Previous estimates by the agency showed the shrinking by 0.4 per cent in the final period of 2014, and by 0.2 per cent in the first quarter of this year.

The news came as a rare ray of light for the debt-swamped eurozone country, as its parliament prepares to vote today on a new 85 billion euro (USD 94 billion) bailout deal with creditors -- its third rescue plan in half a decade.

Athens and its creditors are under pressure to approve the draft accord in time to meet an August 20 deadline for the repayment of some 3.4 billion euros Greece owes the European Central Bank.

The growth figures also came hot on the heels of European Union forecasts Wednesday showing the Greek economy -- which only emerged from six years of brutal recession in 2014 -- shrinking 2.3 per cent in 2015 and 1.3 per cent in 2016.

First Published: Thu, August 13 2015. 17:58 IST