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Surprise GDP figures for Greece show a return to growth in the second quarter


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Surprise GDP figures for Greece show a return to growth in the second quarter

Greece’s economy returned to growth in the second quarter despite the political turmoil.

The country’s gross domestic product expanded 0.8 percent from April to June way above analysts forecasts of a 0.8 percent contraction quarter on quarter.

No official data on what drove the growth was provided by ELSTAT the statistics service as the surprise figures are preliminary.

“Some economic activity indicators in the second quarter including tourism, consumption and industrial production showed particular resilience which explains the GDP reading,” said economist Nikos Magginas at National Bank.

The flash figures exclude economic activity during the three-week shut down of the banks and the imposition of capital controls.

Revised data also showed the country showed no growth or decline in economic activity for the first quarter.

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