Greek economy defies expectationsComments
Despite the debt and political crisis in Greece the country’s economy is defying expectations
The government may be in crisis with new elections on the horizon after former Prime Minister Alexis Tsipras stood down, but there is at least some good news to report on the business front.
Second Quarter GDP growth has been revised up, yes up, to 0.9 percent from the initial reading of 0.8, surprising analysts.
There is a caveat. The figures reflect a time before capital controls came in. Their impact will only be seen in the third quarter reading.
Nevertheless it is good news. Consumer spending rose 1.1 percent in the second quarter and imports went down by 4.9 percent.
One of the most important sectors sustaining Greece is tourism. Visitors are still flocking to the country and its islands at the rate of over 20 million per year.
The country’s problems are far from over however with more possible political turmoil on the horizon.