Revised GDP data confirm that Greek growth is near

By Sotiris Nikas

The Hellenic Statistical Authority (ELSTAT) announced on Monday it had revised the size of the economic contraction in the second quarter of the year from 0.2 percent to 0.3 percent on annual basis, though this serves to highlight that the reduction of the gross domestic product has slowed to such an extent that justifies the government’s optimism that 2014 will be the first year of growth – 0.6 percent – after six years of recession.

ELSTAT’s data showed that the slowdown in the contraction of GDP is due to stabilizing consumption, the reduction in the falling rate of investments and the rise in exports.

The statistics authority has also revised the contraction data for the first quarter from 0.9 to 1.1 percent, taking the total GDP reduction in the first half to 0.7 percent.

Given the major increase in tourism, which has beaten expectations, the target of 0.6 percent by the end of the year is quite attainable now.