Improvement :‘Greek economy to grow in third quarter'

Greece returning to growth in next quarter after six years of crippling recession

ATHENS: Greece will return to growth in the next quarter after six years of crippling recession, its prime minister announced. “In the third quarter of 2014, the Greek economy will register growth for the first time in 24 quarters,” Antonis Samaras said at the opening of an international trade fair in northern Greece. Athens has budgeted for a 0.6% growth in gross domestic product (GDP) this year after more than half a decade of recession that began during the global financial crisis in 2008. Greece’s economy shrank by 1.1% in the first three months of 2014 and by 0.3% during the second quarter, making the next two quarters crucial if it is to register net annual growth. Samaras also said Greece would work out the details of how to deal with its colossal public debt, which stands at 175.1% of GDP after a 240 billion euro ($310 billion) bailout from the European Central Bank.

Published in The Express Tribune, September 7^th, 2014.

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