Greek economy averted recession in Q1 of 2015, grew 0.8% in Q2 | business | Hindustan Times
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Greek economy averted recession in Q1 of 2015, grew 0.8% in Q2

business Updated: Aug 13, 2015 18:46 IST
Greek economy

People wait to enter a Piraeus Bank branch at the city of Iraklio in the island of Crete, Greece. (Reuters Photo)

Greece's economy expanded by 0.8% in the second quarter of 2015, the national statistics agency estimated on Thursday, with the country escaping recession in the first quarter as growth remained flat.

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

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

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

The news provides a glipmse of hope for the debt-swamped eurozone country, as its Parliament prepares to vote on Thursday on a new 85 billion euro ($94 billion) bailout deal with international 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 owed by Greece to the European Central Bank.

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