Greek economy grows 0.5 pct in second quarter: data

ATHENS

Greece’s struggling economy grew by 0.5 percent in the second quarter of 2017, official data showed on Sept. 1, in line with government estimates of a modest rebound this year.

Year-on-year, the economy grew by 0.8 percent compared to the equivalent quarter in 2016, Greek statistical authority Elstat said.

Greece expects to post growth of around 1.8 percent this year after nearly unbroken contraction since 2008.

Greece has spent years rebuilding confidence in its statistics after shocking European authorities in 2009 by admitting to under-reporting the size of its deficit.

In early August, Elstat said it would no longer publish flash growth estimates after wide divergences in data called for significant revisions down the line.

In one notable case earlier this year, revised data showed the Greek economy growing by a slim 0.4 percent in the first three months of 2017, whereas an earlier flash estimate had pointed to a contraction of 0.1 percent for the period.