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Greece posts positive GDP growth

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Staff Writer | June 3, 2017
Greek government urged for a clear solution on the Greek debt load issue at the forthcoming EuroGroup meeting on June 15, following the positive revised data the Greek statistics authority ELSTAT released on GDP growth.
Greece manufacturing
Europe   The Greek economy grew by 0.4 percent
The Greek economy grew by 0.4 percent in the first quarter of 2017 compared with the fourth quarter of 2016, ELSTAT announced on Friday, revising upwards a previous preliminary estimate given in May that showed a 0.1-percent decline.

"In comparison with the first quarter of 2016, (the Greek economy) increased by 0.4 percent against the decrease of 0.5 percent that was announced for the flash estimate of the first quarter," said a ELSTAT statement.

The statistics service attributed the revision of GDP data to the integration of figures not available during the first estimate, which showed a positive trend in many indexes, Greek national news agency AMNA reported.

Household consumption grew 17 percent in the first quarter (from a 0.7-percent decline in the same period last year), exports of goods and services rose 4.8 percent (after a 10.4-percent fall in the first quarter of 2016) and imports of goods and services rose 10.9 percent (down 10.1 percent in 2016).

"The figures verify that the long sought development is already here. The Greek economy has the momentum to overcome the crisis for good," read a press statement issued by Greek Prime Minister Alexis Tsipras' office.

"The decisions that will be made on the clarification of mid-term measures for the debt will be crucial. Our partners and creditors have no other reason for procrastination.

"We expect them to meet their pledges with a clear solution," concluded the statement.