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Greece's 2Q GDP at 0.5% q-o-q; +0.8% y-o-y;

Staff Writer | September 1, 2017
Greece’s second quarter GDP expanded, in volume terms, by 0.5% on a quarterly basis, according to the seasonally adjusted flash estimates released by the National Statistics Service or ELSTAT.
Greek central bank
Europe   The European Commission expects Greek GDP to expand by 1.7%
Most economists had seen an economic expansion in the range of 1% q-o-q.

Seasonally-adjusted data showed that the second quarter GDP grew by 0.8% compared to the respective period of 2016.

Non-seasonally adjusted data provided a 0.7% expansion of the second quarter GDP on an annual basis.

Also, ELSTAT revised first quarter GDP growth to 0.5% from 0.4% on a q-o-q basis.

“It is noted that GDP for the first quarter of 2017 was revised on account of updated General Government data and Short-Term Indices data,” ELSTAT said.

Recall that the European Commission expects Greek GDP to expand by 1.7% in 2017, while Greece revised down its 2017 GDP growth estimates to 1.8% from 2.7% previously.