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Greece close to emerging from recession
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THE Greek economy, in recession for six years, shrank again in the second quarter of this year, but by only 0.3 percent, revised data showed yesterday.
The revised outcome from the statistics office Elstat was slightly worse than an initial estimate of minus 0.2 percent, but shows that the downturn is running out of steam, notably since the third quarter of last year.
The government forecasts that from now on, the economy will show slight quarterly growth, and that the outcome for the whole of 2014 will be growth of 0.6 percent. That would mark a big step away from the national disaster of deep bankruptcy and rescue by the International Monetary Fund and European Union which came close to triggering a breakup of the eurozone.
In exchange for loans totaling above 240 billion euros (US$315 billion), Greece has applied deep, and highly unpopular, reforms and cuts to pay and pensions.
Reforms continue in order to improve tax collection and make the economy more efficient and exports more competitive.
The economy is slowly recovering as the second bailout program nears the end of its term in December.
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