The Greek economy grew by 0.2% in the second quarter 2016 compared to the previous three months, according to provisional data published on Monday by the Greek Institute for Statistics (ELSTAT), which revised downwards its previous estimates .
the initial numbers, the ELSTAT announced on August 12, pointed to GDP growth in Greece of 0.3% in the second quarter compared to the previous three months.
ELSTAT also revised the its annual estimates, adding now that GDP decreased by 0.9% between April and June this year compared to the same months of 2015, a steeper drop than the 0.7% originally planned.
the official statistics authority of Greece changed the data for the first quarter and estimated that the Greek economy has retreated 0.2% in chain and 1% year on year in the first three months of this year (previously had calculated a fall 0.1% and 0.8%, respectively).
the ELSTAT justified this downward revision of all data with the initial estimate, which still did not consider a number of data, both monthly as quarterly.
in 2015, after six years of recession, the country has two quarters of growth before the government decreed on 29 June, capital controls are still in effect. Although both the executive and the creditors have forecast a recession of 1.3% in 2015, the year closed with a zero growth of the economy, thanks to the growth of the first two quarter and also in the fourth quarter.
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