greece looks capable of avoiding recession
News Posted On: 17 August 2009
Greece returned to positive GDP growth in the second quarter of this year, Eurostat figures have revealed. As Q1 was the first quarter of negative growth this means that Greece has so far avoided falling into recession, and may continue to do so if the current positive signs turn into a sustained recovery in Europe.
Greece grew by 0.3% in the second quarter of this year, after a fall of 1.2% in the 1st quarter, and growth of almost 1% in the second half of last year. The second quarter growth matched that of France and Germany, but those had both been falling for the entire second half of last year. Slovakia also returned to growth in the second quarter with an increase of 2.2%.
These 4 countries however were alone in their second quarter growth, and the economy of the entire 27 member European Union shrank by 0.3%. This is a much smaller shrinkage than the 2.4% contraction recorded in the first quarter.
This, along with the fact that Germany and France, two of Europe's most established markets and biggest economies, showed growth alongside the emerging market of Slovakia could point to the beginnings of a slow recovery in the EU.
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