Greece heading towards recovery, GDP expanded in Q2
ATHENS (REUTERS) - The Greek economy was heading towards recovery, the country's finance minister Yannis Stournaras said on Thursday, citing government estimates according to which the economy expanded in the second quarter.
"Based on available evidence, the economy expanded in the second quarter compared with the first quarter, at least for the first time since the start of the crisis, according to seasonally adjusted data," Mr Stournaras said in a conference speech.
"For the first time, we are estimating that GDP expanded quarter-on-quarter," he said.
Greece's statistics agency does not report seasonally adjusted quarter-on-quarter GDP data. According to seasonally unadjusted data it published earlier this month, the Greek economy contracted by 3.8 per cent year-on-year in the second quarter.