+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Greece just got a shockingly good GDP growth figure despite the country's bailout chaos

Aug 13, 2015, 14:49 IST

Greece's Prime Minister Alexis Tsipras gestures as he leaves an emergency euro zone summit in Brussels, Belgium, July 7, 2015.REUTERS/Francois Lenoir

Greece just reported an astonishingly strong GDP figure for the second quarter of the year.

Advertisement

GDP rose by 0.8%, as opposed to the 0.8% fall that analysts had been expecting.

Through those months (April to June), the Greek government was going through negotiations with its European creditors and there was climbing uncertainty about a deal.

At the very end of the period, on June 28, the government shuttered banks, imposed capital controls. Athens then missed a payment due to the International Monetary Fund, putting it in a small club including Sudan and Zimbabwe.

What's more, the 0.2% decline originally recorded for the first three months of the year has been revised to a 0% rise.

Advertisement

Cash limits and capital controls were only in place for a very small fraction of Q2, but Q3's figures are much more likely to be impacted badly by them.

NOW WATCH: Here are some incredible toys hedge fund boss Steve Cohen has bought with his billions

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article