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

Mike Bird   

Greece just got a shockingly good GDP growth figure despite the country's bailout chaos
Finance1 min read

Alexis Tsipras Greece

REUTERS/Francois Lenoir

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

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

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.

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.

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