• Greek GDP growth revised upwards to 1.9 pct in Q3‏

    The Greek economy grew by 1.9 pct in the third quarter of 2014, up from an initial estimate for an 1.7 pct growth rate, a crucial step towards achieving a 0.6 pct growth rate in 2014 and paving the way for a 2.9 pct growth rate in 2015.

    The Hellenic Statistical Authority, in a report released on Friday, revised upwards its initial estimate for a 1.7 pct GDP growth rate in the July-September period to 1.9 pct and based its revision on additional figures for September (import-exports, turnover in the services sector and unemployment figures). The country’s GDP grew by 1.9 pct on average in the January-September period. The statistics service attributed this development to higher consumption and private investments (up 2.3 pct -3.6 pct household consumption- and 2.7 pct, respectively).

    Exports of goods and services grew 6.9 pct, while imports rose 3.0 pct. The country’s GDP grew 0.7 pct in the third quarter from the second quarter of 2014.