Wednesday April 1, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Fragile recovery within sight, says German lender

It was by a hair-thin margin that the Greek economy missed recording positive growth for the first time since 2008 in the second quarter of 2014, the German bank Berenberg said in an analysis on Wednesday.

Nevertheless, it noted that the slight contraction of 0.2 percent in gross domestic product (GDP), announced on Wednesday, was the smallest in the six-year period and strengthens hopes that Greece could achieve the first actual rise in GDP this year since the crisis began. Even more important, according to Berenberg, is the fact that if the data were seasonally adjusted (which the Hellenic Statistical Authority does not do), then Greek GDP would have risen by up to 0.5 percent in comparison to the first quarter of 2014.

This signals the end of recession and the first recovery in GDP after a brief spell late in 2009. Nevertheless, the ongoing revision of official statistics is expected to be finalized in September and may lead to significant changes in post-2012 data. In other words, caution is advised in reading the data announced on Wednesday.

Despite the positive signs that Greece is indeed exiting the recession, such as in the Economic Climate Index and the Purchasing Managers Index, its effects will continue to be felt for a considerable time yet, the analysts believe.

Unemployment rocketed from 7.6 percent in 2008 to 27.9 percent in September 2013 and has only just started receding, down to 27.2 percent in May. The insecurity felt by working people has had a negative effect on consumption and, despite the adoption of a wide range of structural measures, the steep rise in taxation continues to dampen investment.

It is likely that, for one more year, Greece will have to rely on a very good tourism season in order to return to growth, Berenberg says. An improvement in the growth rate is unlikely to limit the most serious threat to a Greek recovery that is, political instability. Only a rise in employment and a robust recovery are seen offering the present fragile government a good chance of winning the next election.

ekathimerini.com , Thursday August 14, 2014 (16:33)  
Buffett says Greek exit from euro may not be a bad thing
European shares fall early; eurozone PMIs eyed
Business sentiment in decline
Ministry headache over T-bills
Man fined 60,000 euros for shooting neighbors dogs to death
A man has been fined 60,000 for killing the dogs of his neighbor in the village of Anydro, in Fthiotida, central Greece, reports said Wednesday. The 85-year-old man had shot and killed the a...
Protesters occupy Xanthi municipality
Members of anti-establishment groups on Wednesday staged a sit-in at the municipality of Xanthi, in northern Greece, in solidarity with hunger strikers demanding the abolition of Type C ma...
Inside News
BASKETBALL
AEK could get a wild card to the Euroleague
AEK shows capable of climbing as high as third in the Basket League, as its 16-point home win over third-placed Aris on Sunday confirmed it can challenge both Aris and PAOK to the first spot...
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
Inside Sports
COMMENTARY
Going his own way
While up until the last election we had become accustomed to referring to the coalition government led by Antonis Samaras as one featuring a split personality, no political psychoanalyst cou...
EDITORIAL
Righting the wrongs
A country that wants to move forward should study and deal with its past mistakes in a mature and responsible manner. Greece was hit by an unprecedented debt crisis and it came to the brink ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Man fined 60,000 euros for shooting neighbors dogs to death
2. Protesters occupy Xanthi municipality
3. Greek pensioners protest over cuts, healthcare
4. Buffett says Greek exit from euro may not be a bad thing
5. European shares fall early; eurozone PMIs eyed
6. Greek economy minister sees deal with EU/IMF on reforms next week
more news
Today
This Week
1. Finance Ministry officials to discuss talks progress as EU pushes for action [Update]
2. Athens aims to tighten ties with Russia
3. Going his own way
4. Spike in migrants reaching Lesvos
5. Contested health law to be repealed
6. Buffett says Greek exit from euro may not be a bad thing
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Greece optimistic on deal with euro area next week
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.