ECONOMY

Growth now likely to top 2 pct this year

growth-now-likely-to-top-2-pct-this-year

The average growth rate in the year’s first nine months has unexpectedly soared to 2.2 percent, not only because the third quarter of the year produced a very good performance of 2.3 percent, according to figures released on Thursday by the Hellenic Statistical Authority (ELSTAT), but also because of the impressive upward correction to the second-quarter growth figure from 1.9 percent to 2.8 percent. First-quarter growth was also revised upward from 1.1 percent to 1.4 percent.

The adjustments raised questions about their size but suggest that the government may well reach or exceed its target of average growth of 2 percent for 2019.

ELSTAT data show that the third-quarter growth is to a great extent the result of the increase in tourism, which is also behind the huge improvement in the second-quarter estimates.