Greek economy grew 0.8% in Q2, averting recession in Q1

But analysts said some sectors, such as the tourism mainstay of the economy, had shown ability to withstand the uncertainty stemming from months of deadlocked talks with foreign lenders.

The national statistics agency estimates Thursday that the economy expanded by 0.8 percent in the second quarter of the year compared with the previous three-month period.

Data from the Hellenic Statistical Authority showed that gross domestic product grew 0.8 percent on a sequential basis, the first expansion in three quarters. The Greek parliament will vote on the package on Thursday. If given the green light, the bill, submitted yesterday, will pave the way for the-much needed disbursement of aid.

The country hopes to receive some funding as part of the deal in time for a €3.5bn (£2.5bn) payment to the European Central Bank on 20 August. It also requires approval from several other Eurozone parliaments, including Germany’s, before any funds can be disbursed. In the first quarter of 2015, GDP was up 0.2 percent.

– Martin Baccardax (@mdbaccardax)Wow! Is nominal that counts for debt servicing.