By Stelios Bouras
Greece’ economy grew in the second quarter of the year, data from the Greek statistics agency showed Thursday.
Data for seasonally adjusted gross domestic product rose 0.8% from the previous quarter, when economic growth was revised to zero by the Hellenic Statistical Authority, or Elstat. On an annual basis, Greek economic output in the second quarter rose 1.4%, Elstat said in a news release.
Greece and its international creditors expect the economy to contract by 2.3% this year after exiting a six year recession in 2014 and growing by 0.8%
Greece also said budget revenues fell 40% short of target in July, when the government introduced capital controls to prevent a collapse of the country’s banking system, Finance Ministry data showed Thursday.
Budget revenues for the first seven months of the year reached €26.7 billion ($29.7 million), versus the target of €30.8 billion, the ministry said.
The imposition of capital controls for July brought the Greek economy to a standstill, with many consumers, households and businesses putting off payments to preserve cash as withdrawal limits from banks were severely limited.
