Greek GDP grows for the first time in six years
According to official data released on Friday, Greece’s struggling economy has finally returned to growth after six long years of recession.
The turnaround marks an end to one of the longest and most crippling economic contractions in European history.
The Hellenic Statistical Authority reported on Friday that Greek gross domestic product (GDP) increased 1.7% in the third quarter compared to a year prior, driven by a record season in Greece’s tourism industry.
The figures were better than expected, and Greece now stands as one of the fastest-growing economies in the Eurozone.
Economists had forecast growth in Greece’s GDP to be between 1% and 1.4%.
Senior economist at the National Bank of Greece, Nikos Magginas, said: “Taking into account the average growth rate for the past nine months, the economy is on track to reach its 0.6% full-year target.
"The end of the recession came about mainly from growth in tourism, but private consumption also entered positive territory in the second quarter of the year.”
Despite the encouraging figures, the years of austerity have deeply affected the Greek economy. Unemployment is still decreasing; however at a staggering 25.9% the figure remains worryingly high. It will be some years before the aftermath of Greece's recession is fully resolved.