ATHENS: Greece’s economy grew in the second quarter in a surprise surge just before the standoff between the government and its creditors forced officials to impose capital controls. The Hellenic Statistical Authority in Athens said gross domestic product rose 0.8 percent, as it revised up the first quarter to show stagnation. Nominal GDP, which excludes adjustments for price changes, fell 0.7 percent in the period through June.
“The national accounts provide a wealth of information, but they’re not very timely, they’re mostly a look back,” said Daniele Antonucci, an economist at Morgan Stanley in London. “Growth momentum has turned increasingly negative most recently.” The data came as a shock after economists in a Bloomberg survey forecast a 0.5 percent contraction. Recent reports painted a picture of an economy crippled by months of haggling over a new bailout and question marks over the nation’s future in the euro.
