Greece's economy emerged as early as the first quarter of this year from its worst recession since World War Two, expanding for the first time in nearly five years and confirming predictions the country has left the worst of its economic crisis behind. Seasonally adjusted data published on Friday showed Greece posted three consecutive quarters of growth this year, even though it had only been expected to emerge from one of the biggest recessions in modern economic history in the third quarter.
"The economy recovered faster than expected," National Bank economist Nikos Magginas said, adding that the boost came largely from tourism and an uptick in consumer spending. "The target for the year has already been met and this leaves room for a positive surprise at the end of the year."
Data published on a seasonally adjusted basis for the first time since 2011 showed the 182-billion euro economy expanded by 0.8 percent in the first quarter - the first time the economy has expanded since the second quarter of 2009. It then grew 0.3 percent in the second quarter and 0.7 percent in the third quarter. Greece's economic boom of the early 2000s when it hosted the Olympics and went on a public spending spree ended abruptly when a global credit crunch took hold. Data published Friday showed Greece's economy has been contracting since the third quarter of 2007, with the exception of two blips of growth posted in the first quarter of 2008 and the second quarter of 2009.
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