Greek Q2 GDP flash estimate surprised to the upside | Eurobank
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Greek Q2 GDP flash estimate surprised to the upside

Greece’s stats agency (EL.STAT.) released earlier today its flash GDP estimate for the second quarter of this year. The data revealed that real output expanded by 0.8% on quarter-on-quarter seasonally adjusted (QoQ s.a.) basis. Data came out much better than the consensus view and Eurobank’s NOWcasting (mid-point) estimate of -0.6% that was published in late July. This translates into a positive year-on-year (YoY) growth of +1.4% and compares with a revised realization of 0% QoQ/+0.5% YoY in Q1 2015 (up from -0.2% QoQ/+0.35% YoY in the previous release) and compared to -0.2% QoQ/+1.4% YoY in Q4 2014. The breakdown of the data will be published along with EL.STAT.’s second estimate for Q2 GDP due on August 28.