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Based on the analysis presented in this note and taking into account the above-consensus Q2 GDP reading, we see upside risks to the official (and our earlier) forecast for Greece’s full-year real output growth. Whereas our earlier NOWcasting model estimates & short-term forecasts pointed to a full-year real GDP growth reading of -2.05% (and the respective European Commission forecast stands at -2.3%), we now see considerable upside risks to the above projections, looking for a realization closer to -1.5%.