Bloomberg — Greece’s economy expanded for a third straight quarter for the first time in more than a decade, providing a foundation for the country’s attempts to exit its bailout program next year.
Gross domestic product grew 0.3 percent in the three months through September after expanding a revised 0.8 percent in the previous quarter, the Hellenic Statistical Authority said in a statement on Monday. From a year earlier, GDP grew 1.3 percent.
While the third straight quarterly expansion provides some economic stability as the government tries to make a clean break from its bailouts, the slowdown in the pace of growth compared with the second quarter will make it harder to hit its 1.6 percent full-year growth forecast this year.
The third-quarter expansion was led by 5 percent boost in exports, including a 9.8 percent increase in service exports, which includes the country’s crucial tourist sector. Consumption fell 0.1 percent, while investment decreased 6.1 percent in the quarter.