Growth is built on shaky ground

Retail sales may be on the rise, contributing to an increase in gross domestic product, as Hellenic Statistical Authority (ELSTAT) second-quarter figures are expected to confirm on Friday, but analysts warn that Greeks are eating into their savings for this spending - which is not a good omen at all for the return of growth on a solid basis.

ELSTAT is on Friday expected to announce a Q2 GDP growth rate considerably higher than the 0.4 percent posted in the first quarter. The Bank of Greece recently estimated it at 0.8 percent - on a yearly basis - while other analysts put it near 1 percent. Consumption is the driving force behind this growth.

"There is a recovery," the chief economist of the Hellenic Federation of Enterprises (SEV), Michalis Masourakis, commented, estimating that the positive growth rate will grow in the coming months.

However, the rise observed...

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