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Greece returns to growth for second time in a decade

The Greek economy saw its second year of growth in ten years last year
The Greek economy saw its second year of growth in ten years last year

Greece's economy grew by 1.4% last year, the national statistics agency Elstat said today.

This marked only the second time in a decade of crisis the euro zone nation has managed any growth.

The country's economy shrank by a quarter during an eight-year long recession, aggravated by spending cuts and tax hikes required under its international bailouts.

Debt-laden Greece managed 0.7% growth in 2014, but the recovery was squelched by a period of brinkmanship that nearly led to a default and the country exiting the euro before a third international rescue was agreed. 

The 1.4% growth rate is below the 1.8% estimated by the government in the 2018 budget it submitted in December. 

Greek growth nearly stalled in the final quarter of last year, with the economy expanding by just 0.1% from the previous quarter.

Greece said last Friday that EU experts have approved a fresh injection of €5.7 billion under its bailout loan programme, which is set to end in August.