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Greek Economy Unexpectedly Surged Before Capital Controls: Bloomberg Business - August 13, 2013

bloomberg.com Greek Economy Unexpectedly Surged Before Capital Controls Fergal O'Brien Marcus Bensasson Greek Economy Surprises With 0.8% GDP Surge in 2Q Greece’s economy grew in the second quarter in a surprise surge just before the standoff between the government and its creditors forced officials to impose capital controls. The Hellenic Statistical Authority in Athens said Thursday gross domestic product rose 0.8 percent, as it revised up the first quarter to show stagnation. Nominal GDP, which excludes adjustments for price changes, fell 0.7 percent in the period through June. The data came as a shock after economists in a Bloomberg survey forecast a 0.5 percent contraction. Recent reports painted a picture of an economy crippled by months of bailout haggling and question marks over the nation’s future in the euro. The turmoil forced the government to increase its use of emergency funds for banks and shut its financial