In addition, delays in the implementation of privatisations and reforms, in particular in the public sector and the goods and services markets, postponed the beneficial effects on growth and employment, which only emerged in 2014, after six years of recession, with GDP growing by 0.7% in 2014 and showing positive year-on-year growth rates in the first two quarters of 2015.
However, GDP contracted by 1.7% year-on-year in the third quarter of 2015 and by 0.8% in the fourth quarter of 2015, driving the Greek economy to a slight recession of 0.2% for 2015 as a whole.