After the headwinds at the end of 2016 due to delays in the implementation of the adjustment programme, the economy moved into expansionary territory in the first two quarters of 2017, with real GDP growth amounting to 0.4% y-o-y and 0.8% y-o-y, respectively. The completion of the second review in June 2017 allowed the positive momentum to continue.
Recent soft data indicate a rebound in confidence. Economic sentiment continued to increase in August (to 99) on the back of an improvement in consumer confidence which reached a two-year high, as well as in business expectations in the services sector.