Greece’s economic recovery is finally gaining traction after an unprecedented depression. GDP has started to recover after having fallen by a quarter from 2008 to 2016. In the last two years, the pace of reforms has accelerated and broadened. The imbalances in public finances and the current account have been reversed due to large fiscal adjustments, which have strengthened fiscal credibility and reduced uncertainty. Exports are leading the recovery, building on competitiveness gains following labour market reforms.