Economy
BoG sees 2024 growth at 2.3 pct, cautions against complacency due to risks
Ahead of the general meeting of its shareholders, the Bank of Greece released on Monday the annual governor’s report for 2023 in which it sees progress on several fronts, notably securing the investment grade for GGBs.
Trade deficit soars 34 pct YoY in Feb to over 3bln
Greece’s trade deficit recorded a sharp rise of 34 percent year-on-year (YoY) in January, after a rise of 2.7 percent in January, according to data released by ELSTAT on Friday.
Hotel and restaurant jobs keep hiring balance positive in Feb
Greece’s employment balance was positive in February, with 24,543 more hires than departures, according to data from the Labour Ministry’s Ergani information system.
PBO sees 2024 growth of 2.5 pct hinging on RRF and investments
The Parliamentary Budget Office (PBO) published on Monday its latest quarterly report in which it is broadly positive about the prospects of the Greek economy in 2024, though it does flag up concerns about the effects of persistent inflation, the implications of the latest minimum wage rise and the critical role of the RRF for growth forecasts to materialise.
Unemployment increases MoM in Feb, rising to 11 pct
Greece’s seasonally adjusted (SA) unemployment rate moved further away from the 10 percent threshold in February, landing at 11 percent, from 10.6 percent in the previous month, Hellenic Statistical Authority (ELSTAT) data showed on Monday.
Manufacturing makes fastest improvement for two years in March as PMI reaches 56.9 pts
Greece’s Manufacturing PMI continued its expansion in March, rising to 56.9 points from 55.7 points in February, according to S&P Global data released on Monday.
Retail sales back in contraction for Jan, as volumes fall by 8.9 pct
Greece’s retail sales went into contraction in January, with a drop of 2.3 percent year-on-year (YoY), after upwards revised growth of 7.6 percent in December, Hellenic Statistical Authority (ELSTAT) data showed on Friday.
Producer prices continue to slide, down by 4.3 pct YoY in Feb
Greece’s Producer Price Index (PPI) completed a full year of contraction in February, dropping by 4.3 percent year-on-year (YoY), after falling by 7 percent in January, ELSTAT data showed on Friday.
Deposits continue to slide in Feb as households and firms dip into savings
The net private sector deposits in the Greek banking system contracted further in February with a drop of 1.07 billion euros, after a 5.24 billion euros drop in January, based on the latest Bank of Greece (BoG) figures released on Thursday.
Lending to corporations drives credit expansion of 3.8 pct YoY in Feb
The credit expansion in the Greek private sector picked up pace slightly in February, rising by 3.8 percent year-on-year (YoY), up from 3 percent in January, Bank of Greece (BoG) figures released on Thursday showed.