The budget primary balance recorded a deficit of 6.10 billion euros in the first six months of 2020, compared to a surplus of 381 million noted in June 2019, the final Finance Ministry (MoF) budget execution bulletin for June showed on Monday.
Fitch re-affirmed Greece’s credit rating to ‘BB’ on Friday night, maintaining the stable outlook.
Greek household disposable income fell by 0.4 percent year-on-year (YoY) in the first quarter (Q1) of 2020, decreasing from the rise of 0.2 percent noted in Q4 2019, according to Hellenic Statistical Authority (ELSTAT) data released on Friday.
The OECD 2020 report on Greece highlights a persisiting lack of R&D and innovation in the economy and lower productivity compared to other countries.
In its latest survey for Greece, published on Wednesday, the OECD draws attention to the Greek banking system and the importance of improving banks’ balance sheets so the lenders can resume their critical role of financing the economy, particularly due to the difficulties caused by the pandemic.
Greece’s travel balance fell to 9.1 million euros in May from 1.34 billion a year ago, Bank of Greece (BoG) data has shown. This is equal to an decrease of 99.3 percent year-on-year (YoY).
The latest OECD outlook for Greece, made public on Wednesday, has shown that Greece’s economy was growing at the steady pace of close to 2 percent in the three years before the coronavirus pandemic, which heralded a slowdown.
The Hellenic Chamber of Hotels (HCH) has released its latest survey regarding the impact of the coronavirus pandemic on the country’s hotel industry, which shows that the hotel market has shown little sign of recovery as the summer begins.
Greece’s current account (C/A) balance posted a deficit of 913.9 million euros in May compared to a deficit of 1.13 billion in April Bank of Greece (BoG) data showed on Monday.
Greece’s industrial turnover fell by 30.4 percent year-on-year (YoY) in May compared to a drop of 35.4 percent in April, Hellenic Statistical Authority (ELSTAT) data published on Monday showed.