In its autumn economic forecast released today, the European Commission (EC) highlights that 2014 would be the turning point for Greece with the domestic economy turning to growth after six years of recession.
The outgoing Development Minister Nikos Dendias presented on Monday the much anticipated legislation on the settlement of corporate non-performing loans (NPLs).
Although improving by 0.4 points, Greece’s Manufacturing PMI in October remained below the 50-point mark that separates growth from contraction for the fourth time in the last five months, according to Markit.
The turnover of Greece’s retail trade index grew for the third successive month at an accelerating pace of 4.5 percent in August after a 1.5 percent rise in July, according to the Hellenic Statistical Agency (ELSTAT).
The interest rate on households’ new time deposits slipped by 5 basis points (bps) to 2.08 percent in September, according to the Bank of Greece (BoG). This was the lowest month on month drop since March.
Greece’s economic sentiment improved in October for the first time since June. It reached 102.2 from 99.3 in September, according to the European Commission (EC).
Greece has moved up several spots in the World Bank’s “Ease of Doing Business” ranking, with improvements in several areas but serious problems persisting in a number of areas, such as the enforcement of contracts.
In its latest quarterly report published on Wednesday, Greece’s Parliamentary Budget Office (PBO) set out its concerns about the country’s preparedness for exiting the troika Memorandum of Understanding (MoU).
Greek private sector deposits increased for the seventh successive month by 0.3 percent month on month (MoM) in September, with balances reaching 164.75 billion euros, according to the Bank of Greece (BoG).
The rate of Greek credit contraction remained at 3.5 percent in September, unchanged from the previous month, according to the Bank of Greece (BoG).