Economy
Has internal devaluation really helped Greek exports?
The performance of Greece’s exports has been one of the main disappointments of the troika-led program. One of the pillars of Greece’s adjustment was meant to be internal devaluation, which through a number of reforms that would stimulate growth, absorb the collapse of domestic demand and re-direct production and capital to tradable goods.
Greek retail sales tumbled another 6.4 pct in September
Retail sales headed south for yet another month with the contraction rate decelerating to 6.4 percent in September from 8.9 percent in August, according to Hellenic Statistical Authority (ELSTAT). A broadly similar trend and drop of 5.4 percent was also evident in retail volumes.
OECD's Greek debt forecast shakes foundations of troika DSA
The secretary general of the Organization for Economic Cooperation and Development (OECD), Angel Gurria, handed Antonis Samaras the Paris-based body’s Economic Survey for Greece on Wednesday. It contains staggering projections with regard to the country’s debt and gives the Greek prime minister and his cabinet much to think about.
Greek deposits slip in October as credit also contracts by 3.9 pct
Greek private sector deposits decreased by 0.6 percent month on month (mom) in October, with balances reaching 160.38 billion euros, according to the Bank of Greece (BoG). Net flow remained negative for the fifth consecutive month, with outflows slightly slipping at 630 million in October from 719 million in September.
Revenues at 4.77 bln in Oct, beating target for fourth straight month
The final budget execution to October confirmed preliminary figures, released by the Ministry of Finance (MoF) on November 13, showing revenues beating monthly targets by 763 million euros for the fourth straight month.
Trade deficit soared 27.4 pct in Sept, down 13.6 pct for year
Greece’s trade deficit soared 27.4 percent to 1.63 billion euros in September, while the respective 9-month figure retreated 13.6 percent to 14.47 billion, according to the Hellenic Statistical Authority (ELSTAT).
With troika OK pending, 2014 budget sees primary surplus at 1.6 pct of GDP
The Finance Ministry tabled on Thursday the 2014 budget to Parliament without the final approval of the troika since discussions between the two sides on next year’s fiscal gap and other matters have not yet been concluded.
Greek banks’ reliance on Eurosystem fell by 2.36 bln in October
Greek banks’ Eurosystem funding, the combined liquidity they have received from the European Central Bank (ECB) and the Bank of Greece (BoG) Emergency Liquidity Assistance (ELA) mechanism, dropped by another 2.36 billion euros in October, according to the Bank of Greece’s (BoG) monthly financial statement.
C/A surplus for fifth straight month in Sept, up to 2.55 billion euros for year
The September current account (C/A) balance showed a surplus for the fifth straight month at 964 million euros from 895 million last year, according to Bank of Greece (BoG).
Industrial turnover index falls 8 pct in September, new orders also down
The Turnover Index in Industry dropped 8 percent in September, while New Orders Index in Industry also fell by 0.9 percent, according to the Hellenic Statistical Authority (ELSTAT).