Economy
Government tones down fiscal pledges as tighter framework starts to bite
The tight fiscal framework imposed by the new Stability and Growth Pact rules and Greece's long-standing commitment to primary surpluses above 2 pct of GDP for decades are catching up with the Greek government, as the window that allowed for handouts and support initiatives thanks to the escape clause is now firmly closed.
Budget outperforms in Mar, delivers 2.95 bln primary surplus thanks to strong tax collection
The budget primary balance recorded a surplus of 2.95 billion euros in March, according to the preliminary budget execution data released by the Finance Ministry (MoF) on Monday.
Import price drop slows further to 2.8 pct in Feb
Greece’s import price index remained in contraction in February, falling by 2.8 percent year-on-year (YoY), after dropping by 6.4 percent in January, according to data released by the Hellenic Statistical Authority (ELSTAT) on Friday.
Car sales contract in March, up 4 pct YoY in Q1
Road motor vehicles going into circulation for the first time contracted by 9.2 percent year-on-year (YoY) in March, after a strong growth rate of 21.2 percent in February, according to Hellenic Statistical Authority (ELSTAT) data released on Wednesday.
Industrial Production growth slows to 1.6 pct YoY in Feb as electricity supply drops
Greece’s Industrial Production Index (IPI) slowed down significantly in February, growing by 1.6 percent year-on-year (YoY), after a solid 10.2 percent rise in the previous month, according to Hellenic Statistical Authority (ELSTAT) data released on Wednesday.
CPI accelerates again in March, rising by 3.2 pct YoY and 1.5 pct MoM
The growth in Greece’s Consumer Price Index (CPI) increased marginally in March, with a rise of 3.2 percent year-on-year (YoY), after an increase of 2.9 percent in February, according to the data released on Wednesday by the Hellenic Statistical Authority (ELSTAT).
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.