The central government net balance to September on a cash basis showed the deficit widening to 8.88 billion euros from 6.53 billion last year, according to the Bank of Greece (BoG). At the same time, the primary cash deficit also expanded to 3.32 billion from 543 million.
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 1.4 billion euros in September, according to the BoG’s monthly financial statement.
The seasonally adjusted unemployment rate in July edged marginally higher to 27.6 percent from 27.5 percent in June, according to data released on Thursday by the Hellenic Statistical Authority (ELSTAT).
The Industrial Production Index posted a drop of 7.2 percent in August with the figure for the first eight months of the year also retreating by 3.8 percent, according to ELSTAT. This means that except for April and June, all monthly readings so far in 2013 exhibit a single digit drop of between 4.5 and 7.7 percent.
Greek building activity (measured by the number of building permits) dropped 24.0 percent in July with the respective surface figure easing 8.6 percent, while volume remained flat year on year, according to the Hellenic Statistical Authority (ELSTAT).
Greece’s Consumer Price Index (CPI) remained on negative ground in September, easing by 1.1 percent compared to a 1.3-percent drop recorded in August. On a monthly basis, CPI rose by 2.6 percent, while the average rate of CPI change over the trailing twelve months turned negative at -0.1 percent for the first time.
The Ministry of Finance (MoF) tabled the 2014 draft budget to the Greek parliament on Monday with headline figures confirming recent press reports. As was broadly expected, 2014 will be another year of ambitious budget consolidation with a further cut in primary expenditure by 2.77 billion year on year (yoy) and a revenue increase of 2.55 billion yoy.
The Greek general government (gg) cash deficit to August fell by 60.7 percent to 3.87 billion with the gg cash primary surplus rising by 12.7 percent to 1.78 billion, according to the Ministry of Finance (MoF). State arrears to the private sector retreated 2.0 percent month on month (mom) and 25.8 percent (2.29 billion) since the beginning of the year.
Greek Manufacturing PMI eased to 47.5 in September from a 44-month high of 48.7 in August, the first drop in the headline index over the last six months, according to Markit. Nevertheless, it is still at its second-highest level in the past three and a half years, while posted its highest quarterly average since the fourth quarter of 2009.
Retail sales continued heading south for yet another month with the contraction rate accelerating to 14.2 percent in July from a revised 7.7 percent in June, according to Hellenic Statistical Authority (ELSTAT). A similar drop (14.0 percent) was also evident in retail volumes