Greek household disposable income fell by 3.1 billion euros or 9.3 percent year on year (yoy) in the second quarter of 2013 and reached 30.1 billion, according to the Hellenic Statistical Authority (ELSTAT). The latest data indicates an accelerating decline compared to the first quarter drop of -7.4 percent.
The Turnover Index in Industry increased 1.7 percent in August, while New Orders Index in Industry also improved by 2.7 percent, according to the Hellenic Statistical Authority (ELSTAT). It is the second straight month both indices have rebounded concurrently, following a 3.7 percent and 1.6 percent respectively rise in July.
The August current account (C/A) balance showed a surplus for the fourth consecutive month at 1.22 billion euros from 1.63 billion last year, according to Bank of Greece (BoG). The recorded drop year on year (yoy) mainly reflects an increase in the income and current transfers’ deficits by 295 million and 249 million respectively more than offsetting a rise in the services’ surplus by 259 million.
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.