Macroeconomy
Greece closes 2013 with 691 mln budget primary surplus despite late investment spend
Greece’s 2013 budget execution showed a primary surplus of 691 million euros (0.4 percent of GDP) from a deficit of 3.46 billion last year, according to the preliminary data released by the Ministry of Finance (MoF) on Tuesday.
Greece saw first annual deflation in almost half a century in 2013
The drop in Greece’s Consumer Price Index (CPI) decelerated to 1.7 percent in December after peaking with a 2.9 percent decline in November, according to the Hellenic Statistical Authority (ELSTAT).
Bank of Greece decision bolsters Greek lenders’ capital ratios
In an unexpected move, the Bank of Greece (BoG) repealed a previous cap on the deferred tax asset (DTA) recognition in Greek banks’ Core Tier 1 (CT1) calculation, resulting in a positive impact on their capital ratios effective in the fourth quarter of 2013.
Unemployment hit new high of 27.8 pct in October, set to rise further
Greece officially assumed the presidency of the European Union on Wednesday, with the highest unemployment rate in the 28-member bloc. According to the Hellenic Statistical Agency (ELSTAT), the seasonally adjusted jobless rate in October stood at 27.8 percent from an upwards revised 27.7 percent in the month of September.
Drop in industrial production accelerated in November with 6.1 pct decline
The drop in the Industrial Production Index (IPI) accelerated in November to 6.1 percent following a downwards revised 4.7 percent decline in October, according to the Hellenic Statistical Authority (ELSTAT).
State arrears to Nov fell to 5.86 bln but 1.96 bln of new debts created in 2013
The Greek general government (gg) cash deficit to November fell by 54 percent to 4.43 billion with the gg cash primary surplus dropping by 14.3 percent to 1.99 billion from 2.31 billion last year, according to the bulletin released by the Ministry of Finance (MoF) on Tuesday.
Deposits edged up in Nov but credit contraction was close to 4 pct
Greek private sector deposits increased by 0.4 percent month on month (mom) in November, for the first time since May, with balances reaching 161.04 billion euros, according to the Bank of Greece (BoG). Net inflows stood at 394 million in November from outflows of 630 million in October.
Manufacturing PMI reached four-year high of 49.6 pts in December
Greek Manufacturing PMI advanced for second straight month in December, reaching its highest level in more than four years as it reached 49.6 points from 49.2 in November, according to Markit.
New data shows 6.2 pct of Greek labour force in gray area
Three new indicators released on Monday by the Greek statistical authority, ELSTAT, paint an even grimmer picture of Greece's labour market than the one most experts had considered until now.
October C/A deficit drops to 351 mln, down 39.1 pct over year
Greece's October current account (C/A) balance showed Greece’s deficit shrinking to 351 million euros from 577 million last year, according to the Bank of Greece (BoG).