Primary cash balance posts deficit of 46 mln at end of July
Industrial turnover up by 8.1 pct in June for eighth consecutive rise
Budget primary surplus at 3.05 bln in 7-month, above target on underspend
Building activity up by 45.7 pct in May, highest since Dec 2005
Eurosystem funding drops by 3.9 bln in July on big decline in ELA
Unemployment at 21.7 pct in May after revised April figure
Capital controls trigger big rise in card use and VAT revenues, Bank of Greece data shows
The significant increase in the use of debit and credit cards after the imposition of capital controls in July 2015 is having a positive impact on VAT revenues by improving collectability, the Bank of Greece (BoG) concludes in its interim monetary policy report published last Friday.
In contrast, the recent rise in the VAT rate is having a negative effect on VAT revenues and the BoG suggests the launch of more initiatives to widen further the use of cards as well as the lowering of VAT rates to previous levels.
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