Economy
Budget primary deficit at 8.14 bln by end-May, almost 1 bln off target
The budget primary balance was confirmed at a deficit of 8.14 billion euros in the first five months of the year, compared to a deficit of 4.84 billion in the same period of 2020, the final Finance Ministry (MoF) budget execution bulletin for May showed on Monday.
Credit growth in May slows to 2.2 pct; monthly flow -17 mln
Credit movement in the Greek private sector rose an annual 2.2 percent in May, compared with 2.4 percent in April, Bank of Greece (BoG) figures showed on Friday.
Deposits edged up further as they rose by 359 mln in May
Net deposit movements in the Greek banking system continued to grind higher, increasing by 359 million euros in May, compared with inflows of 3.13 billion euros in April, Bank of Greece (BoG) figures revealed.
Post-Covid era dawns on new landscape for bad debt in Greece
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At the peak of the Greek financial crisis, Greek banks had accumulated over 100 billion euros of bad loans. At the time, almost half of their outstanding loan amounts fell into this category, with borrowers falling behind on their repayments or deemed as being unlikely to pay.
MTFS forecasts growth of up to 6.2 pct in swift economic recovery from Covid
The Finance Ministry submitted to Parliament the latest Medium-Term Fiscal Strategy (MTFS) for the 2022-2025 period, during which a strong economic and fiscal recovery is anticipated following the damage inflicted by the pandemic.
Travel balance almost doubles in April from last year's lockdown
Greece’s travel balance came to a surplus of 9.6 million euros in April from 4.9 million a year ago, when Greece was in its first lockdown, Bank of Greece (BoG) data has shown. This is equal to an increase of 97.5 percent year-on-year (YoY).
Industrial turnover jumps by 52.5 pct in April on base effects
Greece’s industrial turnover rose 52.5 percent from a year earlier in April, compared with a revised increase of 18.5 percent in March.
Current account shows deficit of 2.08 bln in April as trade continues overall rebound
Greece posted a current account (C/A) deficit of 2.08 billion euros in April compared to 1.46 billion euros in March, Bank of Greece (BoG) data showed on Friday.
Primary cash balance deficit at 8.23 bln in May
Greece’s central government recorded a primary cash balance deficit of 8.23 billion euros in the first five months of the year, according to figures released by the Bank of Greece.
PBO ups growth estimate to 3.6-4.8 pct, warns of complacency and inequality risks
Following the positive developments in the first quarter of the year, when the economy only shrank by 2.3 pct on an annual basis, in its latest quarterly report the Parliamentary Budget Office shifted from its previous baseline scenario of annual growth of 2.7 pct, to the positive range of growth of 3.6 to 4.8 pct in 2021.