Greek Manufacturing PMI slightly eased to 47.3 in October from 47.5 in September, falling further from the 44-month high of 48.7 in August, according to Markit.
Retail sales headed south for yet another month with the contraction rate decelerating to 8.9 percent in August from a revised 14.1 percent in July, according to Hellenic Statistical Authority (ELSTAT).
Portugal’s BCP (Banco Comercial Portugues) launched on October 29 an accelerated placement (to institutional investors only) disposing its entire stake in Greece’s Piraeus Bank.
Greek private sector deposits marginally slipped 0.53 percent month on month (mom) in September with balances reaching 161.35 billion euros. Net flow remained in negative territory for the fourth consecutive month with outflows increasing at 719 million in September from 212 million in August.
Credit contraction in the Greek market remained unchanged from the previous month at 3.9 percent year on year (yoy) in September with balances reaching 221.0 billion euros, according to the Bank of Greece.
A research paper by an economist at the European Commission’s Directorate General for Economic and Financial Affairs (DG ECFIN), which was initially published online this week by accident, withdrawn and then released again the next day, provided more fuel for the austerity debate in the euro area.
The budget execution to September showed revenues beating monthly targets by 339 million euros for the third straight month in September, with the year to date shortfall further narrowing to 710 million from its peak of 1.61 billion euros at the end of June, according to the final data released by the Ministry of Finance (MoF).
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.