The July current account (C/A) balance showed a surplus of 2.73 billion euros from 510 million euros last year, according to the Bank of Greece (BoG). The significant increase mainly reflects a jump in the current transfers’ surplus to 1.86 billion, from just 100 million last year, owing to an inflow of 1.5 billion related to SMP income.
Greece’s industrialists have cited the departure of yet another major firm from the country as evidence that the government is failing to create conditions for growth, despite the coalition claiming that the business environment is improving.
Greek seasonally adjusted unemployment showed an increase of 0.3 percentage points (pp) month on month (mom) and 3.3pp year on year (yoy) to 27.9 percent in June, which is a new historic high, according to the Hellenic Statistical Authority (ELSTAT) monthly labour force survey.
The Turnover Index in Industry increased 3.6 percent year on year (yoy) in July, while New Orders Index in Industry also improved by a modest 0.8 percent yoy over the same period, according to the Hellenic Statistical Authority (ELSTAT). It is the first month since October 2012 that both indices have rebounded concurrently.
Budget execution to August showed revenues outperforming monthly targets by 490 million euros for the second consecutive month in August with the year to date shortfall further narrowing to 1.04 billion from its peak of 1.61 billion at the end of June, according to preliminary figures from the Ministry of Finance (MoF).