Economy
Return to investment grade overshadowed by flood destruction
The Greek authorities and particularly the government must have had different plans in response to Friday’s move by DBRS to upgrade Greece’s credit rating to investment grade, a rating that it lost 13 years ago as the debt crisis was unfolding and led to three successive adjustment programmes.
Industrial production contracts again in July, as electricity supply drives 1.9 pct drop
Greece’s Industrial Production Index (IPI) recorded back-to-back contractions in July, falling by 1.9 percent year-on-year (YoY), after dropping by a downward revised 3.4 percent in June, according to Hellenic Statistical Authority (ELSTAT) data released on Friday.
CPI maintains upwards trend with 2.7 pct rise in Aug, food inflation at 10.7 pct
Greece’s Consumer Price Index (CPI) continued its upward trend in August with a 2.7 percent rise year-on-year (YoY), after growing by 2.5 percent in June, according to the data released on Friday by the Hellenic Statistical Authority (ELSTAT).
July trade deficit drops by 21 pct, 7-month data points to export struggles
Greece’s trade deficit recorded a drop of 21 percent year-on-year (YoY) in July, after a decline of 14.9 percent in June, according to data released by ELSTAT on Thursday.
GDP grows by 1.3 pct QoQ in Q2, in line with growth estimates of 2+ pct for year
Greece’s seasonally adjusted (SA) GDP moved up by 1.3 percent quarter-on-quarter (QoQ) in Q2, from a slightly upwards revised 0 percent in Q1, provisional data from the Hellenic Statistical Authority (ELSTAT) revealed on Wednesday.
Aug PMI marks seventh month of improved manufacturing conditions, cost pressures resume
Greece’s Manufacturing PMI remained in expansion territory in August, marginally falling to 52.9 points, after a solid rebound to 53.5 points in July, according to S&P Global data released on Friday.
Retails sales contract 1 pct in June, volumes fall as food dips by 6.2 pct YoY
Greece’s retail sales turned negative in June, posting a drop of 1 percent year-on-year (YoY), after a solid rise of 7.8 percent in May, Hellenic Statistical Authority (ELSTAT) data showed on Thursday.
Strong tourism season has little impact on unemployment, hovering at 10.8 pct in July
Greece’s seasonally adjusted (SA) unemployment rate was essentially unchanged in July, landing at 10.8 percent, from a slightly downward revised 11 percent in June, Hellenic Statistical Authority (ELSTAT) data showed on Thursday.
Warning from producer prices as most categories rise YoY in July, index up 1.4 pct MoM
Greece’s Producer Price Index (PPI) contracted for the fifth successive month in July, dropping by 8.6 percent year-on-year (YoY), after falling by 11.7 percent in June, ELSTAT data showed on Wednesday.
Economic sentiment improves marginally in Aug, consumer confidence takes 7-point tumble
Greece’s economic sentiment (ESI) recorded a 0.7-point rise in August, after a 1-point increase in July, according to European Commission figures released on Wednesday.