Economy
EC warns budget not on track due to handouts, advises against further underspend
Greece’s official creditors have recently expressed at various levels their concerns about whether the country will be able to meet its fiscal commitments after adopting a new batch of expansionary measures last month, so it was no surprise that this issue was explored extensively in the latest post-programme surveillance report published by the European Commission.
Unemployment drops to 18.1 pct in March
Greece’s seasonally adjusted (SA) unemployment rate stayed under 19 percent for an eighth consecutive month in March and came to 18.1 percent following a slightly downward revision of February’s rate to 18.4 percent, Hellenic Statistical Authority’s (ELSTAT) data showed on Thursday.
General govt primary cash surplus at 1.68 bln in April, arrears rise by 164 mln
Greece’s general government (gg) primary cash surplus came to 1.68 billion euros in the first four months of the year, down by 742 million euros compared to the same period last year, according to the Finance Ministry’s (MoF) monthly gg bulletin.
OPAP Q1 net profits rise 43.5 pct as VLTs dominate revenue stream
The Greek Organisation of Football Prognostics (OPAP) has released its Q1 results for 2019 showing that gross gaming revenues (GGR) came to 396.0 million euros, a year-on-year (YoY) increase of 5 percent.
Institutions warn of fiscal target being missed, reforms slowing
The European Commission issued on Wednesday its third report of the enhanced surveillance period, highlighting concerns about the fiscal impact of the government’s expansionary measures and noting a slowdown in reforms.
Piraeus confirms deal with Intrum for 27bln in NPLs as Eurobank launches SPV
A major NPL deal moved closer towards realisation yesterday when Piraeus Bank announced that it had entered into a strategic agreement with Intrum for the management of NPLs worth a total of 27 billion euro via a special purpose vehicle.
GDP rises by 0.2 pct QoQ in Q1, increases by 1.3 pct YoY
Greece’s seasonally adjusted (SA) GDP increased by 0.2 percent quarter-on-quarter (QoQ) in the first quarter (Q1) of 2019 after a decline of -0.1 percent seen in Q4 2018, provisional estimates from the Hellenic Statistical Authority (ELSTAT) revealed on Tuesday.
Lenders set to highlight reform delays, leaving fiscal gap concerns until after elections
The European Commission is due to publish on Wednesday the third enhanced surveillance report, highlighting that recent fiscal interventions by the government have cast doubt over whether this year’s primary surplus target will be reached.
Aegean Airlines posts net loss of 30.8 mln in Q1
The first quarter (Q1) 2019 results for Aegean Airlines show that revenues increased by 4 percent year-on-year to 172 million.
PMI eases to 54.2 in May as exports continue to rise
Greece’s manufacturing PMI dropped to 54.2 points in May from 56.6 points in April according to the latest data from Markit PMI.