Economy
Exports continued their decline, down by 8.3 pct in May
Greece’s exports continued heading south for the second successive month, falling by 8.3 percent in May, following a steeper drop of 20.8 percent posted in April, according to the flash estimates released by Hellenic Statistical Authority (ELSTAT) today.
General gov't primary cash surplus for Jan-May reaches 1.22 bln as arrears drop
The Greek general government (gg) primary cash surplus amounted to 1.22 billion euros in the 5-month period from a deficit of 1.62 billion in the corresponding period last year, according to the gg bulletin released by the Ministry of Finance (MoF).
Loan and deposit rates edge down in May but remain above euro area average
Following a drop by 10 basis points (bps) in April, the interest rate on households’ new time deposits fell further by 18 bps 2.53 percent in May, according to the Bank of Greece (BoG).
After landmark return in April, Greece prepares to tap bond markets again
After tapping markets in April for the first time in four years, Greece is considering another bond transaction, which could take place as early as next week, according to reports.
Greece shelves water privatisation plans, leaving gap in revenue targets
The government’s plans to sell stakes in Greece’s water companies have now been completely shelved after the Hellenic Republic Asset Development Fund (HRADF) decided to freeze the privatisation of the state-run firm in Thessaloniki in the wake of a court ruling blocking the sale of the one in Athens.
Greek PMI falls to 49.4 in June, lowest since November 2013
Greece’s Manufacturing PMI fell by 1.6 points to 49.4 in June from 51.0 in May, according to Markit. This was the lowest reading since November with the headline figure falling back below the 50-point mark that separates growth from contraction.
Credit contracts at slower rate of 3.5 pct in May, balances down to 214.3 bln
The year on year (YoY) credit contraction in the Greek market further decelerated to 3.5 percent in May from 3.7 percent in April, with balances easing to 214.35 billion euros, according to the Bank of Greece (BoG).
Retail sales up 3.9 pct in April for first positive YoY reading since 2010
The turnover of Greece’s retail trade index rose 3.9 percent year on year (YoY) in April from a revised -3.8 percent recorded in March, according to the Hellenic Statistical Agency (ELSTAT).
Deposits rise for third straight month in May, reaching 162.1 bln
Greek private sector deposits rose 0.4 percent month on month (MoM) in May, with balances reaching 162.1 billion euros, according to the Bank of Greece (BoG).
Wages index edges up YoY in Q1 after sinking by 24.8 pct since 2010
The seasonally adjusted Wages Index rose 0.6 percent year on year (YoY) in the first quarter (Q1) of 2014, while it dropped 2.3 percent quarter on quarter (QoQ) over Q4 2013, according to the Hellenic Statistical Authority (ELSTAT).