Economy
Alpha-UniCredit deal marks step change in developments for banking sector
The developments in the Greek banking sector moved up a gear on Monday with the announcement of a strategic partnership between Alpha Bank and Italy’s UniCredit, a deal that includes the Romanian business of the two parties, the sale of the Greek lender’s insurance and the prospect of UniCredit acquiring the 9 pct stake in Alpha held by HFSF.
Travel receipts of 14.66 bln to Aug beat last year, head for all-time record
Greece’s travel balance recorded a surplus of 4.11 billion euros in August, from 3.88 billion euros in July, according to Bank of Greece (BoG) data released on Monday.
S&P awards investment grade, bringing arduous cycle for economy to a close
S&P became on Friday the first of the three leading rating agencies that restored Greece to investment grade, bringing to a close an arduous period for the country that started at the end of 2009 and was sealed with the signature of the first adjustment programme with the eurozone and the IMF in May 2010.
Industrial turnover records five months of contraction after 6.2 pct drop in Aug
Greece’s industrial turnover remained in contraction in August, dropping by 6.2 percent year-on-year (YoY), from a 10.3 percent decrease in July, according to data released by the Hellenic Statistical Authority (ELSTAT) on Friday.
Current account deficit drops further, at 6.85 bln up to Aug from 11 bln last year
Greece’s current account produced a surplus of 497.7 million euros in August, from a surplus of 827.5 million euros in July, Bank of Greece (BoG) data showed on Friday.
Tax revenues beat target by 3.16 bln in Sep, as contained spending leads to 6 bln primary surplus
The budget primary balance came to a surplus of 5.98 billion euros in September, compared to a surplus of just 52 million euros in the same period of 2022, according to the preliminary budget execution data released by the Finance Ministry (MoF) on Monday.
Energy a key driver for further import prices drop of 14.6 pct in Aug
Greece’s import price index continued to contract in August, falling by 14.6 percent year-on-year (YoY) after dropping by 14.4 percent in July, according to data released by the Hellenic Statistical Authority (ELSTAT) on Friday.
![Photo via IMF photostream on Flickr [https://www.flickr.com/photos/imfphoto/]](resources/toolip/img-thumb/2014/08/11/imf_439_1108-medium.jpg "Photo via IMF photostream on Flickr [https://www.flickr.com/photos/imfphoto/]")
IMF forecasts high primary surpluses, tempers growth expectations
At the annual meetings of the IMF and the World Bank currently being held in Morocco, the Fund presented its latest global economic and fiscal estimates.
Car sales soar by 21.6 pct in Sept, up 12.9 pct in 9M
Road motor vehicles going into circulation for the first time picked up further pace in September, growing by 15.6 percent year-on-year (YoY), after a 12.3 percent rise in August, according to Hellenic Statistical Authority (ELSTAT) data released on Wednesday.
Industrial production stays in contraction for third successive month in Aug
Greece’s Industrial Production Index (IPI) remained in negative territory in August, after back-to-back contractions in July. It fell by 0.5 pct year-on-year (YoY), after dropping by 1.9 pct in the previous month, according to Hellenic Statistical Authority (ELSTAT) data released on Tuesday.