Economy
Fitch rating upgrade seals Greece re-establishing itself as investment grade material
The annual credit review cycle for Greece was concluded on Friday with Fitch becoming the latest rating agency to award Greece an investment grade, upping the country’s rating to ‘BBB-‘, while keeping the outlook stable.
Despite strains, manufacturing remains in growth as Nov PMI reaches 50.9 pts
Greece’s Manufacturing PMI was essentially unchanged in November, remaining in expansion territory and rising by a fraction to 50.9 points, from 50.8 points in October, according to S&P Global data released on Friday.
Falling energy costs drive down producer prices by 13.5 pct in Oct
Greece’s Producer Price Index (PPI) contracted for the eighth successive month in October, dropping sharply by 13.5 percent year-on-year (YoY), after falling by 4.3 percent in September, ELSTAT data showed on Thursday.
Retail sales rise by 3.3 pct in Sep, but falling volume reflects challenges
Greece’s retail sales stayed in positive ground in September, with a rise of 3.3 percent year-on-year (YoY), after a 2.7-percent rise in August, Hellenic Statistical Authority (ELSTAT) data showed on Thursday.
Unemployment rate drops below 10 pct in Oct for first time since Sep 2009
Greece’s seasonally adjusted (SA) unemployment rate dropped below 10 percent in October, landing at 9.6 percent, after a slightly upwards revision to 10.3 percent in September, Hellenic Statistical Authority (ELSTAT) data showed on Thursday.
Economic sentiment stable in Nov, consumer confidence slides further
Greece’s economic sentiment (ESI) had a marginal drop of 0.4 points in November to 106.2, from a 1.4-point drop in the previous month, according to European Commission figures released on Monday.
Credit growth at 2.1 pct in Oct, but flow negative by 856 mln
The credit expansion in the Greek private sector was stable in October, rising by 2.1 percent year-on-year (YoY), unchanged from September, Bank of Greece (BoG) figures released on Tuesday showed.
Deposits drop by a sharp 2.14 bln in Oct, driven by corporations
The net private sector deposits in the Greek banking system contracted strongly in October, with a 2.14-billion-euro outflow, after an upward movement of 2.23 billion euros in September, based on the latest Bank of Greece (BoG) figures released on Tuesday.
Aug sees second annual drop in building activity with 4 pct decline
Building permits posted the second negative reading of the year in August, falling by 4 percent year-on-year (YoY), after a rise of 7.5 percent in July, according to the data released by the Hellenic Statistical Agency (ELSTAT) on Tuesday.
Final budget data for Oct verifies solid tax revenues on back of indirect and income tax haul
The budget primary balance in October was confirmed at a surplus of over 6 billion euros, compared to a deficit of 350 million euros in the same month of 2022, according to the final Finance Ministry (MoF) budget execution data released on Monday.