Economy
Deposits rise by 448 mln in June
Net deposit movements in the Greek banking system were positive by 448 million euros in June, declining from inflows of 1.71 billion in May, Bank of Greece (BoG) figures revealed on Monday.
Budget primary balance confirmed at deficit of 6.10 bln in June
The budget primary balance recorded a deficit of 6.10 billion euros in the first six months of 2020, compared to a surplus of 381 million noted in June 2019, the final Finance Ministry (MoF) budget execution bulletin for June showed on Monday.
Fitch keeps rating at 'BB', sees GDP contraction of 7.9 pct in 2020
Fitch re-affirmed Greece’s credit rating to ‘BB’ on Friday night, maintaining the stable outlook.
Disposable income falls by 0.4 pct YoY in Q1, final consumption down by 0.5 pct
Greek household disposable income fell by 0.4 percent year-on-year (YoY) in the first quarter (Q1) of 2020, decreasing from the rise of 0.2 percent noted in Q4 2019, according to Hellenic Statistical Authority (ELSTAT) data released on Friday.
R&D and innovation remain low in Greece, OECD finds
The OECD 2020 report on Greece highlights a persisiting lack of R&D and innovation in the economy and lower productivity compared to other countries.
OECD advocates closer look at health and capital quality of Greek banks
In its latest survey for Greece, published on Wednesday, the OECD draws attention to the Greek banking system and the importance of improving banks’ balance sheets so the lenders can resume their critical role of financing the economy, particularly due to the difficulties caused by the pandemic.
Travel balance falls by 99.3 pct in May
Greece’s travel balance fell to 9.1 million euros in May from 1.34 billion a year ago, Bank of Greece (BoG) data has shown. This is equal to an decrease of 99.3 percent year-on-year (YoY).
OECD releases new outlook calling for sustained reforms post Covid-19
The latest OECD outlook for Greece, made public on Wednesday, has shown that Greece’s economy was growing at the steady pace of close to 2 percent in the three years before the coronavirus pandemic, which heralded a slowdown.
Hoteliers staring at big drop in turnover as liquidity calls grow
The Hellenic Chamber of Hotels (HCH) has released its latest survey regarding the impact of the coronavirus pandemic on the country’s hotel industry, which shows that the hotel market has shown little sign of recovery as the summer begins.
Current account shows deficit of 913.9 mln in May as travel receipts evaporate
Greece’s current account (C/A) balance posted a deficit of 913.9 million euros in May compared to a deficit of 1.13 billion in April Bank of Greece (BoG) data showed on Monday.