Economy
Fitch leaves rating unchanged at 'BB', sees small recession and primary deficit next year
Fitch published its latest credit rating review on Friday, essentially affirming the consensus that has been building up in the markets during the recent months, that the prospect of the investment grade is being pushed out to 2023.
Trade deficit of 2.9 bln in Aug takes aggregate to 23.66 bln, up by 60 pct YoY
The rise in Greece’s trade deficit slowed further in August, but increased by a sizable 29.9 percent year-on-year, according to data released by ELSTAT on Friday.
Draft 2023 budget sees growth cooling to 2.1 pct, primary surplus at 0.7 pct
The Finance Ministry tabled in Parliament on Monday the draft budget for 2023, in which Greece is seen growing by 2.1 pct in 2023 and securing a primary surplus of 0.7 pct of GDP, marginally below the stated commitments.
Despite PMI rise of 0.9 pts in Sept, manufacturing stays in contraction for third month
Greece’s Manufacturing PMI improved by 0.9 points in September, rising to 49.7 points, from 48.8 points recorded in August, according to S&P Global data released on Monday.
Unemployment stable at 12.2 pct in August despite strong tourism season
Greece’s seasonally adjusted (SA) unemployment rate remained stable in August at 12.2 percent, after a downward revision in July, from 12.6 percent, Hellenic Statistical Authority (ELSTAT) data showed on Friday.
Producer prices up by 39.5 pct in Aug, reversing trend of monthly drops
The pace of Greece’s Producer Price Index (PPI) annual growth accelerated once again, with another solid rise of 39.5 percent year-on-year in August, from 35.6 percent in July, ELSTAT data said on Friday.
Retail sales grow by 11.9 in Jul, but volume data continues to tell different story
The growth in Greece’s retail sales stayed essentially stable in July, rising by 11.9 percent year-on-year (YoY), from an only slightly downward revised 12 percent rise in June, Hellenic Statistical Authority (ELSTAT) data showed on Friday.
Economic sentiment recovers 3.4 pts in Sept, buoyed by rise in services
Greece’s economic sentiment (ESI) reversed the recent declines and posted a solid rise by 3.4 points in September, moving up to 105.1 points after a marginal drop of 0.1 points to 101.7 in August, according to European Commission figures released on Thursday.
Building permits turn positive in June, but rise for H1 settles at just 1.3 pct YoY
There was a reversal of the recent decline in building permits in June as the number of licences issued rose by 3 percent year-on-year (YoY), after falling by 0.4 percent in May, according to the latest data released by the Hellenic Statistical Agency (ELSAT) on Wednesday.
Despite strong annual growth, flow of loans to enterprises in Aug at lowest since Jan
Credit movement in the Greek private sector gathered more pace in August, rising by 5.8 percent year-on-year (YoY), from 5.5 percent year-on-year in July and 4.5 percent rise in June, Bank of Greece (BoG) figures released on Tuesday showed.