Economy
GDP falls 8.2 pct in 2020, but rises 2.7 pct QoQ in Q4
Greece’s seasonally adjusted (SA) GDP rose by 2.7 percent quarter-on-quarter (QoQ) in the fourth quarter (Q4) of 2020 after an upward revised increase of 3.1 percent in the previous quarter, provisional estimates from the Hellenic Statistical Authority (ELSTAT) revealed on Friday.
Company closures dropped sharply during the pandemic
The number of enterprises in Greece that closed last year fell by more than a fifth last year, while the number of new start-ups was virtually unchanged from the year before, according to data from the Hellenic Statistical Authority.
Banks intensify balance-sheet clean up with securitisations, new bonds
Piraeus Bank and Alpha Bank are both moving forward with actions this week to continue strengthening their balance sheets, with the former extending its ongoing partnership with Swedish loan servicer Intrum AB.
PMI dips to 49.4 points in February as cost burdens pile up
Greece’s manufacturing PMI dropped to 49.4 points in February from 50 points in January, according to the latest data from Markit.
OTE's revenue fall by 1.3 pct in 2020; Greek market rebounds in 4Q
The Hellenic Telecommunications Organization S.A (OTE Group) has reported that revenue in 2020 fell by 1.3 percent year-on-year (YoY).
Hellenic Petroleum sees delays in DEPA privatisation due to Covid
Greece’s largest oil refiner, Hellenic Petroleum, said it expects more Covid-induced delays in the privatisation of the country’s gas utility, DEPA, with binding bids for the state-asset sale due this month.
Retail turnover drops by 12.3 pct and volume by 11 pct in December
Greece’s retail sales index decreased by 12.3 percent in December following a revised drop of 8.5 percent in November, Hellenic Statistical Authority data showed on Friday.
Budget primary confirmed at deficit of 1.47 bln in Jan as taxes dwindle
The budget primary balance recorded a deficit of 1.47 billion euros in the first month of 2021, compared to a surplus of 495 million noted in January 2020, the final Finance Ministry (MoF) budget execution bulletin for January showed.
Credit growth in January rises to 3.7 pct even as flow turns negative
Credit movement in the Greek private sector rose an annual 3.7 percent in January after an increase of 3.5 percent in December, Bank of Greece (BoG) figures showed on Thursday.
Deposits drop by EU1.21 bln in January, first decline in a year
Net deposit movements in the Greek banking system were negative for the first time in a year, falling by 1.21 billion euros in January, compared with inflows of 4.65 billion euros in December, Bank of Greece (BoG) figures revealed on Thursday.