Economy
Rising yields, market turbulence limit government's fiscal options
It seems that the Finance Ministry toying with the idea of countering inflation by reducing VAT and special consumption taxes on fuel and basic goods only lasted about a week, partly due to developments on the bond market, which have been exacerbated by the ECB signalling last Thursday that it is set to tighten monetary policy this year.
Inflation to persist, creating more economic policy challenges
It has become increasingly evident that the inflation clouds which started gathering above the Greek economy since June last year are not going anywhere soon as the authorities had hoped when they started announcing a series of support initiatives for households and businesses several months ago.
PMI softens to six-month low, but employment in manufacturing grows at record pace
Greece’s Manufacturing PMI for January dropped to a six-month low of 57.9 points, from 59 in December, however, still signaling growth in the sector, according to Markit data released on Tuesday.
Reflecting annual base effect, retail sales rise 19 pct in Nov but fall on previous month
Greece’s retail sales experienced a significant annual recovery in November, rising by 19 percent year-on-year (YoY) from a downward revised 10.5 percent in October, Hellenic Statistical Authority (ELSTAT) data showed on Monday.
Credit expands by 1.3 pct in Dec as loan balances drop by more than 31 bln in 2021
Credit movement in the Greek private sector increased by 1.3 percent year-on-year in December, from a rise of 1.1 percent in November, and 0.9 percent in October, Bank of Greece (BoG) figures released on Friday showed.
Seasonal deposit rise of 4.29 bln in Dec takes total 2021 increase near to 18 bln
The net private sector deposit movement in the Greek banking system rose significantly by 4.29 billion euros, following a rise of 1.83 billion euros in November, based on Bank of Greece (BoG) figures released on Friday.
Building activity continues rising with 18.4 pct increase for permits in Oct
The number of building permits issued in Greece continued rising in October last year, increasing by 18.4 percent year-on-year, following a rise of 11.2 percent in September, Hellenic Statistical Authority (ELSTAT) data showed on Friday.
Economic sentiment on up again after 4.2 pt rise in Jan
Greece’s economic sentiment (ESI) continued its upward trend in January, after a pause in December, increasing by 4.2 points to 114.2, according to European Commission figures released on Friday.
Disposable income grows by 6.2 pct in Q3, saving rate turns negative
Household disposable income increased by 6.2 percent year-on-year (YoY) in the third quarter (Q3) of 2021, from 7 percent in the second quarter, according to Hellenic Statistical Authority (ELSTAT) data released on Wednesday.
Final budget data for 2021 affirms revenue overperformance, primary balance below 6 pct of GDP
The budget primary balance for the full year landed at a deficit of 10.33 billion euros in 2021, compared to a deficit of 18.2 billion in 2020, according to the final Finance Ministry (MoF) budget execution data released on Tuesday.