Economy
High energy prices fuel uncertainty on fiscal front
The energy crisis fuelled by the Ukraine conflict will dominate the attention of Finance Ministry officials in the coming months as uncertainty over supplies during the winter has been priced into natural gas prices, which have reached 160 euros/MWh, creating doubts about the cost of the latest energy subsidy scheme.
Output and new orders drop to lowest since Mar 2021, forcing PMI down by 2.7 pts
Greece’s Manufacturing PMI dropped by 2.7 points in June to 51.1 points, according to S&P Global data released on Friday.
BoG revises growth forecast down to 3.2 pct amid growing uncertainty
The uncertain times across the global economy were captured in the latest monetary policy report by the Bank of Greece, which revised down its Greek growth forecast to 3.2 pct for 2022, from the 3.8 pct expected in April.
Deposit rise of 1.3 bln in May led by corporates as household savings drop
The net private sector deposit movement in the Greek banking system in May stayed positive at 1.31 billion euros, from 1.35 billion euros in April, and negative movement of 989 million seen in March, based on Bank of Greece (BoG) figures released on Wednesday.
Credit growth accelerates to 3.2 pct in May, led by loans to businesses
Credit movement in the Greek private sector was steady at 3.2 percent year-on-year (YoY) in May, from 2.8 percent in April, and 1.6 percent in March, Bank of Greece (BoG) figures released on Wednesday showed.
Economic sentiment drops by 3.7 pts in June as all components deteriorate
Greece’s economic sentiment (ESI) declined by 3.7 points in June, dropping to 104.3 points, following a recovery of 2.9 points in May, according to European Commission figures released on Wednesday.
Jan-May primary budget deficit contained at 1.49 bln on back of property tax, VAT intakes
The budget primary balance for the first five months of 2022 came to a deficit of 1.49 billion euros, compared to a deficit of 8.14 billion euros during the same period last year, according to the final Finance Ministry (MoF) budget execution data released on Monday.
PBO urges continued fiscal discipline amid growing instability
In its latest report covering the first quarter of 2022, the Parliamentary Budget Office (PBO) sees mixed signals for the Greek economy and expects international factors to play a key role in developments in the near term.
Seasonal jobs account for 7 in 10 hirings as balance nears 100,000 in May
Greece’s employment balance continued its recovery in May with 99,956 more hires then departures, according to data from the Labour Ministry’s Ergani information system released on Tuesday.
As restrictions drop away, Apr travel balance beats even pre-Covid levels
Greece’s travel balance recorded a surplus of 432.1 million euros in April, from 77 million euros in March, according to Bank of Greece (BoG) data released on Tuesday.