Macroeconomy
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.
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.
May cash deficit improves markedly YoY as revenues rise by 3.5 bln
Greece’s central government recorded a primary cash deficit of 842 million euros in May, from a deficit of 2.09 billion euros in the same month of 2021, according to figures released by the Bank of Greece on Friday.
Industrial turnover grows 33.3 pct YoY in Apr, but manufacturing leads monthly drop
Greece’s industrial turnover growth remained solid in April, rising by 33.3 percent year-on-year (YoY), from 38.4 percent in March, according to data released by the Hellenic Statistical Authority (ELSTAT) on Monday.
Travel balance back to normal, but Apr C/A deficit of 1.62 bln impacted by goods deficit
Greece posted a current account (C/A) deficit of 1.62 billion euros in April, from a 2.33-billion-euro deficit in March, Bank of Greece (BoG) data showed on Monday.