Three new indicators released on Monday by the Greek statistical authority, ELSTAT, paint an even grimmer picture of Greece's labour market than the one most experts had considered until now.
Greece's October current account (C/A) balance showed Greece’s deficit shrinking to 351 million euros from 577 million last year, according to the Bank of Greece (BoG).
The non-seasonally-adjusted unemployment rate eased for the second straight quarter in Q3, falling to 27 percent from 27.1 percent in Q2 and 27.4 percent in Q1, according to data released by the Hellenic Statistical Authority (ELSTAT).
Greece is expected to post a general government primary surplus as well as a current account surplus of 1 percent of GDP for the first time in 2013, according to the Bank of Greece’s (BoG) interim report on Monetary Policy published on Tuesday.
The central government net balance to November on a cash basis showed the deficit widening by 30 percent to 9.96 billion euros from 7.67 billion last year, according to the Bank of Greece (BoG).
Greek banks’ Eurosystem funding, the combined liquidity they have received from the European Central Bank (ECB) and the Bank of Greece (BoG) Emergency Liquidity Assistance (ELA) mechanism, marginally eased by 0.33 billion euros in November, according to the BoG’s monthly financial statement.
The seasonally adjusted unemployment rate in September rose marginally to 27.4 percent, from 27.3 percent in August, according to data released by the Hellenic Statistical Authority (ELSTAT). The September rate is now just under the historic high of 27.5 percent in May this year.
The Industrial Production Index (IPI) took on a faster downward trend in October with a drop of 5.2 percent following a 1.3 percent decline recorded in September, according to the Hellenic Statistical Authority (ELSTAT).
Greek building activity (as measured by the number of building permits) dropped by 14.4 percent in September with the respective surface figure easing 25.9 percent, while volume retreated 36.6 percent, according to the Hellenic Statistical Authority (ELSTAT).
Greek non-seasonally-adjusted GDP contracted 3 percent in the third quarter of 2013, confirming flash estimates released on November 14, according to provisional data published by the Hellenic Statistical Authority (ELSTAT) on Monday.