Macroeconomy
General gov't primary cash surplus markedly better in July but arrears climb
The general government (gg) primary cash surplus narrowed by 18 percent to 2.35 billion euros in the 7-month period of 2015 from 2.87 billion last year, according the gg bulletin published by the Ministry of Finance (MoF) on Monday.
Marked drop of 50 bps in new time deposit rate in July amid capital controls
After remaining broadly stable at around 1.8 percent since last December, Greek households’ new time deposit rate recorded a marked drop by 50 basis points (bps) to 1.31 percent in July, according to the Bank of Greece (BoG).
Lack of new orders and sharp drop in production lead to weak PMI in August
After reaching a record low in July, Greece’s Manufacturing PMI improved by 8.9 points to 39.1 in August, according to Markit.
Retail sales fell by 1.7 percent in June, after a short-lived rise in May
After a short-lived rise by 2.4 percent in May, the turnover of Greece’s retail trade index fell by 1.7 percent in June, according to the Hellenic Statistical Agency (ELSTAT).
Sixth straight fall for economic sentiment in August as it plunges by 6.1 pts
Greece’s economic sentiment (ESI) dived for the sixth straight month in August when it fell by 6.1 points to 75.2 from 81.3 in July, according to the European Commission (EC).
Q2 GDP rebounds by 0.9 pct QoQ on higher consumption and falling imports
Greek seasonally adjusted (SA) GDP at constant prices rose quarter on quarter (QoQ) by 0.9 percent in Q2 2015 following an upward revised 0.1 percent growth recorded in Q1, according to the provisional data published by the Hellenic Statistical Authority (ELSTAT) on Friday.
July credit contraction at 1.5 pct, slowest since Aug 2011
Greek bank credit contracted at a decelerating pace for the fourth straight month in July, when it decreased by 1.5 percent from 1.7 percent in June, according to the Bank of Greece (BoG).
Outflows ease to 1.5 bln in July but deposits reach lowest level since May 2003
Greek private sector deposit fell eased to 1.51 billion euros in July from 7.58 billion in June, according to the Bank of Greece (BoG).
Revenue uptick unable to stop 7-mth primary surplus outperformance falling to 724 mln
Greece’s budget primary surplus reached 3.71 billion euros in the 7-month period of 2015 showing an improvement by around 1.83 billion month on month (MoM), according to the final budget bulletin published by the Finance Ministry (MoF) on Wednesday.
Wages index falls 1.8 pct QoQ in Q1 2015 for the second successive quarter
The seasonally adjusted Wages Index grew for the third successive quarter in Q1 but it was only a marginal rise of 0.3 percent year on year (YoY) from a 2.2 percent increase in Q4 2014, according to the Hellenic Statistical Authority (ELSTAT).