Macroeconomy
Wage rises become top issue but trajectory lined with obstacles
Wages in Greece have featured prominently in this summer's election campaign as, in the midst of the cost-of-living crisis, there is a wider recognition by the leading parties that earnings in Greece need a boost.
Wages index grows by 5.5 pct in Q1, slows from previous quarter
Greece’s seasonally adjusted (SA) Wages Index kept the strong growth territory rising by 5.5 percent year-on-year, from an upwards revised 8.8 percent in the last quarter of 2022, Hellenic Statistical Authority (ELSTAT) figures showed on Friday.
Unemployment unchanged at 11.8 pct in Q1, sharp fall in long-term jobless
Greece’s non-seasonally adjusted quarterly unemployment rate stayed virtually unchanged in Q1 this year, rising to 11.8 percent, from 11.9 percent in the previous quarter, Hellenic Statistical Authority (ELSTAT) figures showed on Thursday.
Budget primary surplus comfortably beats target in May as taxes outperform by 2 bln
The budget primary balance came to a surplus of 2.29 billion euros in May, compared to a deficit of 1.49 billion euros in the same period of 2022, according to the preliminary Finance Ministry (MoF) budget execution data released on Thursday.
Import price index falls for third straight month in Apr as energy prices contract by 35 pct
The contraction of Greece’s import price index accelerated further in April, as it fell by 17.5 percent year-on-year (YoY), after dropping by 12.7 percent in March, according to data released by the Hellenic Statistical Authority (ELSTAT) on Wednesday.
Wages rise by 7 pct, offset by 7.8 pct 12-month rolling CPI
The Labour Ministry has presented the updated data of wages in the labour market, after the incorporation of the latest rise in the minimum wage to 780 euros per month, effective April 1.
Car sales pick up pace in May, up 13.8 pct in first five months
Road motor vehicles going into circulation for the first time accelerated in May, rising by 5.6 percent year-on-year (YoY), after slowing down to 1.1 percent in April, according to Hellenic Statistical Authority (ELSTAT) data released on Tuesday.
Fitch takes no rating action as fiscal continuity remains crucial to investment grade
Fitch took no action on Friday regarding Greece’s rating, re-affirming the country’s ‘BB+’ and keeping the outlook stable.
Industrial production rises by 4.2 pct in April thanks to growth in electricity supply
Greece’s Industrial Production Index (IPI) picked up pace in April, rising by 4.2 percent year-on-year (YoY), after an upwards revised growth of 0.1 percent in March, according to Hellenic Statistical Authority (ELSTAT) data released on Friday.
CPI growth stable at 2.8 pct in May, food inflation gathers pace at 11.6 pct
The rise in Greece’s Consumer Price Index (CPI) remained broadly unchanged in May, growing by 2.8 percent year-on-year (YoY), from 3 percent in April, according to the data released on Friday by the Hellenic Statistical Authority (ELSTAT).