High energy prices fuel uncertainty on fiscal front
Output and new orders drop to lowest since Mar 2021, forcing PMI down by 2.7 pts
Deposit rise of 1.3 bln in May led by corporates as household savings drop
Economic sentiment drops by 3.7 pts in June as all components deteriorate
Jan-May primary budget deficit contained at 1.49 bln on back of property tax, VAT intakes
Seasonal jobs account for 7 in 10 hirings as balance nears 100,000 in May
OECD sees Greek recession continuing in 2014, slower recovery to follow
In its latest Economic Outlook report published on Tuesday, the Organisation for Economic Cooperation and Development (OECD) still expects Greek GDP to contract 0.3 percent in 2014 and rebound 1.9 percent in 2015.
The updated forecasts are marginally better compared to the previous estimates released in November 2013, which pointed to a recession of 0.3 percent this year and a recovery of 1.8 percent next year.
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