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Monthly rise of 3 pct for producer price index in Aug prompts cost concerns
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Retail sales grow by 3.1 pct in Jul, as food sales continue to contract
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Consumer confidence takes 10-point dive in September
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Building activity continues to grow, rising by 13 pct YoY in Jun
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Mixed picture for deposits continues in Aug with rise of just 190 mln
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Credit net flows remain negative in Aug, growth at just 0.9 pct YoY
Incorporating impact of Ukraine war, EC revises growth forecast down to 3.5 pct
In its spring forecasts, published on Monday, the European Commission incorporated the impact of the conflict in Ukraine on the growth outlook for the eurozone, with the Greek growth rate for this year now revised down to 3.5 pct, from the 4.9 pct included in the winter forecast published in February.
Although the inflationary pressures will weigh on real disposable income for households, the full recovery of tourism will offset this impact, leading to more subdued but solid growth in 2022.
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