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Energy drives 0.5 pct YoY fall in July producer prices as other components rise
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Retail sales resume growth of 3 pct YoY in June, volumes record more modest rise
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Despite small drop in July, deposits stay above 200 bln mark
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Consumer and retail confidence deteriorate further in Aug due to cost of living
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Construction shows first signs of recovery in 2025 as building activity rises 31.6 pct YoY in May
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Primary balance up to July confirmed at 7.94 bln due to underspend, tax revenues
Greek C/A deficit to July narrowed to just 156 mln with boost from tourism
The July current account (C/A) balance showed a surplus of 2.73 billion euros from 510 million euros last year, according to the Bank of Greece (BoG). The significant increase mainly reflects a jump in the current transfers’ surplus to 1.86 billion, from just 100 million last year, owing to an inflow of 1.5 billion related to SMP income. This was accruing to the ECB and payable to Greece following a Eurogroup decision in November 2012.
Excluding this one-off item, the July “recurring” figure is still materially improved, up 142 percent year on year (yoy) at 720 million, mainly courtesy of the trade deficit heading south (down 12.0 percent) and a services surplus hike (up 10.1 percent)...
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