July travel surplus of 2.14 bln affirms comeback for tourism sector
Rise in wages index slows to 2.5 pct in Q2 but hits six successive quarters of growth
Current account turns surplus in July as travel steps up
RRF injection pushes primary balance above target, but regular tax revenues short by 504 mln
Spurred by rising employment, Q2 unemployment drops to 10-year low of 15.8 pct
Unemployment rate down to 14.2 pct in July, lowest since Nov 2010
Capital controls trigger big rise in card use and VAT revenues, Bank of Greece data shows
The significant increase in the use of debit and credit cards after the imposition of capital controls in July 2015 is having a positive impact on VAT revenues by improving collectability, the Bank of Greece (BoG) concludes in its interim monetary policy report published last Friday.
In contrast, the recent rise in the VAT rate is having a negative effect on VAT revenues and the BoG suggests the launch of more initiatives to widen further the use of cards as well as the lowering of VAT rates to previous levels.
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