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  1. Unemployment edges up for second consecutive quarter in Q1, reaches 26.6 pct
    Photo by MacroPolis

    EconomyMacroeconomy

    since a similar trend is recorded in the first quarter of each year. Note that the quarterly jobless...) year on year (YoY). The YoY improvement mainly reflects a drop in the number of jobless by 5.2... 24.3 percent in Q4 and 23 percent in the corresponding period last year. The number of ‘long-term

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  2. July credit contraction at 1.5 pct, slowest since Aug 2011
    Photo by MacroPolis

    EconomyMacroeconomy

    reading so far this year. July flow stems from household and corporate lending net deductions of 382 and 204 million respectively. The breakdown by segment showed the corporate lending was flat year on year from a drop of 0.5 percent recorded in June. The July zero-growth rate indicates the first non

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  3. Greek 2016 draft budget contains 6.4 bln in new fiscal measures, sees recession ahead

    EconomyMacroeconomy

    on investments, consumption and domestic tourism. Despite GDP growth of 1 percent in the first half of the year, the MoF expects a recession of 2.3 percent for the whole year. This reflects a drop in private...) next year. Following the downward revision of GDP forecasts, GDP in nominal terms is now seen

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  4. General gov't primary cash surplus widens to 2.6 bln in Aug, arrears up by 2.15 bln

    EconomyMacroeconomy

    in the 8-month period of 2015 from 2.43 billion in the corresponding period last year, the Finance... 1.21 billion last year and remains the dominant contributor to the overall positive gg outcome... halved compared to last year’s figure of 1.04 billion. The local government posted a modest primary

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  5. Marked rise in expenditure leads to a budget primary deficit in Nov

    Economy

    surplus reached 4.35 billion euros, which is 21.9 percent higher than last year and 1.7 billion better than the target. The year to date outperformance mainly stems from lower primary expenditure... billion euros, 32.3 percent lower than last year and 1.77 billion better than target. It is also

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  6. General government primary cash surplus widens notably to 5.14 bln at end of Nov
    Photo by MacroPolis

    EconomyMacroeconomy

    the same period a year earlier, the Finance Ministry (MoF) gg bulletin showed on Thursday. As already... in the state budget primary surplus, which almost doubled to 3.6 billion this year. Local governments recorded... shrank by almost 58 percent to 173 million euros from 410 million last year. But their balance posted

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  7. 2015 primary surplus exceeds target as revenues outperform and expenditure is reined in

    Economy

    as PIB expenditure of 2.71 billion (from the full-year figure of 6.4 billion) was reported in the last month of the year. The budget deficit stood at 3.53 billion in 2015 down 4.4 percent and 960 million... year, yet they were slightly short of the 1.1 billion target. December reported revenues were 1.03

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  8. Budget primary surplus jumps to 1.19 bln in Jan, largely on rising PIB revenues

    EconomyMacroeconomy

    from 443 million last year, the Finance Ministry (MoF) final budget bulletin showed on Friday... million (from just 52 million last year) coupled with an increase in revenues (before tax refunds... year and 876 million better than the target. Revenues Revenues (before tax refunds) grew by 2.3

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  9. Budget primary surplus surges to 3.04 billion, extending outperformance
    Photo by MacroPolis

    EconomyMacroeconomy

    billion last year, the Finance Ministry (MoF) preliminary budget bulletin showed on Friday. The notable year on year (YoY) improvement largely reflects surging Public Investment Budget (PIB) revenues up..., the primary surplus extended the year to date outperformance to 1.98 billion attributed to lower

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  10. Asking Greece to stack more austerity measures ignores past failings
    Photo by Harry van Versendaal

    Agora

    was a good year for Greece. The economy appeared to be bottoming out and in the run up to the European... of that year. Finance Minister Gikas Hardouvelis went as far as suggesting in September 2014 that Greece... in the first quarter of 2016. Yet, the budget execution of that year missed the primary surplus

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