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Stock taking: Where is the Greek economy now?
Agorapercent per year (including the boom years through 2009 and the crisis thereafter). Covid-19 has...-Covid), annual labor productivity growth is only around ¼ percent a year--far removed from an aspirational objective of around 1½ percent a year (see our blogs 5, 6, and 7 for more details
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Budget primary shows deficit of 9.08 bln in July, beating revised target despite revenue shortfall
EconomyMacroeconomy, improving from a monthly deficit of 954 million euros in June. For the same month last year, there was a deficit of 1.36 billion euros. The budget balance in the first seven months of the year recorded... period last year. For the current aggregate period, the budget balance beat its target by 418 million
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Data for total revenues in Q2 reflects recovery from end of lockdown
EconomyMacroeconomyof recovery in the Greek economy as in the second quarter of the year total revenue reached 78.38 billion euros, up by 29.4 pct year-on-year (YoY). ELSTAT has been monitoring the impact of the pandemic since March last year when Greece entered its first lockdown, reporting monthly revenues figures
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Budget primary confirms deficit of 9.06 bln in July, beating target
EconomyMacroeconomy, improving from a monthly deficit of 954 million euros in June. For the same month last year, there was a deficit of 1.36 billion euros. The budget balance in the first seven months of the year recorded... last year. For the current aggregate period, the budget balance beat its target by 432 million
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GDP shows strong recovery from lockdowns with 3.4 pct growth QoQ in Q2
EconomyMacroeconomy(Q2) quarter of the year, from a slightly upwards revised 4.5 percent in the first quarter (Q1... Term Fiscal Strategy in July, the economy is seen growing 3.6 percent this year after contracting 8.1 percent in 2020. For 2022, it forecasts an expansion of 6.2 percent. The forecast for this year
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Rise of property prices continues with 4.6 pct increase in Q2
EconomyMacroeconomyThe rise in the nominal value of apartments in Greece accelerated to 4.6 percent year-on-year (YoY.... The index for Q1 came to 70.2 compared to 67.1 in Q2 2020 and 67.4 at the end of last year. Old... in June. Building permits increased by 62.9 percent year-on-year (YoY) in May after an increase of 124.5
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Industrial production rises 7.8 pct in Jul to continue recovery since late 2020
EconomyMacroeconomyGreece’s Industrial Production Index (IPI) increased by 7.8 percent year-on-year (YoY) in July... on Friday. IPI has been recovering consistently since November last year, with a solid 22.6 percent jump recorded in April, capturing the low base effect of last year’s strict first lockdown. Month
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PM announces extensive measures to build on recovery, counter inflation and put govt on track
PoliticsGreek Politicsbillion euros) coming next year. The New Democracy leader prefaced his speech by revealing... the end of the year; and further tax incentives for electronic transactions; reduction of ENFIA property...; subsidising the first 300 Kwh of electricity used by consumers in the fourth quarter of this year
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Impact of pandemic, lockdowns reflected in lower household spending during 2020
Societyexpenditure in 2020 came to 15,982 euros per year, or 1,332 euros per month, a drop of 9.9 pct... and culture also dropped to 3.5 pct as both activities spent a good part of the year closed due... and footwear down to 4.7 pct and transport spending also came down to 12.3 pct. Year-on-year, the largest
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IMF maintains cautious view on public finances, sees debt declining slowly
EconomyMacroeconomyfinances. The Fund sees Greece closing this year with an overall balance of 10.2 pct of GDP, following a 10.5 pct total deficit last year. In the coming years, the deficit is expected to drop to 4.3 pct... pct of GDP this year, from 7.5 pct last year, recovering to a deficit of 1.3 pct next year, before
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