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Current account deficit widens to 2.4 bln in Mar, oil deficit more than doubles
EconomyMacroeconomyGreece’s current deficit in March widened to 2.4 billion euros, from a deficit of 1.32 billion euros in February, Bank of Greece (BoG) data showed on Monday. In March 2022, the balance showed a deficit of 2.53 billion euros, while in March 2021 the current account posted a deficit of 1.49 billion
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Travel surplus continues to grow in March, up 55 pct YoY in Q1
EconomyMacroeconomyGreece’s travel balance recorded a surplus of 100.2 million euros in March, from 106.8 million euros in February, according to Bank of Greece (BoG) data released on Tuesday. March’s balance was 95.5 percent higher than the 51.2 million euros registered in March 2022. Higher than the 8.3 million
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VAT and income taxes drive revenue and budget outperformance in April
EconomyMacroeconomyThe budget primary balance in April was confirmed to be a surplus of 2.44 billion euros, compared to a deficit of 799 million euros in the same month of 2022, according to the final Finance Ministry (MoF) budget execution data released on Thursday. In the first four months of the year, the budget
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Building activity down 15.2 pct in Feb for sharpest drop since 2020
EconomyMacroeconomyAfter a solid start for 2023, building permits recorded a contraction of 15.2 percent year-on-year (YoY) in February, after a rise of 22.1 percent in January, according to the data released by the Hellenic Statistical Agency (ELSTAT) on Friday. This is the first negative reading since July 2022
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Producer prices record back-to-back decline in Apr as energy falls by 24.4 pct YoY
EconomyMacroeconomyGreece’s Producer Price Index (PPI) contracted for the second consecutive month in April, falling by 13.3 percent year-on-year (YoY), from a 10.9 percent contraction in March, ELSTAT data showed on Tuesday. The index was in negative territory for most of 2020 and up to March 2021, when it grew
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March sees first retail sales fall for two years, volumes show consumption diving
EconomyMacroeconomyGreece’s retail sales turned negative for the first time since 2021, with a marginal drop of 0.3 percent year-on-year (YoY) in March, from a downward revised rise of 9.8 percent in February, Hellenic Statistical Authority (ELSTAT) data showed on Wednesday. The corresponding volume index dropped
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Manufacturing grows in May, but at slowest pace in last four months
EconomyMacroeconomyGreece’s Manufacturing PMI remained in expansion territory in May, although it fell marginally to 51.5 points, from 52.4 points in April, according to S&P Global data released on Thursday. This is the fourth month that the conditions in the Greek manufacturing sector have improved, though May
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Annual GDP growth slows in Q1, contracts by 0.1 pct QoQ
EconomyMacroeconomyGreece’s seasonally adjusted (SA) GDP decreased by 0.1 percent quarter-on-quarter (QoQ), from a downward revised 1.1 percent in the last quarter of 2022, provisional data from the Hellenic Statistical Authority (ELSTAT) revealed on Wednesday. This was the first quarterly GDP drop since the second
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Newsletter 384 - 09/06/2023
26 months. The data for the first four months of 2023 showed that the trade deficit decreased
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CPI growth stable at 2.8 pct in May, food inflation gathers pace at 11.6 pct
EconomyMacroeconomyThe rise in Greece’s Consumer Price Index (CPI) remained broadly unchanged in May, growing by 2.8 percent year-on-year (YoY), from 3 percent in April, according to the data released on Friday by the Hellenic Statistical Authority (ELSTAT). The average CPI for the rolling 12-month period increased
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