Greece Economic Outlook
March 26, 2019The economy lost steam in the final quarter of 2018, mainly on the back of waning domestic demand as private consumption barely grew and fixed investment plunged yet again. Soaring exports, however, cushioned the downturn. Looking ahead, available data points to stronger metrics at the outset of the year: Industrial production growth picked up in January, mainly thanks to soaring output in the electricity supply sector, and the PMI edged up in February, both signaling an improvement in business conditions in Q1. Meanwhile, Moody’s upgraded Greece’s credit rating by two notches from B3 to B1 on 1 March thanks to the progress made in enacting reforms. This, coupled with the government’s issuance of a 11-year bond on 5 March—the first since the country plunged into crisis in 2009—and buoyant demand for it, illustrates the increased market confidence in the country’s ongoing economic recovery.
Greece Economic GrowthGrowth is seen holding largely steady this year, supported by stronger household spending, which should be aided by the increase in the minimum wage, and a rebound in fixed investment. A still-high proportion of sour loans burdening the banking sector; elevated public and private debt levels; and a further slowdown in the EU are key downside risks to the outlook. Met the why particular panelists see GDP expanding 1.9% in 2019, which is unchanged from last month’s projection, and 1.8% in 2020.
Greece Economy Data
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|Bond Yield||3.79||0.76 %||Apr 12|
|Exchange Rate||1.13||0.65 %||Apr 12|
|Stock Market||766||-1.46 %||Apr 12|
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Greece Economic News
April 11, 2019
According to data released by the Hellenic Statistical Authority (ELSTAT), the number of unemployed workers rose by 3,990 in January compared to December while the seasonally-adjusted unemployment rate ticked up to 18.5% from 18.4% in the previous month.
April 9, 2019
Industrial production rose 2.3% year-on-year in working-day adjusted terms in February, following January’s revised 4.2% expansion (previously reported: +3.4% year-on-year).
April 2, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 54.2 points in February to 54.7 in March, the best reading in one year.
March 8, 2019
Industrial production rose 3.4% year-on-year in working-day adjusted terms in January, following December’s revised 1.3% expansion (previously reported: +1.1% year-on-year).
March 7, 2019
According to data released by the Hellenic Statistical Authority (ELSTAT), the number of unemployed workers fell by 16,774 in December compared with November while the seasonally-adjusted unemployment rate dipped to 18.0% from 18.3% in the previous month.