Greece Economic Outlook
January 30, 2018Improving macroeconomic fundamentals and cooperation with its creditors is putting Greece on the path to exit its bailout this summer. Economic data has turned brighter after GDP growth slowed in the third quarter. The unemployment rate fell to a new multi-year low in October, the manufacturing PMI rose to the highest level since June 2006 in December and bond yields have tumbled in January. Moreover, in January the government approved the latest batch of creditor-demanded reforms, including tougher legal criteria for strikes and cuts in benefits, paving the way for Eurozone finance ministers to give the preliminary green light to a EUR 6.7 billion cash injection on 22 January. On top of this, EU creditors agreed to begin long-awaited talks on debt relief on the same day, a move vital to ensuring that the economy is on a sustainable path going forward. Public debt is around 180% of GDP.
Greece Economic GrowthThe economy finally appears to be on a firm recovery path thanks to an improving labor market and higher confidence. However, a smooth bailout exit is critical to Greece’s outlook, and the performance of the country’s banking sector in upcoming stress tests will be a key indicator as to whether it can continue without external support in the second half of the year. Met the why particular panelists see GDP expanding 2.1% in 2018, unchanged from last month’s forecast. In 2019, growth is expected to be stable at 2.1%.
Greece Economy Data
5 years of Greece economic forecasts for more than 30 economic indicators.
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|Bond Yield||4.94||0.76 %||Feb 22|
|Exchange Rate||1.23||0.65 %||Feb 22|
|Stock Market||845||-1.46 %||Feb 22|
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Greece Economic News
February 16, 2018
Industrial production expanded a working-day-adjusted 0.2% in December compared to the same month of the previous year, which was notably below November’s revised 2.0% growth (previously reported: +0.8% year-on-year).
February 8, 2018
The number of unemployed fell by 113 in November from the previous month and by 119,363 compared with November 2016, according to recent data released by the Hellenic Statistical Authority (EL.STAT). The unemployment rate was unchanged from October’s revised 20.9% (previously reported: 20.8%).
February 2, 2018
The Greek economy started 2018 on a bright note according to the IHS Markit manufacturing Purchasing Managers’ Index (PMI).
January 19, 2018
Industrial production expanded a working-day-adjusted 0.8% in November compared to the same month of the previous year, which was slightly above October’s revised 0.7% growth (previously reported: +0.5% year-on-year).
January 11, 2018
The number of unemployed fell by 4,528 in October from the previous month and by 123,054 compared with October 2016, according to recent data released by the Hellenic Statistical Authority (EL.STAT).