Economy
Industrial production records first contraction since Aug 2023, down 0.6 pct in Mar
Greece’s Industrial Production Index (IPI) turned negative in March with a contraction of 0.6 percent year-on-year (YoY), after a significant slowdown to 1.6 percent in the previous month, according to Hellenic Statistical Authority (ELSTAT) data released on Friday.
Trade deficit narrows in Mar, but exports drop by worrying 11.7 pct
Greece’s trade deficit recorded a drop of 7 percent year-on-year (YoY) in March, after a sharp rise of 34 percent year-on-year (YoY) in February, according to data released by ELSTAT on Friday.
OECD sees growth stable at 2 pct this year, urges reforms and fiscal discipline
In its latest economic outlook, the OECD is slightly more optimistic about Greece’s growth prospects, although it warns that there is no room for complacency as the economy’s structural challenges need to be addressed and the public spending the economy requires will lose the boost it had received from the RRF when the scheme concludes in 2026.
Jobless rate falls to 10.2 pct in Mar amid expectations for strong tourism
Greece’s seasonally adjusted (SA) unemployment rate moved closer to the 10-percent mark again in March, landing at 10.2 percent, from 11.4 percent in the previous month, Hellenic Statistical Authority (ELSTAT) data showed on Thursday.
NBG shows strong profitability growth of 38 pct YoY in Q1, with 606 mln NII
National Bank of Greece (NBG) reported a core profit after tax of 320 million euros in Q1 2024, compared to a profit of 220 million euros in the same quarter of 2023, a significant rise of 45 percent year-on-year (YoY).
Manufacturing continues to expand in April, firms remain optimistic
Greece’s Manufacturing PMI remained in expansion in April, though it dropped to 55.2 points from 56.9 points in March, according to S&P Global data released on Wednesday.
Piraeus Bank net interest income jumps by 16 pct to 518 mln in Q1, commission income up 19 pct
Piraeus Bank posted a net profit of 233 million euros in Q1 2024, from 180 million euros in Q1 last year.
Stability Programme revises growth down to 2.5 pct as investment estimates prove too rosy
Greece submitted on Tuesday to the European Commission the 2024 Stability Programme, making it the first official document in which the Greek authorities have revised down their initial growth outlook for the year.
As base effect wears off, producer prices fall by just 0.1 pct in Mar
Greece’s Producer Price Index (PPI) recorded only a marginal contraction in March, dropping by 0.1 percent year-on-year (YoY), after falling by 4.3 percent in February, ELSTAT data showed on Tuesday.
Retail sales and volumes show worrying signs, turnover down 3.8 pct in Feb
Greece’s retail sales went deeper into contraction in February, with a drop of 3.8 percent year-on-year (YoY), after an upwards revised decline of 3 percent in January, Hellenic Statistical Authority (ELSTAT) data showed on Tuesday.