Greece Economic Outlook
September 27, 2016Greece’s battered economy improved in the second quarter, although growth is still elusive. A booming tourism sector and easing political turmoil have contributed to improving economic data but the situation is still bleak. The tough bailout terms are imposing a fiscal straitjacket on the government’s abilities to revive growth and data for Q3 is pointing sideways: industrial production slowed in July but the manufacturing PMI entered expansionary territory in August. The government is calling for a quick completion of the second review of the country’s newest bailout program and a decision from its creditors on badly-needed debt relief. However, the Eurogroup emphasized in September that the country has a long to-do list before a successful review can be completed, stating that only two of 15 requirements have been completed.
Greece Economy Data
5 years of Greece economic forecasts for more than 30 economic indicators.
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|Bond Yield||8.44||-0.01 %||Oct 20|
|Exchange Rate||1.09||-0.38 %||Oct 20|
|Stock Market||596||0.49 %||Oct 20|
Greece Economic Growth
September 27, 2016Improving economic data is helping lift Greece’s forecast but the economy is expected to contract for a second consecutive year in 2016. The FocusEconomics panel sees GDP falling by 0.6%, which is up 0.1 percentage points from last month’s forecast. For next year, the panel sees the economy entering a mild recovery and growing 1.1%.
Greece Economic News
October 10, 2016
In August, industrial production fell a working-day adjusted 0.3% compared to the same month last year, which contrasted the revised 4.7% expansion in July (previously reported: +4.1% year-on-year).
October 6, 2016
The number of unemployed fell by 5,357 in July, according to the Hellenic Statistical Authority (EL.STAT.).
October 3, 2016
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) deteriorated in September, erasing most of the gains made in August.
September 9, 2016
In July, industrial production rose a working-day adjusted 4.1% compared to the same month last year, which came in below the revised 7.9% expansion in June (previously reported: +7.5% year-on-year).
September 8, 2016
The number of unemployed fell by 6,800 in June, according to the Hellenic Statistical Authority (EL.STAT.).