Current Account in Greece
Greece - Current AccountAfter a stronger-than-expected first quarter GDP figure, the economy is expected to have grown for a second consecutive period in Q2, although at a weak pace. Industrial production picked up in May and the manufacturing PMI returned to expansionary territory in June for the first time since August 2016. In addition, the tourism industry—the economy’s lifejacket throughout the crisis—performed strongly in April. Moreover, the country received EUR 8.5 billion in funds from its creditors in July, avoiding a summer showdown over reform requirements and ensuring that the government will be able to fulfill short-term debt commitments. As the economic picture becomes slightly more stable, the country received another piece of good news in recent weeks. The European Commission recommended that the European Council should end the country’s excessive deficit procedure in July, removing special oversight over the government’s spending. The move highlights improving government finances, after the country recorded a fiscal surplus in 2016. Meanwhile, the country returned to international financial markets after a three-year absence on 25 July selling a five-year bond, an important step for the government towards gaining financial independence
Greece - Current Account Data
|Current Account (% of GDP)||-10.0||-3.8||-2.0||-1.6||0.1|
5 years of economic forecasts for more than 30 economic indicators.
Greece Current Account Chart
Source: Greece Central Bank and FocusEconomics calculations.
|Bond Yield||5.29||0.03 %||Jul 26|
|Exchange Rate||1.16||-0.27 %||Jul 26|
|Stock Market||830||-1.52 %||Jul 26|
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July 10, 2017
Industrial production expanded a strong working-day adjusted 5.4% in May compared to the same month of last year, which was notably above April’s revised 0.8% growth (previously reported: +1.0% year-on-year).
July 7, 2017
The number of unemployed fell by 12,900 in April, according to the Hellenic Statistical Authority (EL.STAT.).
July 3, 2017
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose in June to the highest level seen since August last year.
June 23, 2017
A complete dataset released on 2 June by the Hellenic Statistical Authority (EL.STAT) revealed that the Greek economy performed much better than previously expected at the start of 2017.
June 9, 2017
Industrial production expanded a working-day adjusted 1.0% in April compared to the same month of last year, which was below March’s revised notable 10.1% growth (previously reported: +8.7% year-on-year).