Current Account in Greece
Greece - Current Account (billions of Euros)Output growth was likely resilient in the first quarter of this year. The services sector benefited from an improving labor market and reduced Covid restrictions while industrial output grew at the fastest pace in 16 months in March. That said, the manufacturing PMI dipped to an 11-month low in March, as the fallout from the Russia-Ukraine war hit sentiment. Moreover, consumer confidence worsened during the quarter amid soaring prices, which could have limited private consumption. In Q2, the economy is likely losing steam. In April, consumer confidence continued to worsen and inflation rose to the highest level in 27 years, which is likely tempering private spending. However, the manufacturing PMI improved slightly in April. Meanwhile, in early May, Greece removed virtually all remaining Covid-19 restrictions, which should help spur the tourism industry heading into the summer season.
Greece - Current Account (EUR bn) Data
|Current Account Balance (EUR bn)||-1.4||-3.1||-3.4||-5.2||-2.6|
5 years of economic forecasts for more than 30 economic indicators.
Greece Current Account (EUR bn) Chart
Source: Greece Central Bank and FocusEconomics calculations.
|Bond Yield||1.91||0.76 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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June 10, 2022
Industrial output declined 4.5% year on year in working-day adjusted terms in April, which contrasted March's 8.1% increase.
June 7, 2022
GDP growth moderated to 7.0% in the first quarter, from 8.1% in the fourth quarter of last year.
June 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 53.8 in May, down from April's 54.8.
May 18, 2022
March’s print suggested a reviving labor market, as the number of employed people increased by 16,180 compared with February 2022, while the seasonally-adjusted unemployment rate declined from February’s 12.7% to 12.2% in March.
May 10, 2022
Industrial output expanded 7.9% year-on-year in working-day adjusted terms in March (February: +4.8% yoy).