Greece Economic Outlook
January 29, 2019Available data suggests that the economy’s healthy performance in the third quarter of last year—although driven mainly by inventory accumulation—carried over into the final quarter. Industrial production rebounded strongly in November from a mild contraction in the previous month while the PMI average in Q4 came broadly in line with Q3’s, both indicating that factory activity kept up the momentum. On the demand front, unemployment remained at an over-seven year low in October which, coupled with improved consumer confidence throughout Q4 point to private consumption gaining some traction. In the political sphere, Prime Minister Alexis Tsipras narrowly won a no confidence vote on 16 January, which he called for after his junior coalition partner pulled out of the government in protest over a name-change deal for Macedonia, improving his chances somewhat of serving out the rest of his term despite his party’s minority position in parliament.
Greece Economic GrowthGrowth is expected to remain largely steady this year, propped up by further gains in employment, some fiscal expansion and an improving business climate. Downside risks to the outlook include the backtracking of reforms, still-sizeable non-performing exposures on banks’ balance sheets and a slowdown in external demand. FocusEconomics panelists see GDP expanding 1.9% in 2019, which is unchanged from last month’s projection, and 1.8% in 2020.
Greece Economy Data
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|Bond Yield||4.47||0.76 %||Jan 30|
|Exchange Rate||1.14||0.65 %||Jan 30|
|Stock Market||636||-1.46 %||Jan 30|
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Greece Economic News
April 11, 2019
According to data released by the Hellenic Statistical Authority (ELSTAT), the number of unemployed workers rose by 3,990 in January compared to December while the seasonally-adjusted unemployment rate ticked up to 18.5% from 18.4% in the previous month.
April 9, 2019
Industrial production rose 2.3% year-on-year in working-day adjusted terms in February, following January’s revised 4.2% expansion (previously reported: +3.4% year-on-year).
April 2, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 54.2 points in February to 54.7 in March, the best reading in one year.
March 8, 2019
Industrial production rose 3.4% year-on-year in working-day adjusted terms in January, following December’s revised 1.3% expansion (previously reported: +1.1% year-on-year).
March 7, 2019
According to data released by the Hellenic Statistical Authority (ELSTAT), the number of unemployed workers fell by 16,774 in December compared with November while the seasonally-adjusted unemployment rate dipped to 18.0% from 18.3% in the previous month.