Greece Economic Outlook
July 23, 2019In line with what opinion polls had anticipated, the conservative New Democracy party comfortably won the 7 July general election, securing an outright majority in the 300-seat Parliament. Although the newly elected government, headed by Prime Minister Kyriakos Mitsotakis, has proposed a business-friendly policy mix ahead, which could boost investment, the economy’s structural fragilities and authorities’ commitment to strict fiscal targets weigh heavily on the pace of recovery. Meanwhile, available data indicates that the economy’s weak momentum at the start of the year broadly carried over into Q2. April’s rebound in industrial output was short-lived as it contracted again in May. This, coupled with the manufacturing PMI sliding in May–June, points to a loss of dynamism in the goods-producing sector. Moreover, although unemployment fell markedly in April, retail sales contracted and consumers remained broadly as pessimistic in Q2 as in Q1, boding ill for household spending.
Greece Economic GrowthGrowth is expected to remain somewhat subdued this year. Recovering private consumption, aided by the recent minimum wage hike, and a rebound in investment, boosted by reduced uncertainty and market-oriented policies, should prop up the overall expansion. Weaker export demand and sour loans burdening the banking system weigh on the outlook. FocusEconomics panelists see GDP expanding 1.7% in 2019, which is unchanged from last month’s projection, and 1.9% in 2020.
Greece Economy Data
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|Bond Yield||2.62||0.76 %||Jul 31|
|Exchange Rate||1.11||0.65 %||Jul 31|
|Stock Market||900||-1.46 %||Jul 31|
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Greece Economic News
August 9, 2019
Industrial production rose 0.3% year-on-year in working-day adjusted terms in June, contrasting May’s revised 0.1% dip (previously reported: -1.2% year-on-year).
August 8, 2019
The number of unemployed workers declined by 6,183 in May compared to April while the seasonally-adjusted unemployment rate dipped to 17.2% from 17.4% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT).
August 1, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) bounced back to a three-month high of 54.6 in July from 52.4 in June, which had marked the lowest level in nearly two years.
Greece: New Democracy clinches victory in general election; slow pace of economic recovery set to continue
July 23, 2019
In line with what opinion polls had anticipated, the conservative New Democracy (ND) party, headed by now Prime Minister Kyriakos Mitsotakis, comfortably won the 7 July snap general election.
July 11, 2019
The number of unemployed workers declined by 26,925 in April compared to March while the seasonally-adjusted unemployment rate fell to 17.6% from 18.2% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT).