Greece Economic Outlook
December 20, 2019
The robust expansion in Q2—with annual growth hitting an over one-decade high—proved to be short-lived as the economy lost steam in Q3 on disappointing domestic demand. Although both household and capital spending rebounded modestly, a slip in government expenditure and a marked drawdown in inventories dragged on growth. Buoyant export growth, however, helped cushion the overall slowdown. Looking ahead, activity seems to have remained somewhat restrained, as suggested by industrial production slipping in October and the manufacturing PMI averaging lower in October–November from Q3. In other news, in late November, the government concluded an early repayment of EUR 2.7 billion of expensive loans to the IMF, while on 12 December, Parliament approved a scheme to allow banks to shed EUR 30 billion of sour loans through securitization, in a bid to encourage more lending to spur growth.Greece Economic Growth
Although the recovery is expected to gather pace next year, growth will remain only modest. A pick-up in domestic demand, mainly supported by stronger private consumption amid continued labor market improvements, should drive the overall acceleration. Slowing Eurozone demand and increased competition to the vital tourism industry are key external headwinds to the outlook. FocusEconomics panelists see GDP expanding 2.1% in 2020, which is up 0.2 percentage points from last month’s forecast, and 1.9% in 2021.Greece Economy Data
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Greece Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.91 | 0.76 % | Jan 01 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Greece Economic News
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Greece: Industrial output plummets in November
January 9, 2020
Industrial production plummeted 8.1% year-on-year in working-day adjusted terms in November, contrasting October’s 0.1% uptick and marking the sharpest fall since December 2011.
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Greece: Unemployment rate edges down in October
January 9, 2020
The number of unemployed workers fell by 12,294 in October compared to September while the seasonally-adjusted unemployment rate edged down to 16.6% from 16.8% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT).
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Greece: Manufacturing PMI dips slightly in December, but remains in expansionary territory
January 2, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) dipped to 53.9 in December from 54.1 in November.
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Greece: Unemployment rate ticks down in September
December 20, 2019
The number of unemployed workers fell by 1,329 in September compared to August while the seasonally-adjusted unemployment rate ticked down to 16.8% from 16.9% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT).
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Greece: Industrial production shrinks in October
December 10, 2019
Industrial production dipped 0.3% year-on-year in working-day adjusted terms in October, following September’s strong 2.4% increase.
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