Greece Economic Outlook
April 30, 2018
The Greek economy appears to be gradually strengthening, as it continues on a recovery path after years of crisis. GDP grew for a fourth consecutive period in Q4 2017, and the available data for Q1 suggests that growth firmed at the start of 2018. The unemployment rate dropped in January, and the manufacturing PMI pointed to healthy expansion in March, albeit receding slightly from February’s multi-year high. Moreover, recent data revealed that last year’s primary fiscal surplus came in at 4.2% of GDP, more than doubling bailout targets. The economy’s strong performance could help boost the government’s argument that additional austerity measures do not need to be brought forward and that the economy can stand on its own two feet in August, when the bailout expires. On 27 August, the Greek finance minister presented his government’s post-bailout growth strategy to Euro area finance ministers. According to media reports, the plan entails reducing bureaucracy, encouraging investment and a gradual increase in the minimum wage.Greece Economic Growth
An improving labor market and recovering sentiment should help kick growth into a higher gear this year. The outcome of debt relief negotiations and a clean exit to the country’s bailout in August remain critical, however, to the economy’s long-term success. FocusEconomics panelists see GDP expanding 1.9% in 2018, down 0.2 percentage points from last month’s forecast. In 2019, growth is expected to be 2.1%.Greece Economy Data
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Greece Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 4.67 | 0.76 % | May 21 |
| Exchange Rate | 1.18 | 0.65 % | May 21 |
| Stock Market | 784 | -1.46 % | May 21 |
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Greece Economic News
Greece: Industrial production rebounds in March
May 10, 2018
Industrial production expanded a working-day-adjusted 1.1% in annual terms in March, rebounding from February’s revised 1.9% contraction (previously reported: -2.0% year-on-year).
Greece: Unemployment rate inches up in February
May 10, 2018
According to data recently released by the Hellenic Statistical Authority (EL.STAT), the number of unemployed persons decreased 2,045 in February compared with January.
Greece: Manufacturing sector weakens in April
May 2, 2018
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) declined from 55.0 points in March to a five-month low of 52.9 points in April.
Greece: Unemployment rate falls in January
April 12, 2018
According to data recently released by the Hellenic Statistical Authority (EL.STAT), the number of unemployed persons decreased 10,167 in January compared with December 2017. Consequently, the unemployment rate slid in January to 20.6% from 20.8% in December, continuing its slow, but gradual, decline from its 2013 peak (27.4%).
Greece: Industrial production drops at fastest pace in nearly two years in February
April 5, 2018
Industrial production contracted a working-day-adjusted 2.0% in annual terms in February, following January’s revised contraction of 1.2% (previously reported: -1.7% year-on-year).
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