Greece Economic Outlook
November 21, 2017Incoming data suggests that the economy is set to grow this year, although the recovery is likely to be moderate overall. An improving labor market—the unemployment rate fell to the lowest level since November 2011 in August—should give a boost to household spending. However, recent manufacturing figures are less bright: Industrial production growth slowed in September, and the manufacturing PMI eased in October. Policymakers are preparing for a summer exit from the country’s third bailout program. On 15 November, the government launched a EUR 30 billion debt swap designed to boost liquidity and help facilitate future sales. The government will need to tap into markets again next year to cover its financing needs once it exits the program. Preserving investor confidence will be key to regaining financial freedom; bond yields have fallen notably this year.
Greece Economic GrowthRecovering business and consumer sentiment, along with gains in the labor market, should fuel faster growth next year. An orderly exit from the third bailout, however, will be crucial to the country’s prospects. FocusEconomics panelists see GDP expanding 2.0% in 2018, up 0.1 percentage points from last month’s forecast. In 2019, growth is expected to edge up to 2.1%.
Greece Economy Data
5 years of Greece economic forecasts for more than 30 economic indicators.
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|Bond Yield||5.26||0.76 %||Dec 06|
|Exchange Rate||1.18||0.65 %||Dec 06|
|Stock Market||728||-1.46 %||Dec 06|
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Greece Economic News
November 10, 2017
Industrial production expanded a working-day-adjusted 2.4% in September compared to the same month of last year, which was below August’s revised 5.5% growth (previously reported: +5.6% year-on-year).
November 9, 2017
The number of unemployed fell by 16,769 in August from the previous month and by 141,342 compared with August 2016, according to recent data released by the Hellenic Statistical Authority (EL.STAT). Accordingly, the unemployment rate fell from July’s revised 20.9% (previously reported: 21.0%) to 20.6%, a multi-year low.
November 1, 2017
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) fell in October, after recording the best result in over nine years in September.
October 11, 2017
Industrial production expanded a working-day-adjusted 5.6% in August compared to the same month of last year, which was notably above July’s revised 2.1% growth (previously reported: +1.7% year-on-year).
October 2, 2017
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) climbed in September, suggesting the fastest rate of growth in the manufacturing sector in over nine years.