Greece Economic Outlook
September 1, 2020Incoming data suggests that GDP plunged in the second quarter as fallout from the coronavirus pandemic hammered activity. Industrial production contracted at the sharpest pace since Q2 2012 in the second quarter amid disrupted supply chains, weak demand and the suspension of non-essential activities. Moreover, travel restrictions have wreaked havoc on the critical tourism industry, and data for June showed that activity in accommodation services plunged by over 90% compared to June 2019. Figures for the start of the third quarter point to an elusive recovery: Consumer sentiment deteriorated in August and the manufacturing PMI fell in July. On a brighter note, Greek 10-year bond yields fell to a record low in August amid large purchases of the country’s debt by the ECB, as part of its pandemic bond-buying program to help lower the country’s borrowing costs.
Greece Economic GrowthGDP is seen falling at the sharpest rate since 2011 this year as the pandemic takes its toll. A collapse in foreign visitors will pummel the all-important tourism sector and fuel a sharp deterioration in the labor market. Risks to the outlook stem from another wave of Covid-19 infections or a deterioration in market conditions given the country’s sky-high public debt load. FocusEconomics panelists see GDP contracting 8.3% in 2020, which is down 0.2 percentage points from last month’s forecast, and growing 5.7% in 2021.
Greece Economy Data
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|Bond Yield||1.91||0.76 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Greece Economic News
September 10, 2020
The number of unemployed persons rose by 58,146 in June compared to May while the seasonally-adjusted unemployment rate jumped to 18.3% from the previous month’s revised 17.3% (previously reported: 17.0%), according to data released by the Hellenic Statistical Authority.
September 9, 2020
Industrial output fell 0.2% year-on-year in working-day adjusted terms in July, which was a markedly softer drop than June’s 4.9% contraction.
September 3, 2020
Economic activity plunged in the second quarter, with GDP contracting 15.2% year-on-year (Q1: -0.5% yoy), reflecting the impact of the Covid-19 pandemic and associated containment measures.
September 1, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 48.6 in July to 49.4 in August.
August 7, 2020
Industrial output fell 4.9% year-on-year in working-day adjusted terms in June, which was a less pronounced contraction than May's 7.8% decrease.