
Greece Economic Outlook
May 31, 2022
Output growth was likely resilient in the first quarter of this year. The services sector benefited from an improving labor market and reduced Covid restrictions while industrial output grew at the fastest pace in 16 months in March. That said, the manufacturing PMI dipped to an 11-month low in March, as the fallout from the Russia-Ukraine war hit sentiment. Moreover, consumer confidence worsened during the quarter amid soaring prices, which could have limited private consumption. In Q2, the economy is likely losing steam. In April, consumer confidence continued to worsen and inflation rose to the highest level in 27 years, which is likely tempering private spending. However, the manufacturing PMI improved slightly in April. Meanwhile, in early May, Greece removed virtually all remaining Covid-19 restrictions, which should help spur the tourism industry heading into the summer season.Greece Economic Growth
GDP growth is forecast to cool this year, partly due to deteriorating external demand and soaring inflation. That said, EU financial support for Greece is amongst the largest in the EU, which should support output. Additionally, a restriction-free tourism season bodes well for activity. High public debt and poor tax collection capabilities remain key downside risks. FocusEconomics panelists see GDP growing 3.2% in 2022, which is down 0.2 percentage points from last month’s projection. In 2023, the panel sees the economy expanding 3.5%.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 contracts at sharpest pace since June 2020 in April
June 10, 2022
Industrial output declined 4.5% year on year in working-day adjusted terms in April, which contrasted March's 8.1% increase.
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Greece: Growth slows in annual terms in Q1, but economy continues to exhibit strong momentum
June 7, 2022
GDP growth moderated to 7.0% in the first quarter, from 8.1% in the fourth quarter of last year.
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Greece: Manufacturing PMI records worst reading since March 2021 in May
June 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 53.8 in May, down from April's 54.8.
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Greece: Unemployment rate drops in March
May 18, 2022
March’s print suggested a reviving labor market, as the number of employed people increased by 16,180 compared with February 2022, while the seasonally-adjusted unemployment rate declined from February’s 12.7% to 12.2% in March.
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Greece: Industrial output growth rises in March
May 10, 2022
Industrial output expanded 7.9% year-on-year in working-day adjusted terms in March (February: +4.8% yoy).