Greece Economic Outlook
November 20, 2018The economic recovery is expected to have remained in place in recent months, although growth continues to be weak and uneven. The labor market’s revival continued in August, with the unemployment rate hitting a new seven-year low. Retail sales also grew strongly in the month, which bodes well for private consumption in Q3. However, economic sentiment fell to a seven-month low in October and the manufacturing PMI receded in the same month, pointing to weakening industrial activity. Meanwhile, on 15 November, the Eurogroup Working Group gave a preliminary green light to the Greek government’s plan to suspend planned pension cuts. The government had scheduled to slash pensions next year according to its agreement with its creditors, however, it had argued that its above-target primary surplus gave it sufficient breathing room to avoid the unpopular cut.
Greece Economic GrowthFalling unemployment and booming investment should fuel growth next year. However, uncertainty over the country’s 2019 elections and the government’s commitment to reforms and fiscal rigidity cast doubt on the country’s longer-term prospects. FocusEconomics panelists see GDP expanding 1.9% in 2019, which is unchanged from last month’s projection, and 1.8% in 2020.
Greece Economy Data
5 years of Greece economic forecasts for more than 30 economic indicators.
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|Bond Yield||4.93||0.76 %||Dec 12|
|Exchange Rate||1.14||0.65 %||Dec 12|
|Stock Market||646||-1.46 %||Dec 12|
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Greece Economic News
December 4, 2018
According to provisional data released by the Hellenic Statistical Authority (ELSTAT), the Greek economy gained momentum in the third quarter, growing at the fastest pace since Q3 2007.
November 9, 2018
Industrial production growth gained steam in September, rising from August’s working-day adjusted 1.4% year-on-year to 2.0%.
November 8, 2018
According to data released by the Hellenic Statistical Authority (ELSTAT), labor market conditions improved in August and the number of unemployed workers fell by 7,886 persons compared with July.
November 2, 2018
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) edged down to 53.1 points in October from September’s 53.6 points.
October 10, 2018
Industrial production growth lost steam in August, slowing from July’s revised working-day adjusted 2.0% year-on-year (previously reported: 1.9% yoy) to 1.4%.