Greece Economic Outlook
June 2, 2020The economy is set to have suffered a severe blow in Q1 due to the coronavirus pandemic and associated containment measures, with the full brunt of the impact to be felt in Q2. The vital tourism sector, in particular, is already showing signs of extreme duress: In March, tourism revenues plunged by over 70% year-on-year, the sharpest fall ever, as air travel was suspended and businesses closed up shop. Meanwhile, the manufacturing PMI collapsed at an unprecedented rate in April, with output, new orders and employment declining the most since 1999 as the pandemic swept through the continent, shattering demand. As part of efforts to revive the tourism industry, some hospitality businesses started to reopen on 25 May, with hotels following suit on 1 June and direct flights resuming on 15 June. The government also announced a series of VAT cuts to stimulate consumption.
Greece Economic GrowthThe economy is expected to fall into recession this year as the pandemic and lockdown measures take their toll, particularly as the economy’s high dependence on the tourism sector and large share of micro businesses make it more vulnerable to the Covid-19 shock. The country’s enormous pile of public debt and sour loans burdening the banking system cloud the outlook. FocusEconomics panelists see GDP contracting 8.4% in 2020, which is down 0.9 percentage points from last month’s forecast, and growing 5.7% in 2021.
Greece Economy Data
5 years of Greece economic forecasts for more than 30 economic indicators.
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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
July 1, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) jumped from 41.1 in May to 49.4 in June.
June 11, 2020
The number of unemployed workers fell by 79,397 in March compared to February while the seasonally-adjusted unemployment rate fell to 14.4% from the previous month’s revised 15.9% (previously reported: 16.2%), according to data released by the Hellenic Statistical Authority (ELSTAT).
June 5, 2020
Industrial output plunged 9.9% year-on-year in working-day adjusted terms in April (March: +0.4% year-on-year) as Covid-19 containment measures weighed on activity.
June 4, 2020
GDP shrank 0.9% year-on-year in the first quarter as the Covid-19 outbreak and restrictions to curb its spread started to take their toll, contrasting the 1.0% expansion recorded in the fourth quarter of last year and marking the steepest drop since Q2 2016.
June 1, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) bounced back from a record-low 29.5 in April to 41.1 in May.