Greece Economic Forecast

Greece Economic Outlook

September 25, 2018

The economy lost pace in the second quarter as domestic demand waned. Sustained austerity measures and sky-high unemployment dented private consumption growth, despite signs of a moderate improvement in the labor market. In addition, public spending dipped in the quarter as the government remained committed to its fiscal consolidation plans. On a brighter note, booming inbound tourism propped up the external sector in the quarter. Available economic indicators appear more upbeat for the third quarter: economic sentiment shot up to an over four-year high in August, and a solid outturn by the manufacturing sector buoyed otherwise lackluster industrial output growth in July. On the heels of exiting its third government bailout, on 28 August, Prime Minister Alexis Tsipras reshuffled his cabinet. The reshuffle involved few key posts and was likely aimed at shoring up government support before next year’s election.

Greece Economic Growth

Hard-earned momentum should carry into next year as the economy finally emerges from eight years of creditor bailouts. Improving labor market dynamics and a pick-up in investment activity should drive the recovery. However, doubts remain over long-term debt sustainability and the government’s willingness to maintain fiscal discipline. FocusEconomics panelists see GDP expanding 2.0% in 2018 and 2.0% in 2019, unchanged from last month’s projection.

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Greece Facts

Bond Yield5.050.76 %Oct 12
Exchange Rate1.160.65 %Oct 12
Stock Market628-1.46 %Oct 12

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Greece Economic News

  • Greece: Industrial production growth slows in August

    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%.

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  • Greece: Unemployment rate dips in June

    September 10, 2018

    According to data released by the Hellenic Statistical Authority (EL.STAT), the number of unemployed workers fell by 12,624 in June compared with May, while those in employment rose by 17,656 in the same period.

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  • Greece: Industrial production accelerates in July

    September 10, 2018

    Industrial production growth accelerated from a working-day adjusted 1.2% annually in June to 1.9% in July.

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  • Greece: Unemployment rate falls in June

    September 6, 2018

    According to data recently released by the Hellenic Statistical Authority (EL.STAT), the number of unemployed workers decreased by 12,624 in June compared with May and the seasonally-adjusted unemployment rate fell to 19.1% from a revised 19.3% in the previous month (previously reported: 19.5%).

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  • Greece: Recovery loses traction in Q2

    September 3, 2018

    According to provisional data released by the Hellenic Statistical Authority (ELSTAT), the Greek economy lost some momentum in the second quarter, after expanding at the fastest pace in over 10 years at the start of the year.

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