Current Account in Greece
Greece - Current AccountOutput 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 - Current Account Data
|Current Account (% of GDP)||-0.8||-1.7||-1.9||-2.8||-1.4|
5 years of economic forecasts for more than 30 economic indicators.
Greece Current Account Chart
Source: Greece Central Bank and FocusEconomics calculations.
|Bond Yield||1.91||0.76 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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September 14, 2022
July’s data pointed to a deterioration in the labor market.
September 9, 2022
Industrial production increased 7.0% year on year in working-day adjusted terms in July (June: +8.9% yoy).
September 7, 2022
GDP growth slowed to 7.7% seasonally adjusted year on year in the second quarter, from 8.0% in the first quarter.
September 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 48.8 in August from July's 49.1.
August 10, 2022
Industrial output rose 8.4% year on year in working-day adjusted terms in June (May: +3.6% yoy).