Current Account in Greece
Greece - Current AccountEconomic activity likely remained subdued in the second quarter, following a weaker-than-expected expansion in Q1. Although industrial production rebounded in June, the upturn was minimal and its average growth in the quarter remained below that of Q1. Moreover, despite falling unemployment, retail sales shrank in both April and May, while consumer confidence remained deep in negative territory in Q2, boding ill for private consumption. The third quarter, however, seems to have got off to a more positive start. In July, economic sentiment hit its highest level since March 2008, amid the electoral victory of the conservative New Democracy party, and the manufacturing PMI reached a three-month high. Meanwhile, late in the same month, Parliament approved a major tax relief package for companies and households. Although officials have stated that reaching the ambitious primary surplus target of 3.5% of GDP this year is still feasible, risks have increased amid the previous and current government’s stimulus measures.
Greece - Current Account Data
|Current Account (% of GDP)||-2.0||-1.6||-0.8||-1.7||-1.8|
5 years of economic forecasts for more than 30 economic indicators.
Greece Current Account Chart
Source: Greece Central Bank and FocusEconomics calculations.
|Bond Yield||1.99||0.76 %||Sep 04|
|Exchange Rate||1.10||0.65 %||Sep 04|
|Stock Market||854||-1.46 %||Sep 04|
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September 9, 2019
Industrial production tumbled 2.1% year-on-year in working-day adjusted terms in July, contrasting June’s 0.3% increase and marking the sharpest fall since February 2016.
September 5, 2019
The number of unemployed workers fell by 6,039 in June compared to May while the seasonally-adjusted unemployment rate ticked down to 17.0% from 17.1% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT).
September 4, 2019
The economic recovery gained pace in the second quarter, according to provisional data released by the Greek Statistical Institute (ELSTAT) on 4 September.
September 2, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) edged up to a four-month high of 54.9 in August from 54.6 in July.
August 9, 2019
Industrial production rose 0.3% year-on-year in working-day adjusted terms in June, contrasting May’s revised 0.1% dip (previously reported: -1.2% year-on-year).