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Tag Archives: Macro data
Upward revision of 2011 GDP contraction results in slightly lower fiscal adjustment
Hellenic Statistical Authority announced on October 5 it has revised upwards 2011 GDP contraction to 7.1% from 6.9% before. Following this revision, which is based on final or more updated data on certain accounts from 2006 onwards,
Further improvement of general government balance in August
Latest MoF data show that general government deficit, according to cash data, eased by 43.2% y-o-y to €9,889m in 8M’12 from €17,409m last year, with primary balance recording a surplus of €1,440m from deficit of €4,161m in 8M’11.
Fiscal consolidation envisaged in 2013 draft budget will primarily stem from further cost cutting
MoF unveiled the 2013 draft budget, which envisages a general government primary surplus of €2.2bn or 1.1% of GDP and deficit of €8.0bn or 4.2% of GDP, implying a 2.5pp improvement compared to 2012 latest estimates. Note that 2013 forecasts … Continue reading
Posted in Greek economy
Tagged Debt, Greek budget, Greek economy, Macro data, Politics
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Revenues rebounded in August; Budget balance continues to materially outperform targets
MoF final data on August budget execution depict a rebound of revenues (excl. tax refunds), which soared 24.7% in August, primarily due to the payment of (part of) the personal income tax, following the extension that had been given for … Continue reading
Greek banks’ Eurosystem funding slightly rose in August
According to the latest BoG data, Greek banks’ ECB funding rose by €6.9bn m-o-m to €30.9bn in August. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism eased by €5.5bn m-o-m to €100.8bn.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity, Macro data
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Revenues rebounded in August, budget balance materially better than target
MoF preliminary data on August budget execution depict a rebound of revenues (excl. tax refunds), which soared 19.3% in August, primarily due to the payment of (part of) the personal income tax, following the extension that had been given for … Continue reading
Central government cash deficit substantially improved in August
According to data released by BoG, central government cash deficit (i.e. net balance of the state budget including movements in public debt management accounts) stood at €6.4bn in the first eight months of the year from €18.6bn last year, down … Continue reading
Q2’12 GDP shrank 6.3% y-o-y
According to latest Hellenic Statistical Authority (ELSTAT) data, non-seasonally-adjusted Q2’12 GDP shrank 6.3% y-o-y to €43.7bn, 0.1pp worse than the initial figure of 6.2% released on August 13. ELSTAT notes that the difference is due to June monthly data for … Continue reading
General government cash deficit slipped 27.6% y-o-y in 7M’12
Latest MoF data show that general government deficit, according to cash data, eased by 27.6% y-o-y to €10,609m in 7M’12 from €14,648m last year, with primary deficit substantially improving to just €229m from €4,056m in 7M’11.
Deposits rebounded 2.2% m-o-m in July following inflows of €3.05bn
As expected, latest BoG data show that deposits [private sector] rebounded 2.2% m-o-m in July with inflows reaching €3.05bn, following the formation of the new coalition government in the second half of June. It is reminded that outflows peaked to … Continue reading
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity, Macro data
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Credit contraction accelerated in July
Latest BoG data depict an acceleration of credit contraction in the Greek banking market to 4.8% y-o-y in July from 4.3% in June with balances reaching €234.4bn corresponding to 111.9% of GDP. Loan balances eased 2.4% m-o-m with net flow … Continue reading
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Tagged Greek banks, Greek credit, Greek economy, Macro data
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July final budget execution data confirm preliminary figures: bottom-line surprises on the upside, revenues on the downside
MoF final data on July budget execution released today confirmed preliminary figures announced on August 10.
Central government debt rises by €23.2bn q-o-q to €303.5bn in Q2’12
According to latest MoF data, central government debt stood at €303.5bnat the end of Q2’12, up by €23.2bn or 8.3% compared to Q1’12 (€280.3bn) and down by €50.2bn or 14.2% versus Q2’11 (€353.7bn), primarily reflecting PSI transaction.
July budget execution: bottom-line surprises on the upside, revenues on the downside
MoF data on July budget execution show that, after a temporary rebound in June, revenues (excl. tax refunds) resumed their downward trend easing by 18.6% y-o-y in July and bringing the 7-month figure down 6.9% y-o-y to€27.9bn.
Greek general government cash deficit eases to €9.9bn in 6M’12
Latest MoF data show that general government deficit, according to cash data, eased by 12.9% y-o-y to €9,880m in 6M’12 from €11,347m last year with primary deficit substantially improving to €490m from €4,013m in H1’11.
Greek loan expansion remained on negative grounds in June
According to BoG, total credit eased 0.8% m-o-m and 4.3% y-o-y in June (May: -4.5% y-o-y) reaching €240.2bn. Net flow rebounded with net additions reaching €851m in June, from net deductions of €940m in May, entirely attributed to corporate lending … Continue reading
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Tagged Greek banks, Greek credit, Greek economy, Macro data
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Greek deposit outflows continued unabated at €6.7bn in June – Reversal is expected in July
BoG data show that deposits [private sector] substantially dropped 4.4% m-o-m and 20.0% y-o-y to €150.6bn in June from €157.4bn in May. Deposit outflows continued unabated at €6.7bn, after reaching a new historic high of €9.2bn in May, on heightened … Continue reading
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Tagged Greek banks, Greek deposits, Greek economy, Liquidity, Macro data
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Greek June budget revenues rebounded, yet still falling short of targets – bottom-line much better than targeted
According to the final data for 6M’12 budget execution released by MoF, revenues (excl. tax refunds) rebounded in June (up 3.0% y-o-y), after easing by 14.9% and 12.8% in the previous two months, bringing the 6-month figure down 4.4% y-o-y … Continue reading
IMF updated forecasts on Greek economy
In its latest Fiscal Monitor , IMF notes that “the situation in Greece remains fluid stressing that macroeconomic deterioration and uneven reform implementation have weighed on revenues this year, while financing constraints are leading to under-execution of budgeted expenditures“.
Independent Insight Views 