Greece Economy

Greece’s gdp growth annual decreased to -11.7 by -17.61% on July 2020 from -14.2 in the previous Quarterly. On a year on year basis Greece’s gdp growth annual decreased by -715.79%. Greece’s gdp growth annual trend is down since the current value of -11.7 is lower than the 12 month moving average of -0.991667.Greece’s inflation cpi icnreased to -2.1 by 16.67% on November 2020 from -1.8 in the previous Monthly. On a year on year basis Greece’s inflation cpi increased by 200.0%. Greece’s inflation cpi trend is down since the current value of -2.1 is lower than the 12 month moving average of -0.966667.Greece’s unemployment rate decreased to 16.1 by -2.42% on September 2020 from 16.5 in the previous Monthly. On a year on year basis Greece’s unemployment rate decreased by -4.73%. Greece’s unemployment rate trend is down since the current value of 16.1 is lower than the 12 month moving average of 16.4917.

Greece Financial Markets

MarketSymbolLastMomTrendExhRSI1D%1W%1M%1Y%
Athens General CompositeATG854.2210.751.0672871.3767-1.93-6.16-4.42-0.1135
FTSE/ATHEX Large CapATF2045.550.50.750.8393966.7462-2.53-7.07-5.49-0.16
Greece ETFGREK26.600.51.1978661.7913-2.88-7.73-7.22-0.13759
Greece 10-Year Bond YieldGR.10Y0.68-1-0.75-1.2431742.2271-3-18.27-28.57-0.54745
Greece 5-Year Bond YieldGR.5Y-0.12-0.5-1-0.9135244.715212.15-318.18-141.81-0.78531
Greece 6-months bond yieldGR.6M-0.220.5-0.5-1.4482251.3498-20.8613.99-12-1.33143
Greece Yield CurveGR.YC0.9-1-1-1.0069842.4994-8.07-12.2-21.12-0.31982
Greece Credit Default SwapsCDS.Greece74.25-1-1-1.2585118.36274.21-1.66-7.19-0.61463

Athens General Composite closed up by 0.00874% to 816.06 on 23 January 2021 and +0.03629% on a weekly basis. Athens General Composite momentum was last calculated at +1.0/100 indicating positive momentum. Athens General Composite trend is +0.75/100 indicating a positive trend. Athens General Composite momentum exhaustion is 1.06728 indicating Athens General Composite is oversold.FTSE/ATHEX Large Cap closed down by -0.0013% to 1950.62 on 23 January 2021 and +0.00735% on a weekly basis. FTSE/ATHEX Large Cap momentum was last calculated at +0.5/100 indicating positive momentum. FTSE/ATHEX Large Cap trend is +0.75/100 indicating a positive trend. FTSE/ATHEX Large Cap momentum exhaustion is 0.83939 indicating FTSE/ATHEX Large Cap is oversold.Greece ETF closed up by 0.00894% to 25.95 on 23 January 2021 and +-0.02149% on a weekly basis. Greece ETF momentum was last calculated at +0.0/100 indicating positive momentum. Greece ETF trend is +0.5/100 indicating a positive trend. Greece ETF momentum exhaustion is 1.19786 indicating Greece ETF is oversold.Greece 10-Year Bond Yield closed up by 0.0% to 0.62 on 23 January 2021 and +-0.04468% on a weekly basis. Greece 10-Year Bond Yield momentum was last calculated at -1.0/100 indicating negative momentum. Greece 10-Year Bond Yield trend is -0.75/100 indicating a negative trend. Greece 10-Year Bond Yield momentum exhaustion is -1.24317 indicating Greece 10-Year Bond Yield is oversold.

Greece Macroeconomic model

MacroVar Greece Macro model analyzes economic growth and inflation to assess the current economic conditions. Economic growth and inflation expectations are the two most important economic indicators used to assess economic conditions, forecast financial market returns and policymaker response. Greece’s current macroeconomic conditions are summarized below the chart. Click here to learn more about MacroVar Greece macroecononic model and the leading economic indicators used for analysis.

Greece Macro Model

Greece News

Greece Economy

Economic Activity OverviewActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
gdp growth annual-7.9-10.5-0.247619-8.18182-1.0-1.00.08333332020-10-01
inflation cpi10.19-1.6251.01.00.3833332021-06-30
unemployment rate1716.30.04294480.06918241.01.012021-04-30
Business & Consumer Forecast OverviewActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
ESI - Economic Composite97.996.90.0103199-0.01608041.0-1.00.2833332021-04-01
manufacturing pmi58.6580.01034480.1862351.01.00.9166672021-06-30
Reserves & Outstanding DebtActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
government debt3807953740060.01815210.10781.01.002020-07-01
government debt to gdp205.6180.50.1390580.8793421.01.002020-01-31
external debt5035744945090.01833130.2530241.01.00.6666672021-01-01
foreign exchange reserves91759231-0.006066520.0289335-1.01.00.4666672021-06-30
gold reserves113.93113.90.0002633890.009123121.01.00.82021-01-01
TradeActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
current account-2079.1-1461.60.4224820.81397-1.0-1.00.92021-04-30
current account to gdp-6.7-1.53.46667-0.556291-1.01.002020-01-31
Monetary PolicyActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
interest rate0.050.05001.0-1.00.7916672016-03-09
central bank balance sheet2024181981510.02153410.5378391.01.00.8333332021-05-31
banks balance sheet3217203177800.01239850.00555726-1.01.00.6166672021-05-31
money supply m22142232123310.008910620.1195761.01.00.92021-05-31
Fiscal PolicyActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
Government budget-2002.6-3083.5-0.350543-0.4148551.01.00.4333332021-05-31
government revenues21977182900.2015860.142731-1.01.00.952021-06-30
fiscal expenditure34192291180.1742560.211322-1.01.00.852021-06-30

Greece’s gdp growth annual decreased to -11.7 by -17.61% on July 2020 from -14.2 in the previous Quarterly. On a year on year basis Greece’s gdp growth annual decreased by -715.79%. Greece’s gdp growth annual trend is down since the current value of -11.7 is lower than the 12 month moving average of -0.991667.Greece’s inflation cpi icnreased to -2.1 by 16.67% on November 2020 from -1.8 in the previous Monthly. On a year on year basis Greece’s inflation cpi increased by 200.0%. Greece’s inflation cpi trend is down since the current value of -2.1 is lower than the 12 month moving average of -0.966667.Greece’s unemployment rate decreased to 16.1 by -2.42% on September 2020 from 16.5 in the previous Monthly. On a year on year basis Greece’s unemployment rate decreased by -4.73%. Greece’s unemployment rate trend is down since the current value of 16.1 is lower than the 12 month moving average of 16.4917.Greece’s manufacturing pmi decreased to 42.3 by -13.14% on November 2020 from 48.7 in the previous Monthly. On a year on year basis Greece’s manufacturing pmi decreased by -21.81%. Greece’s manufacturing pmi trend is down since the current value of 42.3 is lower than the 12 month moving average of 47.1667.Greece’s building permits icnreased to 1732.0 by 33.85% on September 2020 from 1294.0 in the previous Monthly. On a year on year basis Greece’s building permits increased by 30.91%. Greece’s building permits trend is down since the current value of 1732.0 is lower than the 12 month moving average of 1571.67.Greece’s business confidence decreased to 91.0 by -1.41% on November 2020 from 92.3 in the previous Monthly. On a year on year basis Greece’s business confidence decreased by -15.82%. Greece’s business confidence trend is down since the current value of 91.0 is lower than the 12 month moving average of 97.6833.Greece’s consumer confidence icnreased to -48.3 by 6.15% on November 2020 from -45.5 in the previous Monthly. On a year on year basis Greece’s consumer confidence increased by 610.29%. Greece’s consumer confidence trend is down since the current value of -48.3 is lower than the 12 month moving average of -27.9417.

Greece Business activity

Business ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
business confidence108.7108.60.000920810.2366331.01.012021-06-30
ESI - Economic Composite97.996.90.0103199-0.01608041.0-1.00.2833332021-04-01
manufacturing pmi58.6580.01034480.1862351.01.00.9166672021-06-30
Manufacturing sector-5.8-7.5-0.2266670.03571431.0-1.00.9333332021-04-01
Consumer sector-34.6-39.5-0.1240510.06134971.0-1.00.752021-04-01
Construction sector5.1-12.2-1.41803-1.066841.01.00.01666672021-04-01
Retail sector3.2-1.3-3.4615401.0-1.00.6666672021-04-01
Services sector-17.6-18.2-0.032967-171.0-1.00.01666672021-04-01

Greece’s business confidence decreased to 91.0 by -1.41% on November 2020 from 92.3 in the previous Monthly. On a year on year basis Greece’s business confidence decreased by -15.82%. Greece’s business confidence trend is down since the current value of 91.0 is lower than the 12 month moving average of 97.6833.Greece’s ESI – Economic Composite decreased to 91.0 by -141.0% on January 2021 from 92.3 in the previous . On a year on year basis Greece’s ESI – Economic Composite decreased by -1582.0%. Greece’s ESI – Economic Composite trend is down since the current value of 91.0 is lower than the 12 month moving average of 97.6833.Greece’s manufacturing pmi decreased to 42.3 by -13.14% on November 2020 from 48.7 in the previous Monthly. On a year on year basis Greece’s manufacturing pmi decreased by -21.81%. Greece’s manufacturing pmi trend is down since the current value of 42.3 is lower than the 12 month moving average of 47.1667.Greece’s Manufacturing sector icnreased to -12.4 by 3778.0% on January 2021 from -9.0 in the previous . On a year on year basis Greece’s Manufacturing sector decreased by -98571.0%. Greece’s Manufacturing sector trend is down since the current value of -12.4 is lower than the 12 month moving average of -7.925.Greece’s Consumer sector icnreased to -48.3 by 615.0% on January 2021 from -45.5 in the previous . On a year on year basis Greece’s Consumer sector increased by 61029.0%. Greece’s Consumer sector trend is down since the current value of -48.3 is lower than the 12 month moving average of -27.9417.Greece’s Construction sector decreased to -31.0 by -3404.0% on January 2021 from -47.0 in the previous . On a year on year basis Greece’s Construction sector decreased by -4038.0%. Greece’s Construction sector trend is down since the current value of -31.0 is lower than the 12 month moving average of -44.0833.Greece’s Retail sector decreased to -14.3 by -654.0% on January 2021 from -15.3 in the previous . On a year on year basis Greece’s Retail sector decreased by -15720.0%. Greece’s Retail sector trend is down since the current value of -14.3 is lower than the 12 month moving average of -1.86667.Greece’s Services sector icnreased to -28.8 by 1250.0% on January 2021 from -25.6 in the previous . On a year on year basis Greece’s Services sector decreased by -26180.0%. Greece’s Services sector trend is down since the current value of -28.8 is lower than the 12 month moving average of -9.65.

Greece Consumer activity

Consumer ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
consumer confidence-25.6-22.20.153153-0.07581231.01.00.5666672021-06-30
car registrations13877108500.2789860.6822651.01.00.952021-06-30
Consumer - General economic situation (next 12 months)-41.3-47.6-0.132353-0.01666671.01.00.7333332021-04-01
Consumer - Financial situation (next 12 months)-21-27.9-0.247312-0.3597561.01.00.3666672021-04-01
Consumer - Price trends (next 12 months)-16-14.10.134752-7.66667-1.0-1.00.06666672021-04-01
Consumer - Unemployment expectations (next 12 months)53.656.4-0.0496454-0.257618-1.0-1.00.6166672021-04-01
Consumer - Major purchases (next 12 months)-40.8-45.3-0.0993377-0.1428571.01.00.4333332021-04-01
Consumer - Savings (next 12 months)-56.3-61-0.0770492-0.1189361.01.00.1833332021-04-01
Consumer - Households Financial situation1.3-0.8-2.625-1.351351.01.00.06666672021-04-01

Greece’s consumer confidence icnreased to -48.3 by 6.15% on November 2020 from -45.5 in the previous Monthly. On a year on year basis Greece’s consumer confidence increased by 610.29%. Greece’s consumer confidence trend is down since the current value of -48.3 is lower than the 12 month moving average of -27.9417.Greece’s car registrations icnreased to 7641.0 by 12.77% on November 2020 from 6776.0 in the previous Monthly. On a year on year basis Greece’s car registrations increased by 2.37%. Greece’s car registrations trend is down since the current value of 7641.0 is lower than the 12 month moving average of 6755.0.Greece’s Consumer – General economic situation (next 12 months) icnreased to -64.8 by 2681.0% on January 2021 from -51.1 in the previous . On a year on year basis Greece’s Consumer – General economic situation (next 12 months) decreased by -51013.0%. Greece’s Consumer – General economic situation (next 12 months) trend is down since the current value of -64.8 is lower than the 12 month moving average of -26.8417.Greece’s Consumer – Financial situation (next 12 months) icnreased to -41.9 by 1114.0% on January 2021 from -37.7 in the previous . On a year on year basis Greece’s Consumer – Financial situation (next 12 months) decreased by -129714.0%. Greece’s Consumer – Financial situation (next 12 months) trend is down since the current value of -41.9 is lower than the 12 month moving average of -22.3167.Greece’s Consumer – Price trends (next 12 months) decreased to -8.4 by -1923.0% on January 2021 from -10.4 in the previous . On a year on year basis Greece’s Consumer – Price trends (next 12 months) decreased by -4878.0%. Greece’s Consumer – Price trends (next 12 months) trend is down since the current value of -8.4 is lower than the 12 month moving average of -7.625.Greece’s Consumer – Unemployment expectations (next 12 months) icnreased to 77.2 by 2100.0% on January 2021 from 63.8 in the previous . On a year on year basis Greece’s Consumer – Unemployment expectations (next 12 months) decreased by -84231.0%. Greece’s Consumer – Unemployment expectations (next 12 months) trend is down since the current value of 77.2 is lower than the 12 month moving average of 46.4583.Greece’s Consumer – Major purchases (next 12 months) decreased to -49.3 by -1228.0% on January 2021 from -56.2 in the previous . On a year on year basis Greece’s Consumer – Major purchases (next 12 months) increased by 6111.0%. Greece’s Consumer – Major purchases (next 12 months) trend is down since the current value of -49.3 is lower than the 12 month moving average of -41.5667.Greece’s Consumer – Savings (next 12 months) decreased to -61.9 by -650.0% on January 2021 from -66.2 in the previous . On a year on year basis Greece’s Consumer – Savings (next 12 months) increased by 438.0%. Greece’s Consumer – Savings (next 12 months) trend is down since the current value of -61.9 is lower than the 12 month moving average of -62.325.Greece’s Consumer – Households Financial situation decreased to -0.7 by -7500.0% on January 2021 from -2.8 in the previous . On a year on year basis Greece’s Consumer – Households Financial situation decreased by -8852.0%. Greece’s Consumer – Households Financial situation trend is down since the current value of -0.7 is lower than the 12 month moving average of -3.39167.

Greece Manufacturing activity

Manufacturing ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
manufacturing pmi58.6580.01034480.1862351.01.00.9166672021-06-30
Manufacturing sector-5.8-7.5-0.2266670.03571431.0-1.00.9333332021-04-01
Manufacturing - Order Books-21.2-19.70.07614211.864861.0-1.00.8666672021-04-01
Manufacturing - Selling Price expectations (next months)19.210.10.90099-251.01.00.03333332021-04-01
Manufacturing - Production trend (recent months)-0.7-0.70-1.064811.0-1.00.32021-04-01
Manufacturing - Export Order Books-9.9-4.51.20.6779661.0-1.00.752021-04-01
Manufacturing - Finished Products (Stock Levels)14.210.20.3921570.494737-1.01.00.8166672021-04-01
Manufacturing - Production expectations (next months)187.41.43243891.01.012021-04-01
industrial production1422.7-0.38326-2.707321.01.00.252021-05-31
industrial production mom2.3-2.3-20.9166671.01.00.8666672021-03-31
capacity utilization76.874.10.03643720.1654021.01.012021-06-30

Greece’s manufacturing pmi decreased to 42.3 by -13.14% on November 2020 from 48.7 in the previous Monthly. On a year on year basis Greece’s manufacturing pmi decreased by -21.81%. Greece’s manufacturing pmi trend is down since the current value of 42.3 is lower than the 12 month moving average of 47.1667.Greece’s Manufacturing sector icnreased to -12.4 by 3778.0% on January 2021 from -9.0 in the previous . On a year on year basis Greece’s Manufacturing sector decreased by -98571.0%. Greece’s Manufacturing sector trend is down since the current value of -12.4 is lower than the 12 month moving average of -7.925.Greece’s Manufacturing – Order Books icnreased to -25.4 by 120.0% on January 2021 from -25.1 in the previous . On a year on year basis Greece’s Manufacturing – Order Books increased by 17912.0%. Greece’s Manufacturing – Order Books trend is down since the current value of -25.4 is lower than the 12 month moving average of -24.1.Greece’s Manufacturing – Selling Price expectations (next months) decreased to -0.4 by -8261.0% on January 2021 from -2.3 in the previous . On a year on year basis Greece’s Manufacturing – Selling Price expectations (next months) increased by 30000.0%. Greece’s Manufacturing – Selling Price expectations (next months) trend is down since the current value of -0.4 is lower than the 12 month moving average of -5.15833.Greece’s Manufacturing – Production trend (recent months) icnreased to 4.3 by 12632.0% on January 2021 from 1.9 in the previous . On a year on year basis Greece’s Manufacturing – Production trend (recent months) decreased by -7598.0%. Greece’s Manufacturing – Production trend (recent months) trend is down since the current value of 4.3 is lower than the 12 month moving average of -1.8.Greece’s Manufacturing – Export Order Books icnreased to -7.0 by 25000.0% on January 2021 from -2.0 in the previous . On a year on year basis Greece’s Manufacturing – Export Order Books decreased by -667.0%. Greece’s Manufacturing – Export Order Books trend is down since the current value of -7.0 is lower than the 12 month moving average of -15.2.Greece’s Manufacturing – Finished Products (Stock Levels) decreased to 13.7 by -420.0% on January 2021 from 14.3 in the previous . On a year on year basis Greece’s Manufacturing – Finished Products (Stock Levels) increased by 2232.0%. Greece’s Manufacturing – Finished Products (Stock Levels) trend is down since the current value of 13.7 is lower than the 12 month moving average of 13.2083.Greece’s Manufacturing – Production expectations (next months) decreased to 1.8 by -8560.0% on January 2021 from 12.5 in the previous . On a year on year basis Greece’s Manufacturing – Production expectations (next months) decreased by -9265.0%. Greece’s Manufacturing – Production expectations (next months) trend is down since the current value of 1.8 is lower than the 12 month moving average of 13.5417.Greece’s industrial production icnreased to -3.7 by 76.19% on October 2020 from -2.1 in the previous Monthly. On a year on year basis Greece’s industrial production increased by 85.0%. Greece’s industrial production trend is down since the current value of -3.7 is lower than the 12 month moving average of -4.1.Greece’s industrial production mom decreased to 1.4 by -227.27% on September 2020 from -1.1 in the previous Monthly. On a year on year basis Greece’s industrial production mom increased by 55.56%. Greece’s industrial production mom trend is down since the current value of 1.4 is lower than the 12 month moving average of -0.141667.Greece’s capacity utilization icnreased to 73.8 by 2.79% on October 2020 from 71.8 in the previous Monthly. On a year on year basis Greece’s capacity utilization increased by 2.64%. Greece’s capacity utilization trend is down since the current value of 73.8 is lower than the 12 month moving average of 70.3083.

Greece Services activity

Services ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
Services sector-17.6-18.2-0.032967-171.0-1.00.01666672021-04-01
Services - Demand Expectations (next 3 months)1.210.2-1.078951.01.00.3666672021-04-01
Services - Prices expectations (next 3 months)-5.7-16.7-0.658683-0.6815641.01.00.5166672021-04-01
Services - Business activity (past 3 months)-29.6-29.10.0171821-9.705881.0-1.00.06666672021-04-01
Services - Demand (past 3 months)-24.4-26.5-0.0792453-2.605261.0-1.00.2166672021-04-01
Services - Employment (past 3 months)-1.7-2.1-0.190476-1.128791.0-1.00.3666672021-04-01
Services - Employment (next 3 months)3.99.5-0.589474-2.147061.01.00.1666672021-04-01

Greece’s Services sector icnreased to -28.8 by 1250.0% on January 2021 from -25.6 in the previous . On a year on year basis Greece’s Services sector decreased by -26180.0%. Greece’s Services sector trend is down since the current value of -28.8 is lower than the 12 month moving average of -9.65.Greece’s Services – Demand Expectations (next 3 months) icnreased to -21.3 by 14483.0% on January 2021 from -8.7 in the previous . On a year on year basis Greece’s Services – Demand Expectations (next 3 months) decreased by -19816.0%. Greece’s Services – Demand Expectations (next 3 months) trend is down since the current value of -21.3 is lower than the 12 month moving average of -0.816667.Greece’s Services – Prices expectations (next 3 months) icnreased to -22.4 by 2174.0% on January 2021 from -18.4 in the previous . On a year on year basis Greece’s Services – Prices expectations (next 3 months) increased by 42093.0%. Greece’s Services – Prices expectations (next 3 months) trend is down since the current value of -22.4 is lower than the 12 month moving average of -13.3167.Greece’s Services – Business activity (past 3 months) decreased to -34.4 by -523.0% on January 2021 from -36.3 in the previous . On a year on year basis Greece’s Services – Business activity (past 3 months) decreased by -31104.0%. Greece’s Services – Business activity (past 3 months) trend is down since the current value of -34.4 is lower than the 12 month moving average of -17.4333.Greece’s Services – Demand (past 3 months) decreased to -30.9 by -283.0% on January 2021 from -31.8 in the previous . On a year on year basis Greece’s Services – Demand (past 3 months) decreased by -30196.0%. Greece’s Services – Demand (past 3 months) trend is down since the current value of -30.9 is lower than the 12 month moving average of -10.725.Greece’s Services – Employment (past 3 months) icnreased to -14.4 by 1077.0% on January 2021 from -13.0 in the previous . On a year on year basis Greece’s Services – Employment (past 3 months) decreased by -21613.0%. Greece’s Services – Employment (past 3 months) trend is down since the current value of -14.4 is lower than the 12 month moving average of -3.93333.Greece’s Services – Employment (next 3 months) decreased to -3.1 by -32143.0% on January 2021 from 1.4 in the previous . On a year on year basis Greece’s Services – Employment (next 3 months) decreased by -12013.0%. Greece’s Services – Employment (next 3 months) trend is down since the current value of -3.1 is lower than the 12 month moving average of 4.15.

Greece Retail Sector

Retail ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
Retail sector3.2-1.3-3.4615401.0-1.00.6666672021-04-01
Retail - Orders Expectations (next 3 months)18.24.33.232563.666671.01.00.9333332021-04-01
Retail - Prices expectations (next 3 months)13.80.433.52.066671.01.00.8666672021-04-01
Retail - Business activity (past 3 months)-10.7-51.14-1.28611.0-1.00.552021-04-01
Retail - Stock Levels8.97.70.155844-0.688811-1.0-1.00.3833332021-04-01
Retail - Business activity expectations (next 3 months)29.28.82.3181831.44441.01.00.9833332021-04-01
Retail - Employment expectations (next 3 months)8.727.6-0.684783-0.546875-1.0-1.00.3166672021-04-01
retail sales39.3-0.7-57.1429-2.597561.01.00.1666672021-04-30
retail sales MoM2.20.81.75-1.08302-1.01.00.5166672021-04-30

Greece’s Retail sector decreased to -14.3 by -654.0% on January 2021 from -15.3 in the previous . On a year on year basis Greece’s Retail sector decreased by -15720.0%. Greece’s Retail sector trend is down since the current value of -14.3 is lower than the 12 month moving average of -1.86667.Greece’s Retail – Orders Expectations (next 3 months) icnreased to -22.8 by 66000.0% on January 2021 from -3.0 in the previous . On a year on year basis Greece’s Retail – Orders Expectations (next 3 months) decreased by -16909.0%. Greece’s Retail – Orders Expectations (next 3 months) trend is down since the current value of -22.8 is lower than the 12 month moving average of 6.08333.Greece’s Retail – Prices expectations (next 3 months) icnreased to 4.9 by 235000.0% on January 2021 from 0.2 in the previous . On a year on year basis Greece’s Retail – Prices expectations (next 3 months) decreased by -4167.0%. Greece’s Retail – Prices expectations (next 3 months) trend is down since the current value of 4.9 is lower than the 12 month moving average of 3.3.Greece’s Retail – Business activity (past 3 months) icnreased to -10.6 by 12083.0% on January 2021 from -4.8 in the previous . On a year on year basis Greece’s Retail – Business activity (past 3 months) decreased by -12969.0%. Greece’s Retail – Business activity (past 3 months) trend is down since the current value of -10.6 is lower than the 12 month moving average of 7.25833.Greece’s Retail – Stock Levels decreased to 11.7 by -5714.0% on January 2021 from 27.3 in the previous . On a year on year basis Greece’s Retail – Stock Levels increased by 12500.0%. Greece’s Retail – Stock Levels trend is down since the current value of 11.7 is lower than the 12 month moving average of 20.7167.Greece’s Retail – Business activity expectations (next 3 months) icnreased to -20.5 by 4748.0% on January 2021 from -13.9 in the previous . On a year on year basis Greece’s Retail – Business activity expectations (next 3 months) decreased by -14617.0%. Greece’s Retail – Business activity expectations (next 3 months) trend is down since the current value of -20.5 is lower than the 12 month moving average of 7.89167.Greece’s Retail – Employment expectations (next 3 months) decreased to 25.6 by -691.0% on January 2021 from 27.5 in the previous . On a year on year basis Greece’s Retail – Employment expectations (next 3 months) decreased by -266.0%. Greece’s Retail – Employment expectations (next 3 months) trend is down since the current value of 25.6 is lower than the 12 month moving average of 23.5583.Greece’s retail sales decreased to 4.7 by -217.5% on October 2020 from -4.0 in the previous Monthly. On a year on year basis Greece’s retail sales decreased by -34.72%. Greece’s retail sales trend is down since the current value of 4.7 is lower than the 12 month moving average of -2.13333.Greece’s retail sales MoM decreased to 1.4 by -300.0% on August 2020 from -0.7 in the previous Monthly. On a year on year basis Greece’s retail sales MoM increased by 180.0%. Greece’s retail sales MoM trend is down since the current value of 1.4 is lower than the 12 month moving average of 0.491667.

Greece Construction Sector

Construction ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
Construction sector5.1-12.2-1.41803-1.066841.01.00.01666672021-04-01
Construction - Current Order Books-6.2-22.1-0.719457-0.9191661.01.00.01666672021-04-01
Construction - Prices over next 3 months2.8-1-3.8-1.141.01.00.01666672021-04-01
Construction - Employment over next 3 months16.3-2.3-8.08696-1.215041.01.00.01666672021-04-01
building permits220919130.1547311.27031.01.012021-04-30
housing index68.967.20.02529760.1618891.01.002021-01-01
Construction - Building Activity (past 3 months)-78.2-65.70.1902597.31915-1.0-1.00.9833332021-04-01
Construction - Factors Limiting (None)19.917.70.12429411.43751.01.012021-04-01
Construction - Factors Limiting (Insufficient Demand)69.163.40.0899054-0.1552571.0-1.00.1666672021-04-01
Construction - Factors Limiting (Weather)1.3-4.9-1.265310.3-1.01.00.752021-04-01
Construction - Factors Limiting (Shortage of labour force)5.46.4-0.15625-0.495327-1.0-1.00.42021-04-01
Construction - Factors Limiting (Shortage of material - equipment)0.20.4-0.5-0.875-1.0-1.00.1833332021-04-01
Construction - Factors Limiting (Other)17.426.6-0.345865-0.755961-1.0-1.00.01666672021-04-01
Construction - Factors Limiting (Financial Constraints)7662.20.2218652.041.01.012021-04-01

Greece’s Construction sector decreased to -31.0 by -3404.0% on January 2021 from -47.0 in the previous . On a year on year basis Greece’s Construction sector decreased by -4038.0%. Greece’s Construction sector trend is down since the current value of -31.0 is lower than the 12 month moving average of -44.0833.Greece’s Construction – Current Order Books decreased to -48.0 by -3846.0% on January 2021 from -78.0 in the previous . On a year on year basis Greece’s Construction – Current Order Books decreased by -3239.0%. Greece’s Construction – Current Order Books trend is down since the current value of -48.0 is lower than the 12 month moving average of -53.75.Greece’s Construction – Prices over next 3 months icnreased to -24.0 by 24286.0% on January 2021 from -7.0 in the previous . On a year on year basis Greece’s Construction – Prices over next 3 months increased by 24286.0%. Greece’s Construction – Prices over next 3 months trend is down since the current value of -24.0 is lower than the 12 month moving average of -15.9167.Greece’s Construction – Employment over next 3 months decreased to -14.0 by -667.0% on January 2021 from -15.0 in the previous . On a year on year basis Greece’s Construction – Employment over next 3 months decreased by -5758.0%. Greece’s Construction – Employment over next 3 months trend is down since the current value of -14.0 is lower than the 12 month moving average of -34.25.Greece’s building permits icnreased to 1732.0 by 33.85% on September 2020 from 1294.0 in the previous Monthly. On a year on year basis Greece’s building permits increased by 30.91%. Greece’s building permits trend is down since the current value of 1732.0 is lower than the 12 month moving average of 1571.67.Greece’s housing index icnreased to 67.0 by 0.45% on April 2020 from 66.7 in the previous Quarterly. On a year on year basis Greece’s housing index increased by 13.56%. Greece’s housing index trend is down since the current value of 67.0 is lower than the 12 month moving average of 62.4667.Greece’s Construction – Building Activity (past 3 months) decreased to -22.0 by -6333.0% on January 2021 from -60.0 in the previous . On a year on year basis Greece’s Construction – Building Activity (past 3 months) increased by 2222.0%. Greece’s Construction – Building Activity (past 3 months) trend is down since the current value of -22.0 is lower than the 12 month moving average of -26.25.Greece’s Construction – Factors Limiting (None) decreased to 18.0 by -5385.0% on January 2021 from 39.0 in the previous . On a year on year basis Greece’s Construction – Factors Limiting (None) increased by 3846.0%. Greece’s Construction – Factors Limiting (None) trend is down since the current value of 18.0 is lower than the 12 month moving average of 10.75.Greece’s Construction – Factors Limiting (Insufficient Demand) icnreased to 70.0 by 7500.0% on January 2021 from 40.0 in the previous . On a year on year basis Greece’s Construction – Factors Limiting (Insufficient Demand) decreased by -1566.0%. Greece’s Construction – Factors Limiting (Insufficient Demand) trend is down since the current value of 70.0 is lower than the 12 month moving average of 71.1667.Greece’s Construction – Factors Limiting (Weather) Greece’s Construction – Factors Limiting (Weather) trend is down since the current value of 2.0 is lower than the 12 month moving average of 2.33333.Greece’s Construction – Factors Limiting (Shortage of labour force) icnreased to 12.0 by 14000.0% on January 2021 from 5.0 in the previous . On a year on year basis Greece’s Construction – Factors Limiting (Shortage of labour force) decreased by -3684.0%. Greece’s Construction – Factors Limiting (Shortage of labour force) trend is down since the current value of 12.0 is lower than the 12 month moving average of 13.0833.Greece’s Construction – Factors Limiting (Shortage of material / equipment) On a year on year basis Greece’s Construction – Factors Limiting (Shortage of material / equipment) decreased by -15000.0%. Greece’s Construction – Factors Limiting (Shortage of material / equipment) trend is down since the current value of 1.0 is lower than the 12 month moving average of 1.91667.Greece’s Construction – Factors Limiting (Other) icnreased to 44.0 by 7600.0% on January 2021 from 25.0 in the previous . On a year on year basis Greece’s Construction – Factors Limiting (Other) increased by 732.0%. Greece’s Construction – Factors Limiting (Other) trend is down since the current value of 44.0 is lower than the 12 month moving average of 49.5833.Greece’s Construction – Factors Limiting (Financial Constraints) icnreased to 39.0 by 5600.0% on January 2021 from 25.0 in the previous . On a year on year basis Greece’s Construction – Factors Limiting (Financial Constraints) decreased by -488.0%. Greece’s Construction – Factors Limiting (Financial Constraints) trend is down since the current value of 39.0 is lower than the 12 month moving average of 41.1667.

Greece GDP

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
Real GDP40519.543178.2-0.0615751-0.0248108-1.0-1.00.4666672021-03-30
gdp growth annual-7.9-10.5-0.247619-8.18182-1.0-1.00.08333332020-10-01
gdp189.41205.33-0.0775337-0.467815-1.0-1.002020-01-31
gdp growth4.43.40.2941184.51.01.00.9666672021-01-31

Greece’s Real GDP decreased to 41813.8 by -3.79% on February 2020 from 43461.8 in the previous Quarterly. On a year on year basis Greece’s Real GDP decreased by -11.53%. Greece’s Real GDP trend is down since the current value of 41813.8 is lower than the 12 month moving average of 47315.1.Greece’s gdp growth annual decreased to -11.7 by -17.61% on July 2020 from -14.2 in the previous Quarterly. On a year on year basis Greece’s gdp growth annual decreased by -715.79%. Greece’s gdp growth annual trend is down since the current value of -11.7 is lower than the 12 month moving average of -0.991667.Greece’s gdp decreased to 209.85 by -3.8% on January 2019 from 218.14 in the previous Yearly. On a year on year basis Greece’s gdp decreased by -34.11%. Greece’s gdp trend is down since the current value of 209.85 is lower than the 12 month moving average of 251.464.Greece’s gdp growth decreased to 2.3 by -116.31% on July 2020 from -14.1 in the previous Quarterly. On a year on year basis Greece’s gdp growth increased by 228.57%. Greece’s gdp growth trend is down since the current value of 2.3 is lower than the 12 month moving average of -0.766667.

Greece inflation

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
inflation cpi10.19-1.6251.01.00.3833332021-06-30
core inflation rate-0.5-1.7-0.705882-0.6428571.01.00.5333332021-06-30
consumer price index cpi106.86105.870.009351090.01030541.01.00.8666672021-06-30
Producer Price Index105.5104.50.009569380.1368531.01.00.9833332021-05-31
PPI Index13.714.6-0.0616438-1.985611.01.00.2833332021-05-31

Greece’s inflation cpi icnreased to -2.1 by 16.67% on November 2020 from -1.8 in the previous Monthly. On a year on year basis Greece’s inflation cpi increased by 200.0%. Greece’s inflation cpi trend is down since the current value of -2.1 is lower than the 12 month moving average of -0.966667.Greece’s core inflation rate decreased to -1.4 by -12.5% on October 2020 from -1.6 in the previous Monthly. On a year on year basis Greece’s core inflation rate decreased by -450.0%. Greece’s core inflation rate trend is down since the current value of -1.4 is lower than the 12 month moving average of -0.25.Greece’s consumer price index cpi decreased to 104.84 by -0.88% on November 2020 from 105.77 in the previous Monthly. On a year on year basis Greece’s consumer price index cpi decreased by -2.06%. Greece’s consumer price index cpi trend is down since the current value of 104.84 is lower than the 12 month moving average of 105.63.Greece’s Producer Price Index icnreased to 95.5 by 0.32% on November 2020 from 95.2 in the previous Monthly. On a year on year basis Greece’s Producer Price Index decreased by -9.05%. Greece’s Producer Price Index trend is down since the current value of 95.5 is lower than the 12 month moving average of 97.0667.Greece’s PPI Index icnreased to -9.0 by 30.43% on November 2020 from -6.9 in the previous Monthly. On a year on year basis Greece’s PPI Index decreased by -918.18%. Greece’s PPI Index trend is down since the current value of -9.0 is lower than the 12 month moving average of -6.16667.

Greece Government Policy

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
government budget-9.71.1-9.81818-0.0490196-1.01.002020-01-31
Government budget-2002.6-3083.5-0.350543-0.4148551.01.00.4333332021-05-31
government revenues21977182900.2015860.142731-1.01.00.952021-06-30
fiscal expenditure34192291180.1742560.211322-1.01.00.852021-06-30

Greece’s Government budget icnreased to -4801.1 by 119.98% on November 2020 from -2182.5 in the previous Monthly. On a year on year basis Greece’s Government budget decreased by -572.5%. Greece’s Government budget trend is down since the current value of -4801.1 is lower than the 12 month moving average of -1695.14.Greece’s government revenues icnreased to 42065.0 by 9.54% on November 2020 from 38403.0 in the previous Monthly. On a year on year basis Greece’s government revenues decreased by -13.14%. Greece’s government revenues trend is down since the current value of 42065.0 is lower than the 12 month moving average of 28579.0.Greece’s fiscal expenditure icnreased to 60377.0 by 16.46% on November 2020 from 51845.0 in the previous Monthly. On a year on year basis Greece’s fiscal expenditure increased by 29.82%. Greece’s fiscal expenditure trend is down since the current value of 60377.0 is lower than the 12 month moving average of 36187.8.

Greece Monetary Policy

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
interest rate0.050.05001.0-1.00.7916672016-03-09
central bank balance sheet2024181981510.02153410.5378391.01.00.8333332021-05-31
banks balance sheet3217203177800.01239850.00555726-1.01.00.6166672021-05-31
money supply m032555319630.01852140.0869421.01.00.82021-05-31
money supply m11695581664080.01892940.2237241.01.00.9833332021-05-31
money supply m22142232123310.008910620.1195761.01.00.92021-05-31
money supply m32153722135110.008716180.1227351.01.00.9333332021-05-31

Greece’s interest rate Greece’s interest rate trend is down since the current value of 0.05 is lower than the 12 month moving average of 0.05.Greece’s central bank balance sheet icnreased to 169154.0 by 2.42% on August 2020 from 165165.0 in the previous Monthly. On a year on year basis Greece’s central bank balance sheet increased by 61.8%. Greece’s central bank balance sheet trend is down since the current value of 169154.0 is lower than the 12 month moving average of 128771.0.Greece’s banks balance sheet decreased to 337243.0 by -0.17% on October 2020 from 337831.0 in the previous Monthly. On a year on year basis Greece’s banks balance sheet increased by 6.29%. Greece’s banks balance sheet trend is down since the current value of 337243.0 is lower than the 12 month moving average of 323699.0.Greece’s money supply m2 icnreased to 201167.0 by 1.57% on October 2020 from 198049.0 in the previous Monthly. On a year on year basis Greece’s money supply m2 increased by 9.53%. Greece’s money supply m2 trend is down since the current value of 201167.0 is lower than the 12 month moving average of 190271.0.

Greece Employment

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
EEI - Employment Composite105.9109.3-0.0311070.03721841.01.00.5166672021-04-01
unemployment rate1716.30.04294480.06918241.01.012021-04-30
youth unemployment rate38.249.8-0.2329320.0945559-1.01.00.8833332021-05-31
long term unemployment rate1010.8-0.0740741-0.310345-1.0-1.00.03333332021-01-01

Greece’s EEI – Employment Composite decreased to 105.4 by -113.0% on January 2021 from 106.6 in the previous . On a year on year basis Greece’s EEI – Employment Composite decreased by -547.0%. Greece’s EEI – Employment Composite trend is down since the current value of 105.4 is lower than the 12 month moving average of 106.45.Greece’s unemployment rate decreased to 16.1 by -2.42% on September 2020 from 16.5 in the previous Monthly. On a year on year basis Greece’s unemployment rate decreased by -4.73%. Greece’s unemployment rate trend is down since the current value of 16.1 is lower than the 12 month moving average of 16.4917.Greece’s youth unemployment rate decreased to 33.0 by -16.03% on September 2020 from 39.3 in the previous Monthly. On a year on year basis Greece’s youth unemployment rate decreased by -5.44%. Greece’s youth unemployment rate trend is down since the current value of 33.0 is lower than the 12 month moving average of 35.375.Greece’s long term unemployment rate decreased to 11.0 by -3.51% on February 2020 from 11.4 in the previous Quarterly. On a year on year basis Greece’s long term unemployment rate decreased by -29.94%. Greece’s long term unemployment rate trend is down since the current value of 11.0 is lower than the 12 month moving average of 13.0.

Greece Trade & Capital Flows

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
current account-2079.1-1461.60.4224820.81397-1.0-1.00.92021-04-30
current account to gdp-6.7-1.53.46667-0.556291-1.01.002020-01-31
exports32243172.10.01636140.5114861.01.012021-05-31
imports4897.85014.8-0.02333090.4882411.01.00.9833332021-05-31
balance of trade-1673.8-1842.7-0.0916590.440324-1.0-1.00.9333332021-05-31
capital flows-1639.42-1874.04-0.1251953.2928-1.0-1.00.9833332021-04-30
foreign direct investment180.8323.7-0.4414580.509182-1.01.00.6333332021-04-30

Greece’s current account icnreased to -767.36 by 53.86% on October 2020 from -498.75 in the previous Monthly. On a year on year basis Greece’s current account increased by 13.22%. Greece’s current account trend is down since the current value of -767.36 is lower than the 12 month moving average of -944.759.Greece’s current account to gdp icnreased to -1.4 by 27.27% on January 2019 from -1.1 in the previous Yearly. On a year on year basis Greece’s current account to gdp decreased by -90.79%. Greece’s current account to gdp trend is down since the current value of -1.4 is lower than the 12 month moving average of -5.08333.Greece’s exports icnreased to 2679.5 by 4.8% on October 2020 from 2556.8 in the previous Monthly. On a year on year basis Greece’s exports decreased by -6.48%. Greece’s exports trend is down since the current value of 2679.5 is lower than the 12 month moving average of 2535.18.Greece’s imports icnreased to 4083.8 by 1.15% on October 2020 from 4037.2 in the previous Monthly. On a year on year basis Greece’s imports decreased by -16.9%. Greece’s imports trend is down since the current value of 4083.8 is lower than the 12 month moving average of 3698.9.Greece’s balance of trade decreased to -1404.3 by -5.14% on October 2020 from -1480.4 in the previous Monthly. On a year on year basis Greece’s balance of trade decreased by -30.01%. Greece’s balance of trade trend is down since the current value of -1404.3 is lower than the 12 month moving average of -1496.49.Greece’s capital flows decreased to 375.89 by -240.28% on October 2020 from -267.96 in the previous Monthly. On a year on year basis Greece’s capital flows decreased by -215.31%. Greece’s capital flows trend is down since the current value of 375.89 is lower than the 12 month moving average of -425.027.Greece’s foreign direct investment icnreased to 204.6 by 23.1% on October 2020 from 166.2 in the previous Monthly. On a year on year basis Greece’s foreign direct investment decreased by -66.11%. Greece’s foreign direct investment trend is down since the current value of 204.6 is lower than the 12 month moving average of 301.542.

Greece Reserves

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
foreign exchange reserves91759231-0.006066520.0289335-1.01.00.4666672021-06-30
gold reserves113.93113.90.0002633890.009123121.01.00.82021-01-01

Greece’s foreign exchange reserves decreased to 9174.0 by -5.35% on November 2020 from 9693.0 in the previous Monthly. On a year on year basis Greece’s foreign exchange reserves increased by 25.76%. Greece’s foreign exchange reserves trend is down since the current value of 9174.0 is lower than the 12 month moving average of 8763.42.Greece’s gold reserves icnreased to 113.84 by 0.12% on July 2020 from 113.7 in the previous Quarterly. On a year on year basis Greece’s gold reserves increased by 0.83%. Greece’s gold reserves trend is down since the current value of 113.84 is lower than the 12 month moving average of 113.266.Greece’s government debt icnreased to 364865.0 by 0.55% on May 2020 from 362871.0 in the previous Quarterly. On a year on year basis Greece’s government debt increased by 11.88%. Greece’s government debt trend is down since the current value of 364865.0 is lower than the 12 month moving average of 353873.0.Greece’s government debt to gdp decreased to 176.6 by -2.54% on January 2019 from 181.2 in the previous Yearly. On a year on year basis Greece’s government debt to gdp increased by 71.29%. Greece’s government debt to gdp trend is down since the current value of 176.6 is lower than the 12 month moving average of 163.225.Greece’s external debt icnreased to 488707.0 by 3.4% on May 2020 from 472645.0 in the previous Quarterly. On a year on year basis Greece’s external debt increased by 17.85%. Greece’s external debt trend is down since the current value of 488707.0 is lower than the 12 month moving average of 427988.0.

Greece Debt

DebtActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
government debt3807953740060.01815210.10781.01.002020-07-01
government debt to gdp205.6180.50.1390580.8793421.01.002020-01-31
external debt5035744945090.01833130.2530241.01.00.6666672021-01-01

Greece’s government debt icnreased to 364865.0 by 0.55% on May 2020 from 362871.0 in the previous Quarterly. On a year on year basis Greece’s government debt increased by 11.88%. Greece’s government debt trend is down since the current value of 364865.0 is lower than the 12 month moving average of 353873.0.Greece’s government debt to gdp decreased to 176.6 by -2.54% on January 2019 from 181.2 in the previous Yearly. On a year on year basis Greece’s government debt to gdp increased by 71.29%. Greece’s government debt to gdp trend is down since the current value of 176.6 is lower than the 12 month moving average of 163.225.Greece’s external debt icnreased to 488707.0 by 3.4% on May 2020 from 472645.0 in the previous Quarterly. On a year on year basis Greece’s external debt increased by 17.85%. Greece’s external debt trend is down since the current value of 488707.0 is lower than the 12 month moving average of 427988.0.

Greece Banking activity

Fiscal PolicyActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
interbank rate-0.33-0.33001.0-1.00.352021-02-28
bank lending rate3.793.660.0355191-0.00524934-1.0-1.00.852021-05-31
loan growth16.617.4-0.0459773.151.01.00.9333332021-05-31
loans to private sector68082.468150.8-0.00100366-0.0711624-1.0-1.00.252021-05-31

Greece’s interbank rate icnreased to -0.436 by 9.55% on July 2019 from -0.398 in the previous Monthly. On a year on year basis Greece’s interbank rate increased by 36.68%. Greece’s interbank rate trend is down since the current value of -0.436 is lower than the 12 month moving average of -0.337667.Greece’s bank lending rate icnreased to 4.44 by 24.37% on October 2020 from 3.57 in the previous Monthly. On a year on year basis Greece’s bank lending rate increased by 6.73%. Greece’s bank lending rate trend is down since the current value of 4.44 is lower than the 12 month moving average of 3.9275.Greece’s loan growth icnreased to 11.5 by 8.49% on October 2020 from 10.6 in the previous Monthly. On a year on year basis Greece’s loan growth decreased by -1537.5%. Greece’s loan growth trend is down since the current value of 11.5 is lower than the 12 month moving average of 3.98333.Greece’s loans to private sector decreased to 73646.8 by -0.1% on October 2020 from 73717.7 in the previous Monthly. On a year on year basis Greece’s loans to private sector decreased by -1.05%. Greece’s loans to private sector trend is down since the current value of 73646.8 is lower than the 12 month moving average of 73541.2.

 

Greece macroeconomic model analysis

The two most important economic indicators of the Greece economy are real economic growth expectations and inflation. MacroVar uses Greece Manufacturing ESI Order Books to gauge economic growth expectations and Greece Manufacturing ESI Selling Price expectations of next months to gauge inflation expectations. Greece’s economy is healthy when it generates stable economic growth with low inflation. Policymakers (the government and the central bank) use fiscal and monetary policy to inject liquidity during slowdowns (to solve weak economic growth) and withdraw liquidity from an overheating economy (to solve high inflation).

The four economic environments

There are 4 economic environments based on economic growth and inflationary conditions. Financial assets are affected by economic growth and inflation expectations as explained in the diagram below.
MacroVar Growth Inflation Model

Read more on how to analyze a country’s macroeconomics in detail. MacroVar also provides a detailed analysis of  the global economy and the 40 largest economic in the world.Click here to learn more.
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