Money transfers up 14.0% y/y in October 2016
In October 2016, money transfers increased 14.0% y/y to US$ 102.5mn after growing 13.1% y/y in previous month, according to NBG. From major remitting countries, money transfers were up from: USA (+32.2% y/y, 11.3% of total), Greece (+42.5% y/y, 11.0% of total), Italy (+6.4% y/y, 10.0% of total), Turkey (+74.2% y/y, 8.5% of total) and Israel (+82.2% y/y, 5.5% of total), while transfers were down from Russia (-3.8% y/y, 33.8% of total). Overall, money transfers were up 4.7% y/y to US$ 934.5mn in 10M16.
Exports up 0.7% y/y in October 2016
In October 2016, imports increased 6.3% y/y to US$ 654.8mn, exports increased 0.7% y/y to US$ 189.3mn, and the trade deficit was up 8.7% y/y to US$ 465.4mn, according to GeoStat’s preliminary figures. In 10M16, the trade deficit was flat reaching US$ 4.15bn, excluding one-offs. Detailed foreign trade statistics will be available on November 21, 2016.
Producer price index up 1.3% m/m and down 1.9% y/y in October 2016
PPI for industrial goods increased 1.3% m/m in October 2016, according to GeoStat. A 1.3% price increase for manufacturing contributed the most to the overall index change. In this section prices were up for manufacture of food products, beverages and tobacco (+1.5% m/m) and up for manufacture of basic and fabricated metals (3.2% m/m). Prices were also up for supply of electricity, gas, and water (+1.4% m/m).
Annual PPI was down 1.9% in October 2016. Falling prices in manufacturing contributed the most to the overall index change (-2.7% y/y,) as prices were down for manufacture of chemical products (-20.9% y/y) and basic and fabricated metals (-6.6% y/y). Meanwhile, supply of electricity, gas and water prices were up 4.6% y/y.
