Real GDP up 2.5% y/y in 2Q15 and 2.8% y/y in 1H15
Real GDP increased 2.5% y/y (0.4ppts upward revision from the 2Q15 rapid estimate), according to GeoStat. The growth base in 2Q15 was diversified, with construction generating the largest increase at 14.5% y/y. Mining (+12.7% y/y), financial intermediation (+10.6% y/y), hotels and restaurants (+7.3% y/y), and real estate (+5.9% y/y) sectors were the other top performers. Manufacturing (-3.2% y/y) was the only sector in the red in 2Q15, as a result of a reduction in manufacture of non-alcoholic and alcoholic beverages and tobacco products. In 1H15, real GDP grew 2.8% y/y (3.2% y/y in 1Q and 2.5% y/y in 2Q).
Trade deficit down 3.0% y/y in 8M15
According to GeoStat’s preliminary figures, the trade deficit in August 2015 decreased 0.5% y/y to US$ 433mn, as exports fell 23.4% y/y to US$ 190mn, while imports were down 8.6% y/y to US$ 623mn. As a result, in 8M15, exports decreased 23.7% y/y to US$ 1.5bn, imports fell 10.2% y/y to US$ 4.9bn, and the trade deficit decreased 3.0% y/y to US$ 3.5bn.
Producer price index up 1.1% m/m and up 9.3% y/y in August 2015
PPI for industrial goods increased 1.1% m/m in August 2015, according to GeoStat. A 6.4% increase in supply of electricity, gas, and water and 0.5% increase in manufacturing contributed +0.83ppts and +0.38ppts to the overall index change, respectively. The prices were up for manufacture of basic metals and fabricated metals (+4.7% m/m) and chemical products (+3.2% m/m), while prices were down for manufacture of food, beverages, and tobacco (-1.6% m/m).
Annual PPI increased 9.3% in August 2015, with manufacturing prices increasing 11.2% y/y (mostly for foods, beverages, and tobacco, basic metals, fabricated metals, and paper and publishing), contributing +9.14ppts to the overall index change. Prices were up 1.7% y/y in the electricity, gas, and water supply category, contributing +0.30ppts to the overall index change.
Money transfers down 35.1% y/y in August 2015 and down 25.9% y/y in 8M15
Money transfers decreased 35.1% y/y to US$ 84.4mn in August 2015, according to NBG. The 44.5% y/y decline from Russia (44.5% of total) and 93.0% y/y drop from Greece (down 11.7ppts y/y to 1.4% of total) were the major contributors to the decline in money transfers. As in previous months, remittances posted strong growth from USA +20.4% y/y (10.2% of total), Turkey +15.3% y/y (7.1% of total), and Israel +30.5% y/y (3.3% of total). In 8M15, money transfers decreased 25.9% y/y to US$ 714.3mn.
Property registration up 2.8% y/y and company registration down 7.8% y/y in August 2015
Property registration (commercial and residential real estate) increased 2.8% y/y (-17.9% m/m), reaching 40,420 units in August 2015, according to the National Agency of Public Registry (NAPR). Registration increased for both primary (+14.5% y/y, 18.5% of total) and secondary (+0.5% y/y, 81.5% of total) properties.
Company registration decreased 7.8% y/y (-32.0% m/m) to 2,843 units in August 2015. Out of newly registered companies, 96.7% were business legal entities, while 3.3% comprised non-entrepreneurial (non-commercial) legal entities.
