Real GDP up 3.2% y/y in 1Q15
Real GDP increased 3.2% y/y, while GDP deflator was up 5.1% y/y in 1Q15 according to GeoStat’s preliminary data. The growth base in 1Q15 was diversified, with mining generating the largest increase at 22.9% y/y. Construction (+17.2% y/y), hotels and restaurants (+8.9% y/y), financial intermediation (+8.9% y/y), and transport (+8.4% y/y) sectors were the other top performers. 1Q15 growth in construction was led by public infrastructure spending and construction of a new gas pipeline, while railway and pipeline transportation drove the growth in the transport sector. Manufacturing (-5.2% y/y) and trade (-2.5% y/y) were the only sectors in the red in 1Q15, driven by reduced manufacturing of alcoholic beverages and tobacco and the decline in car trade. Nominal GDP base was diversified with industry accounting for the largest share (16.5%), followed by trade (16.1%), and transport and communication (11.9%).
Trade deficit down 10.3% y/y in May 2015
According to GeoStat’s preliminary figures, the trade deficit decreased 10.3% y/y to US$ 513mn as exports fell 19.8% y/y to US$ 195mn, while imports were down 13.1% y/y to US$ 707mn, in May 2015. Detailed statistics will be available on June 22.
Producer price index up 0.8% m/m and 9.0% y/y in May 2015
PPI for industrial products increased 0.8% m/m in May 2015, according to GeoStat. A 0.7% increase in manufacturing prices contributed 0.61ppts to the overall index change. The prices were significantly higher for chemical products (+6.2% m/m), while prices grew 0.8% m/m for manufacture of food, beverages and tobacco. Prices decreased for manufacture of basic metals and fabricated metals (-2.0% m/m).
Annual PPI increased 9.0% in May 2015, with manufacturing prices increasing 11.1% y/y (mostly for manufacture of foods, beverages and tobacco, paper and publishing, basic metals and fabricated metal products), contributing 9.05ppts to the overall index change. Prices were 2.7% lower y/y in the electricity, gas and water supply category, contributing -0.33ppts to the overall index change.
Money transfers down 22.7% y/y in May 2015
Money transfers decreased 22.7% y/y to US$ 97.7mn in May 2015, according to NBG. The 41.4% y/y drop in transfers from Russia, accounting for 38.5% of total transfers, was the major contributor to the decline. As in previous months, remittances continue robust growth from USA +22.5% y/y (8.7% of total), Turkey +10.6% y/y (6.5%), and Israel +29.2% y/y (2.5%).
