Trade deficit down 18.9% y/y in March 2016
In March 2016, imports decreased 16.4% y/y to US$ 565.8mn, exports were down 9.5% y/y to US$ 162.0mn, and the trade deficit narrowed 18.9% y/y to US$ 403.8mn, according to GeoStat’s preliminary figures. In 1Q16, the trade deficit was down 19.4% y/y to US$ 1.04bn (excluding one-offs). Detailed foreign trade statistics will be available on April 19, 2016.
Money transfers down marginally in March 2016
In March 2016, money transfers decreased 1.3% y/y to US$ 90.7mn, according to NBG. Reduced remittances from Russia (-12.2% y/y, 33.1% of total) and Greece (-30.7% y/y, 11.0% of total) were the major contributors to the drop in total money transfers. Meanwhile, remittances grew from USA (+18.2% y/y), Italy (+10.3% y/y), Turkey (+12.5% y/y), and Israel (+70.6% y/y). Overall, money transfers were down 4.9% y/y to US$ 237.1mn in 1Q16.
Producer price index down 0.9% m/m and up 1.9% y/y in March 2016
PPI for industrial goods decreased 0.9% m/m in March 2016, according to GeoStat. A 1.4% decline in manufacturing prices contributed the most to the overall index change. Prices were down for manufacture of food products, beverages and tobacco (-1.7% m/m) and for manufacture of paper and publishing (-9.9% m/m). Prices were up for mining and quarrying (+2.6% m/m).
Annual PPI rose 1.9% y/y in March 2016, down from 3.9% in the previous month, with supply of electricity, gas and water prices increasing 19.8% y/y and contributing 2.53ppts to the overall index change. Manufacturing prices decreased 0.5% y/y, contributing -0.40ppts to the overall index change (in this category, prices were down for the manufacture of basic and fabricated metals and up for manufacture of chemical products).
Property registration up 23.1% y/y in March 2016
Property registration (commercial and residential real estate) increased 23.1% y/y (+13.4% m/m), reaching 60,340 units in March 2016, according to the National Agency of Public Registry. Registration increased for primary (+49.9% y/y, 22.1% of total), as well as secondary (+17.1% y/y, 77.9% of total) properties.
NBG bought US$ 10mn
NBG intervened on the FX market with a purchase of US$ 10mn on April 14, 2016. This was NBG’s third intervention (total purchase of US$ 25mn YTD) this year on the purchasing side, aimed at curbing the appreciation of the national currency, which strengthened 1.6% w/w and 5.4% YTD against the US$.