Trade deficit down 4.6% y/y in 1H16, excluding one-offs
In June 2016, imports increased 3.0% y/y to US$ 625.0mn (excluding donated C-hepatitis medication imports totaling US$ 840mn), exports fell 15.5% y/y to US$ 167.9mn, and the trade deficit widened 12.0% y/y to US$ 457.1mn, according to GeoStat’s preliminary figures. In 1H16, the trade deficit was down 4.6% y/y to US$ 2.3bn, excluding one-offs. Detailed foreign trade statistics will be available on July 19, 2016.
Money transfers up 4.9% y/y in June 2016
In June 2016, money transfers increased 4.9% y/y to US$ 105.4mn, according to NBG. Reduced remittances from Russia (-13.8% y/y, 34.1% of total), and Greece (-4.2% y/y, 12.5% of total) were the only major countries negatively affecting growth of remittances. Money transfers grew robustly from all other remitting countries: Italy (+33.0% y/y), USA (+24.4% y/y), Turkey (+16.4% y/y), Israel (+87.0% y/y), and Spain (+37.7% y/y). Overall, money transfers were down by just 1.6% y/y to US$ 530.2mn in 1H16.
Producer price index down 2.0% m/m and down 6.0% y/y in June 2016
PPI for industrial goods decreased 2.0% m/m in June 2016, according to GeoStat. A 2.6% price decrease for manufacturing contributed to most to the overall index change. Prices were down for manufacturing of the following: basic and fabricated metals (-4.8% m/m), food products, beverages and tobacco (-1.5% m/m), chemical products (-7.5% m/m), and textiles (-25.6% m/m). Prices were up for mining and quarrying (+4.6% m/m).
Annual PPI decreased 6.0% in June 2016, after falling 2.8% in May 2016. Falling prices in manufacturing contributed most to the overall index change (-9.0% y/y, -7.58ppts) as prices were down for manufacture of basic and fabricated metals, food products, beverages and tobacco and for chemical products. Meanwhile, supply of electricity, gas and water prices were up 17.6% y/y
