Money transfers up 25.3% y/y in August 2016
In August 2016, money transfers increased 25.3% y/y to US$ 105.8mn after growing 10.4% y/y in previous month, according to NBG. From major remitting countries, money transfers were down only from Russia (-1.6% y/y, 34.9% of total), however strong growth of remittances from other countries was more than sufficient to compensate this decrease: USA (+36.6% y/y), Italy (+18.2% y/y), Greece (up 8X y/y due to last year’s low base), Turkey (+32.9% y/y), and Israel (+97.0% y/y). Overall, money transfers were up 2.4% y/y to US$ 731.8mn in 8M16.
Trade deficit down 0.7% y/y in 8M16, excluding one-offs
In August 2016, imports increased 9.5% y/y to US$ 684mn, exports were flat at US$ 190mn, and the trade deficit widened 13.7% y/y to US$ 493mn, according to GeoStat’s preliminary figures. In 8M16, the trade deficit was down 0.7% y/y to US$ 3.24bn, excluding one-offs. Detailed foreign trade statistics will be available on September 19, 2016.
Producer price index down 3.4% y/y and up 0.04% m/m in August 2016
PPI for industrial goods increased 0.04% m/m in August 2016, according to GeoStat. A 0.2% 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 (+1.9% m/m), while prices were down for manufacture of basic and fabricated metals (-5.0% m/m). Prices were also down for mining and quarrying (-3.1% m/m).
Annual PPI was down 3.4% in August 2016. Falling prices in manufacturing contributed the most to the overall index change (-5.7% y/y, -4.72ppts) as prices were down for manufacture of basic and fabricated metals (-15.3% y/y), and manufacture of chemical products (-18.8% y/y). Meanwhile, supply of electricity, gas and water prices were up 12.0% y/y.
