Trade deficit down in November 2018
Exports increased 19.6% y/y to US$ 283.3mn in November 2018, while imports were down 3.1% y/y to US$ 738.0mn and the trade deficit decreased by 13.3% y/y to US$ 454.7mn, according to GeoStat’s preliminary figures. In 11M18, trade deficit was up 13.3% y/y to US$ 5.3bn as exports increased by 24.0% y/y to US$ 3.0bn and imports were up 16.8% y/y to US$ 8.3bn. Detailed foreign trade statistics will be available on December 19, 2018.
Money transfers up 9.0% y/y in November 2018
Money transfers increased 9.0% y/y to US$ 133.1mn in November 2018, after growing 11.6% y/y in the previous month, according to NBG. From major remitting countries, money transfers were up from Italy (+28.3% y/y, 12.4% of total), Greece (+17.3% y/y, 11.0% of total), USA (+13.2% y/y, 9.8% of total) and Israel (+13.7% y/y, 9.8% of total), while remittances were down from Russia (-3.4% y/y, 28.4% of total) and Turkey (-20.5% y/y, 5.7% of total). Overall, in 11M18 money transfers were up 14.9% y/y to US$ 1.4bn.
FDI down in 3Q18
FDI decreased by 48.2% y/y to US$ 322.6mn in 3Q18, according to GeoStat’s preliminary figures. Completion stage of PB gas pipeline construction, ownership transfer from non-resident to resident units and reduction of liabilities to non-resident direct investors were main reasons behind the FDI drop. The manufacturing sector was the largest FDI recipient at US$ 56.5mn (+28.5% y/y), followed by transport and communication sector at US$ 54.5mn (-68.4% y/y), energy sector at US$ 46.3mn (-49.9% y/y), real estate at US$ 38.4mn (+20.7% y/y) and hotels and restaurants at US$ 36.0mn (+21.3% y/y). Netherlands topped the list of investors with US$ 49.7mn (-40.8% y/y), followed by South Korea at US$ 40.2mn (+161.2% y/y), Azerbaijan at US$ 33.1mn (-78.0% y/y) and Turkey at US$ 32.1mn (-77.2% y/y).
NBG purchased US$ 25.0mn
On 10 and 12 December 2018, the NBG intervened on the FX market and purchased US$ 10.0mn and US$ 15.0mn, respectively. Overall, during Apr-Dec 2018, the NBG purchased US$ 162.5mn on its 15 FX auctions.
