Money transfers down 2.6% y/y in February 2016
In February 2016, money transfers decreased by 2.6% y/y to US$ 79.9mn according to NBG. Reduced remittances from Russia (-11.1% y/y 31.4% of total), Greece (-32.4% y/y, 11.6% of total), and Turkey (-14.4% y/y, 6.2% of total) were the major contributors to the drop in the total money transfers. Meanwhile, remittances grew from Italy (+8.6% y/y), USA (+23.2% y/y), Israel (+77.4% y/y), Germany (+23.6% y/y), and Spain (+14.8% y/y). Overall, in 2M16 money transfers were down 7.0% y/y to US$ 146.4mn.
Trade deficit down 13.5% y/y in February 2016, excluding one-offs
In February 2016, imports decreased 11.1% y/y to US$ 515.1mn (excluding donated C-hepatitis medicine imports), while exports were down 5.1% y/y to US$ 158.7mn, and trade deficit narrowed 13.5% y/y to US$ 356.4mn, according to GeoStat’s preliminary figures. Detailed foreign trade statistics will be available on March 21, 2016.
Producer price index up 1.1% m/m and 3.9% y/y in February 2016
PPI for industrial goods increased 1.1% m/m in February 2016, according to GeoStat. A 1.0% rise in manufacturing prices contributed to the most to the overall index change. Prices were up for manufacturing of basic and fabricated metals (+5.2% m/m) and up for food products, beverages and tobacco (+0.6% m/m). Prices were also up for mining and quarrying (+4.9% m/m) and for supply of electricity, gas, and water (+0.8% m/m).
Annual PPI increased 3.9% y/y in February 2016, with supply of electricity, gas, and water prices increasing 19.4% y/y and contributing 2.51ppts to the overall index change. Also, manufacturing prices increased 1.8% y/y, contributing 1.48ppts to the overall index change (in this category, prices were up for the manufacture of food, beverages and tobacco and chemical products; down for basic and fabricated metals).
NBG bought US$ 5mn
NBG intervened on the FX market with a purchase of US$ 5mn on March 17, 2016. This was the first intervention on the purchasing side since August 2014, aimed at curbing the appreciation of the national currency, which strengthened 5.5% w/w and 3.4% YTD against the US$.
