2016 and 1H17 real GDP growth revised upwards
Based on GeoStat’s annual adjustment, real GDP growth was 2.8% in 2016 up by 0.1ppts from preliminary estimate. 1H17 data was also adjusted; 1H17 real GDP growth was revised up to 5.1% (5.3% in 1Q and 4.9% in 2Q) from 4.9% preliminary estimate.
Exports up 38.3% y/y in October 2017
In October 2017, exports increased 38.3% y/y to US$ 262.8mn, imports were up 10.4% y/y to US$ 730.8mn and the trade deficit narrowed 0.9% y/y to US$ 468.0mn according to GeoStat’s preliminary figures. In 10M17, trade deficit was down 0.9% to US$ 4.2bn as exports increased 29.4% y/y to US$ 2.2bn, while imports were up 7.8% y/y to US$ 6.4bn. Detailed foreign trade statistics will be available on November 20, 2017.
Money transfers up 20.0% y/y in October 2017
In October 2017, money transfers increased 20.0% y/y to US$ 123.0mn after growing 24.2% y/y in previous month, according to NBG. Money transfers were up from all major remitting countries: Russia (+13.4% y/y, 31.9% of total), Greece (+17.1% y/y, 10.8% of total), Italy (+24.2% y/y, 10.3% of total), USA (+6.1% y/y, 10.0% of total), Israel (+96.9% y/y, 9.0% of total) and Turkey (+15.3% y/y, 8.2% of total). In 10M17 money transfers were up 19.7% y/y to US$ 1.1bn.
