Constant improvement for the Greek economy: exports increase, bond interests fall

Constant improvement for the Greek economy: exports increase, bond interests fall

The Greek economy keeps on improving, as a number of indicators show, taking into account either macroeconomic figures or interest rates on Greek bonds.

Specifically, exports followed a downward tendency in June, falling to 2,762.8 million euros against 3,035.0 million euros compared to the same month last year, reaching a dip of 9% (without the petroleum products there appeared a decline by 187.6 million euros or by 9%, whereas without petroleum products and ships there was a decrease by 121.3 million euros or 6%). At the same time, imports stood at 4,289.3 million euros against 5,016.1 million euros (-14.5%) with a decrease of 209.8 million euros (-6.0%), without petroleum products included, and with a decrease of 152.3 million euros (-4.5%) without oils and ships included. Therefore, according to the ELSTAT data, the trade deficit fell in June to 1,526.5 million euros against the same month of 2018’s 1,981.1 million euros, taking a fall of 22.9%. The corresponding change without petroleum products included shows a deficit reduction of 22.2 million euros, or 1.6%, while the corresponding change without petroleum and ships included showed a decrease by 31 million, meaning 2.2%.

The total exports value during the January-June 2019 period was 16,826.6 million euros, against 16,464.3 million in the same period in 2018, up by 2.2%. The corresponding change without petroleum products showed an increase by 418.3 million, or 3.8%, while the corresponding change without petroleum and ships noted an increase by 478.8 million, meaning 4.3%.

The total imports value was 27,778.6 million euros against 26,533.4 million euros during the same period of 2018, up by 4.7%. The corresponding change without petroleum products included recorded an increase by 1,267.7 million euros, or by 6.6%, while the corresponding change without petroleum and ships included followed an increase of 1,270.1 million euros, or of 6.7%.

The trade deficit was 10,952.0 million euros, versus 10,069.1 million, up by 8.8%. The corresponding change without petroleum products showed an increase by 849.4 million, or by 10.6%, whereas the corresponding change without petroleum and ships surged by 791.3 million euros, or by 9.9%.

The interest rate lower than 0.1%

The Greek Government raised 813 million euros in yesterday’s three-month government bond auction. The rate fell to 0.095% from 0.23% in the previous auction, while the issue was surpassed by 1.59 times.

According to PDMA, during the 625 million euros 13-week auction of treasury bills, the received tenders amounted to 993 million euros, which exceeded the requested amount by 1.59 times.

Bids as high as the auctioned amount were accepted, as well as non-competitive bids of 187.5 million euros.

According to the Basic Market Negotiators Rules of Procedure, additional 30% non-competitive bids on the auctioned amount can also be submitted until today./ibna