The BoG forecasts growth of more than 13% for the 2Q

The BoG forecasts growth of more than 13% for the 2Q

National Bank of Greece expects more than 13% growth to be confirmed in Q2, followed by double-digit growth in Q3, for the Greek economy to deliver the forecasted 5.7% annual growth.

Retail sales reached €13.5 billion in Q2, marking a 22.9% annual rise. Sales of watches and cars showed the biggest increase with 108.5% and 107.7%, respectively. Early data for August, however, paint a disappointing picture with high temperatures and wildfires blamed for keeping shoppers away from the summer sales.

Credit growth slowed to 1.2% Y-o-Y in July, compared to 2.3% in June. Net lending flow was negative by €532 million in July, after a net increase in lending by €517 million in June, according to the latest figures from the Bank of Greece (BoG).

The BoG also reported a further rise in private sector bank deposits in July, which edged up €1.84 billion to reach a total of €171.7 billion.

The travel balance recorded a surplus of €689.4 million in June, compared to €38.5 million a year ago, according to the BoG. The balance remained considerably short of the pre-pandemic levels of June 2019, however, when it showed a surplus of €2.36 billion.

New company registrations were up 71% in Q2, with over 26,000 new registrations. Most new activity occurred in the logistics and media sectors, according to ELSTAT, while accommodation and manufacturing showed the fewest new registrations./ibna