Greece Shows 2.7% Inflation and 3.4% Retail Growth as Middle East Risks Persist
Updated
Updated · Cyprus Mail · Aug 10
Greece Shows 2.7% Inflation and 3.4% Retail Growth as Middle East Risks Persist
2 articles · Updated · Cyprus Mail · Aug 10
Summary
July inflation slowed to 2.7% from 3.9%, while May retail sales rebounded 3.4% month on month and June employment growth accelerated to 1.2%, reinforcing signs of Greek economic resilience.
Eurobank said strong business lending is helping sustain that momentum, with credit to non-financial companies up 9.8% year on year in June and 9.7% on average in the second quarter.
Manufacturing and sentiment indicators still pointed to expansion: Greece’s PMI rose to 54.3 in July and economic sentiment held at 107.6, well above the euro area’s 96.9.
The bank cautioned that the inflation drop was partly seasonal and warned the Middle East crisis still threatens Greece through energy prices and weaker global demand, even as EU and euro-area growth improved in the second quarter.