Macro roundup: Lost revenue and twin deficits
A quick summary of this week's macroeconomic data
Just a brief summary for this week’s newsletter.
Revenue for all Greek companies fell 15.8 percent in the third quarter compared to the corresponding period of 2019. For companies in sectors that had to suspend operations during the first lockdown, revenue dropped 33.1 percent.
Greece’s current account deficit in September was 499 million euros, compared with a surplus of 914 million euros in the same month of 2019, bringing the total deficit for the first nine months of the year to 8.6 billion euros.
The central government primary budget deficit in October was 2 billion euros, the widest since May, bringing the year-to-date deficit to 9.1 billion euros, according to preliminary data from the Finance Ministry.
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Next week’s key data
Wednesday:
January-October central government budget execution, final figures (Finance Ministry, probable date)
Thursday:
October bank lending and deposits (Bank of Greece)
Friday:
November economic sentiment indicator (European Commission)
Elsewhere on the web
The European Commission released another enhanced surveillance report on Greece (even though the last one was just in September)
Over at MacroPolis, Yiannis Mouzakis tracks how we got a situation where the coronavirus is running rampant in Greece after things had looked hopeful
Staying with MacroPolis, the Agora podcast returns with a look at what Greece can expect from the Biden administration
Lessons from Greece on how to protect jobs during the Covid-19 pandemic
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