Aug 1, 2018

Monthly Update: July 2018

Monthly Update

  • Growth remains strong in economic partners
  • GDP increased by 4.0% in June, NBG revised growth projections upwards to 5.5% from 4.8% previously
  • Inflation remains close to the target
  • NBG lowered policy rate by 0.25PP to 7.00%, responding to reduced inflationary risks
  • Exports and imports increased by 31.1% and 19.8% respectively in June
  • Tourism revenues increased by 21.7% in June
  • Remittances were up by 14.8% in June
  • Loan growth remained strong at 18.5% in June at constant exchange rate
  • The real effective exchange rate appreciated by 0.4% MoM and by 0.3% YoY
  • NBG bought 20m USD on the FX market in July
  • Tax revenues increased by 10.5% YoY in June. The fiscal balance was in surplus in six months of 2018