Economy

Greek economy expands 2.3% in first quarter, shows resilience – Reuters.com

Published

2 years ago

June 7, 2022

Harry Miller

People walk in Syntagma square, in Athens, Greece April 20, 2022. REUTERS/Costas Baltas

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Economy expands 2.3% q/q in first quarter
Annual expansion pace slows to 7.0%
Growth may exceed 3.5% in 2022 as a whole

ATHENS, June 7 (Reuters) – Greece’s economy expanded in January-to-March at a faster pace compared to last year’s fourth quarter but its growth rate decelerated on an annual basis, the country’s statistics service (ELSTAT) said on Tuesday.

Seasonally adjusted data showed gross domestic product grew 2.3% from an upwardly revised 0.8% growth rate in the fourth quarter of 2021.

The data also showed the economy expanded at an annual 7.0% percent clip in the first quarter, slowing from an upwardly revised 8.1% growth pace in the previous quarter.

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“The economy showed resilience with growth accelerating on a quarterly basis on the back of strong domestic consumption and investments,” said Nikos Magginas, chief economist at National Bank.

He said strength in consumer spending, which was up 11.6% year-on-year in the first quarter, coupled with a 12.7% increase in investments offset a drag from net exports.

Last year the economy’s overall performance topped budget projections for a 6.9% rebound as domestic demand stayed strong. The economy shrank 9.0% in 2020, experiencing the second-biggest recession in the euro zone.

The International Monetary Fund (IMF) sees Greece’s economy expanding by 3.5% this year due to higher energy prices and the Ukraine crisis. In April the fund cut a previous 5.4% growth forecast.

Greek think tank IOBE expects the economy to grow by 2.5-3.0% this year if the war in Ukraine does not end before the summer, it said in April.

The government projects growth of 3.1% this year, picking up to 4.8% in 2023.

“Based on its first quarter performance there is a high probability the economy’s annual growth rate this year will top 3.5%. The rebound in tourism should boost second quarter figures,” Magginas said.

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KEY FIGURES Q1 Q4 Q3 Q2 Q1

GDP (q/q, %) 2.3 0.8* 2.3* 1.3* 3.4*

GDP (y/y,%) 7.0 8.1* 11.7* 15.0* -1.7*

———————————————–

* revised

source: ELSTAT

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Reporting by George Georgiopoulos and Renee Maltezou, editing by Ed Osmond

Our Standards: The Thomson Reuters Trust Principles.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

2 days ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

3 days ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

4 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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