Register now for FREE unlimited access to Reuters.com
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.
“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.
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
Reporting by George Georgiopoulos and Renee Maltezou, editing by Ed Osmond
Our Standards: The Thomson Reuters Trust Principles.
OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.
However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.
The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.
Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.
The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.
The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.
In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.
The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.
Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.
In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.
It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.
This report by The Canadian Press was first published Oct 16, 2024.
The Canadian Press. All rights reserved.
OTTAWA – Statistics Canada says manufacturing sales in August fell to their lowest level since January 2022 as sales in the primary metal and petroleum and coal product subsectors fell.
The agency says manufacturing sales fell 1.3 per cent to $69.4 billion in August, after rising 1.1 per cent in July.
The drop came as sales in the primary metal subsector dropped 6.4 per cent to $5.3 billion in August, on lower prices and lower volumes.
Sales in the petroleum and coal product subsector fell 3.7 per cent to $7.8 billion in August on lower prices.
Meanwhile, sales of aerospace products and parts rose 7.3 per cent to $2.7 billion in August and wood product sales increased 3.8 per cent to $3.1 billion.
Overall manufacturing sales in constant dollars fell 0.8 per cent in August.
This report by The Canadian Press was first published Oct. 16, 2024.
The Canadian Press. All rights reserved.
Canadanewsmedia news October 18, 2024: Testy B.C. election campaign reaches final day
US to probe Tesla’s ‘Full Self-Driving’ system after pedestrian killed in low visibility conditions
Advocates urge Ontario to change funding for breast prostheses, ostomy supplies
More details expected on proposed deal that would see tobacco giants pay billions
‘Kindness’ influencers on TikTok give money to strangers. Why is that controversial?
Housing, health, and plastic straws: Here’s how B.C. politicians are wooing voters
Testy B.C. election campaign sees leaders attacking each other more than policy
Rwanda shrugs off ‘sportswashing’ criticism in pursuit of a winning development formula