In Europe’s common monetary bloc, the Eurozone, the consumer price index settled at 2% from 1.7% the previous month
The eurozone’s GDP grew by just 0.2% in the second quarter from the first
Marginally up from 3.0% in July 2023, exceeds Euro Area average of 2.2%
Compared to the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the Eurozone and by 0.8% in the EU
The country has relied solely on international markets for its borrowing needs since a third institutional bailout ended in 2018
Figure still higher than Eurozone average; jobless figure falls to 10.5% in 4Q 2023, according to Hellenic Statistics Authority (EL.STAT)
He added: Greece's accession to the euro-zone was the right decision
Despite the overall trend, Greece faces persistent challenges with rising food prices, as the food, alcohol and tobacco index totaled 7.1% during the month, on an annual basis, slightly lower than 7.6% in Dec 2023
Central banker underscored the significance of leveraging available European funds, particularly the Recovery and Resilience Facility (RRF) in strategic sectors of the economy
The greatest percentage increase was recorded in olive oil, despite Greece being the third-largest producer worldwide
The Capital Economics report predicts the Eurozone’s GDP will contract in the 4th quarter of 2024 with the bloc’s economy gradually experiencing a slight recovery as interest rates fall and real incomes rise
The benchmark German 10-year bond, a reference point for the Eurozone, also saw a decline of 4 basis points to 1.931%, reaching its lowest level since March of the previous year.
Annual inflation rate in the Eurozone at 2.4% last month
The specific Greek Loan Facility (GLF) loans were set to mature in 2024 and 2025. The GLF was the first bailout extended by Eurozone members and the IMF in May 2010.
UniCredit projects Greece will achieve its inflation target of 2% in 2024, aligning with the European Central Bank's goal
Food, alcohol, and tobacco will exhibit the highest annual rates at 6.9 percent in the Eurozone
Next month Greece will repay 5.3 billion euros ahead of schedule and hopes to continue the trend in 2024