MGI Weekly round-up | 19 January 2017
Stories MGI has been tracking this week:
- Greece approves more bailout reforms
- Egyptian exports rise in the first 10 months of 2017
- Slovenia’s budget deficit shrinks in 2017
And, as always, we feature content from the MGI data and analysis platform, a summary of the week’s key statistical releases, and a look at the data for the week ahead. This week, we used the NATSTATS section of the MGI platform to look at the evolution of real GDP growth in Greece.
Greece approves more bailout reforms
On Monday, the Greek parliament approved a package of reforms needed to complete the third review of the current bailout program. The bill, which introduces a new electronic procedure for foreclosures on overdue loans and arrears to the state, opens closed professions, restructures family benefits and makes it more difficult to strike, was voted for by 154 MPs. During this vote, around 20,000 people protested outside the parliament building.
On January 22, Reuters report that the Eurogroup will assess whether the country has done enough to complete the third review – the successful completion of which will help unlock about €6.5 billion in rescue loans.
Egyptian exports rise in the first 10 months of 2017
Egypt’s exports increased by about 18% YoY in the first ten months of 2017 to $21.1 billion, the Official Statistical Agency of Egypt (CAPMAS) said last Sunday. During this period, the nation's main exports were fuel ($3.7 billion), cotton ($58 million), and raw materials ($17.1 million).
The floatation of the Egyptian currency made the nation's products more competitive in foreign markets and increased import costs, thus contributing to a reduction in the trade deficit. According to the trade ministry, the deficit declined by 26% YoY in the first eleven months of 2017, while according to CAPMAS latest figures released earlier this month, the deficit fell by 15.4% YoY in October 2017, Egypt Today reports.
Slovenia’s budget deficit drops in 2017
According to the Slovenian Ministry of Finance, the country’s budget deficit decreased in 2017 compared to 2016. The deficit decreased to €332.4 million (0.8% of the country’s GDP) from €684.8 million last year.
Total revenue increased by 6.1% to €8.82 billion, while expenditure increased by 1.7% to €9.16 billion, on an annual basis. In the last month of 2017, the deficit amounted to €173.3 million (+ €90.7 million compared to December 2016), SeeNews reports.
Featured content from the MGI data and analysis portal
In this newsletter, we have used the MGI platform (NATSTATS section) to examine the evolution of Greece’s real GDP YoY% change over the past 22 years. As shown in the graph, GDP growth was positive until the first quarter of 2008 (average 3.86%), negative over the next 6 years (-5.24% on average) and close to zero (average 0.26%) over the period 2014Q1-2017Q3. The indicator reached the highest point of 6.78% in the third quarter of 2003 and a minimum of -10.28% in the first quarter of 2011. In the first three quarters of 2017, growth was positive, with an average of 1.1%.
The week in data
Highlights from national statistic releases tracked by MGI this week include:
- Turkey adding 135,000 jobs in October 2017 vs September 2017. Unemployment rate stood at 10.3% (seasonally adjusted data)
- Croatia’s CPI increasing by 1.2% in December 2017 vs December 2016
- Consumer prices in Montenegro increasing 1.9% YoY in December 2017
Next week, we look at inflation and business and consumer confidence figures for several Mediterranean countries, as well as Spain's employment / unemployment data for the last quarter of 2017. MGI’s complete data release schedule can be viewed in our release calendar section.
Monday 22 January, 2018:
- Spain current account and industrial orders for November
- Greece current account for November
- Israel composite economic index for December
- France 3-month, 6-month and 12-month BTF auction
- Morocco inflation rate for December
Tuesday 23 January, 2018:
- Palestinian Territories balance of trade for November
- Turkey consumer confidence for January
- Lebanon inflation rate for December
- Slovenia consumer confidence for December
- Spain 3-month Letras auction
- Croatia registered unemployment rate for December
- Malta domestic inflation rate for December
Wednesday 24 January, 2018:
- France business confidence for January and registered unemployed for December
- France composite, manufacturing and services PMI for January, flash estimate
- Spain PPI for December
Thursday 25 January, 2018:
- Spain unemployment rate and employment for 2017Q4
- Italy industrial orders and industrial sales for November
- Slovenia business confidence for January and tourist arrivals for November
- Montenegro balance of trade for December
- Cyprus retail sales for November
- Turkey business confidence and capacity utilization for January
Friday 26 January, 2018:
- France consumer confidence for January
- Bosnia and Herzegovina inflation rate and PPI for December