Greece's economy grew by 2.1% in Q3

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The Greek economy grew by 2.1% in the third quarter of 2023 compared with the same period last year, with the country's GDP rising by 0.02% between the third and second quarter of 2023, Hellenic Statistical Authority said on Wednesday.

Greece's GDP grew 1.9% in the first quarter and 2.6% in the second quarter of the year compared with the same periods in 2022, and by 0.1% and 1.1% on a quarterly basis, the independent statistics service ELSTAT said on Wednesday.

The statistics service attributed the 2.1% rise in the GDP to an 1.0% increase in final consumption spending, a 4.9% rise in private investments (gross fixed capital investments), a 1% rise in exports of goods and services (goods fell 1.1% and services rose 2.9%) and a 2.9% increase in imports of goods and services (goods rose 3.4% and services increased 0.8%).

On a quarterly basis, final consumption spending fell 0.5%, private investments fell 1.8%, exports eased 0.7% and imports rose 2.0%.

Interest rate spread on new deposits/loans unchanged in October

The interest rate spread between new deposits and loans remained almost unchanged at 5.71% in October as the weighted average interest rate on new deposits increased to 0.46%, while the corresponding rate on new loans remained almost unchanged at 6.17%, the Bank of Greece said on Monday.

However, the central bank in a monthly report, said that the interest rate spread between outstanding amounts of deposits and loans increased to 5.93% as the weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.46%, while the corresponding rate on loans increased to 6.39%.

The weighted average interest rate on new deposits increased by 3 basis points to 0.46%, compared to the previous month. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations remained almost unchanged at 0.18%.

The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 4 basis points to 1.77%. The corresponding rate on deposits by non-financial corporations increased by 21 basis points to 3.06%.

The weighted average interest rate on new loans to households and non-financial corporations remained almost unchanged at 6.17%. More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 11 basis points to 14.90%.

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 40 basis points to 12.59%. The average interest rate on housing loans at a floating rate increased by 68 basis points to 5.10%.

The average interest rate on corporate loans without a defined maturity increased by 13 basis points to 6.89%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.80%.

The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) remained unchanged at 0.46%. In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 6 basis points to 1.60%. The corresponding rate on deposits placed by non-financial corporations increased by 9 basis points to 2.78%.

The weighted average interest rate on outstanding amounts of loans increased by 4 basis points to 6.39%. In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 4.42%.

The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 7 basis points to 8.17%. The average interest rate on corporate loans with over 5 years’ maturity increased by 7 basis points to 6.42%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.13%.

Household basket measure extended to June 30, 2024

The 'household basket' measure is extended to June 30, 2024, according to a bill of the National Economy and Finance Ministry "that is currently under public consultation."

The specific measure had been extended to December 31, 2023 but its further extension for another six months was considered necessary.

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