GREEK ECONOMIC DECLINE: Inflation And Trade Deficit Rises As Industrial Production Drops — Greek City Times

GREEK ECONOMIC DECLINE: Inflation And Trade Deficit Rises As Industrial Production Drops — Greek City Times

Greece is experiencing some economic turbulence with inflation and the trade deficit increasing, simply as commercial production drops.
The Greek annual inflation rate jumped to 7.2% in February, from 6.2% in January and -1.3% in February 2021, Hellenic Statistical Authority said on Thursday.
Financing Minister Christos Staikouras, in remarks made to a radio station, stated that he did not leave out the inflation rate increasing up to 8% briefly, depending upon advancements in Russian gas flows.
More particularly, gas prices jumped 78%, electrical energy was up 71.4%, heating oil increased 41.5%, fuel-lubricants 23.2% and oils/fat 16.8%.
Agriculturally, the rate of veggies increased by 15.2%, lamb 14.4%, fresh fruit 9.8%, poultry 6.8%, ice cream 6.5%, dairy/eggs 6%, bread/cereals 5.9%, veal 4.2%, coffee 4.1%, fresh fish 3.6%,.
Meanwhile, air transport increased by 22.9%, utilized automobiles 11.5%, brand-new automobiles 7.6%, clothing-footwear 4.5%, bikes 4.4%, dental services 1.1%, home rent 0.7%.
The statistics service associated the 7.2% boost in the customer rate index in February to a 7.1% increase in food/beverage, 5.6% in clothing-footwear, 25.4% in real estate, 4.1% in durable goods, 12.2% in transportation, 0.9% in education, 1.7% in hospitality.
Prices fell 0.2% in alcohol, 3.1% in communications, 0.4% in home entertainment and 0.2% in other items and services.
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The customer rate index rose 1.1% in February from January 2022, while the countrys harmonised inflation rate increased 6.3% in February from February 2021 and increased 0.9% compared with January 2022.
Meanwhile, the Greek trade deficit skyrocketed 98.7% in January as imports grew faster than exports for another month, Hellenic Statistical Authority stated on Thursday.
More specifically, the worth of imports totaled 6.318 billion euros, up 57.9% compared to January 2021 (excluding oil products imports it grew 42.8%, while omitting oil products and ships imports it rose 42.6%).
The value of exports totaled 3.374 billion euros, up 33.9% compared to January 2021 (leaving out oil items exports rose 20.4%, while excluding oil items and ships exports rose 20.2%).
The countrys trade deficit amounted to 2.944 billion euros in January, up 98.7% from January 2021 (omitting oil items the trade deficit grew 84.5%, while excluding oil products and ships the deficit rose 84.6%).
In addition, Greek commercial production reduced 0.2% in January this year compared with the same month in 2021, despite a 2.6% boost in manufacturing production in the month, Hellenic Statistical Authority stated on Thursday.
Particularly, the industrial production general index fell 0.2% in January from January 2021 after increasing by 3.6% in the exact same months in 2021/2020.
The statistics service attributed this advancement to a 21.5% drop in mining production, a 6.7% decline in electrical energy and a 0.02% decrease in water production and a 2.6% increase in manufacturing production.
The seasonally-adjusted index fell 4% in January 2022 from December 2021.
This content was initially published here.


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