Goods exports up by 20.4% y/y in Apr-23
In Apr-23, goods exports growth moderated, up by 20.4% y/y to US$ 500.7mn, after a 32.9% y/y growth in previous month. Imports growth slowed to 9.8% y/y to US$ 1.1bn in April, after growing by 36.1% y/y in March. As a result, the trade deficit increased by 2.2% y/y to US$ 589.9mn, after a 38.6% y/y growth in March.
The top 5 exported commodities were cars (+393.8% y/y), copper (-43.5% y/y), wine (+51.6% y/y), fertilizers (-71.2% y/y) and spirits (+130.0% y/y) in Apr-23. A 15.1% of exports were directed to the EU (+14.2% y/y), 65.3% to the CIS (+105.6% y/y) and 19.5% to other countries (-48.5% y/y).
The top 5 imports were cars (+8.8% y/y), petroleum (-28.2% y/y), pharmaceuticals (+7.2% y/y), copper (-20.5% y/y) and telephones (+53.8% y/y) in Apr-23.
Overall, in 4M23, trade deficit increased by 19.4% y/y to US$ 2.6bn, as exports increased by 23.6% y/y to US$ 2.0bn, while imports were up by 21.2% y/y to US$ 4.5bn.
Money transfers growth slowed y/y in Apr-23
Money transfers growth slowed to 20.0% y/y ( US$ 369.7mn) in Apr-23 after growing by 127.1% y/y in Mar-23, due to high base effect, according to NBG. From major remitting countries, money transfers increased from Russia (+20.0% y/y, -28.6% m/m, accounting for 43.2% of total), followed by Italy (+22.3% y/y, 11.1% of total), USA (+36.7% y/y, 9.3% of total), Greece (+9.4% y/y, 5.5% of total), Germany (+50.4% y/y, 4.9% of total), Israel (+4.7% y/y, 4.6% of total) and Turkey (+13.7% y/y, 2.5% of total). Meanwhile, remittance were down from Kazakhstan (-1.5% y/y, 5.3% of total) and Azerbaijan (-3.4% y/y, 1.3% of total). Overall, in 4M23 remittances increased by 90.4% y/y to US$ 1.6bn.
Unemployment rate reduced to 18.0% in 1Q23
The unemployment rate reduced by 1.4ppts y/y to 18.0% in 4Q22, amid strong economic growth. During the same period, the number of hired employed individuals increased by 5.6% y/y, accounting for 67.9% of total employment, while self-employed persons were up 6.6% y/y and accounted for 32.1% of total. Notably, the labor force participation rate increased by 2.1ppts y/y to 52.0% in 1Q23, albeit slightly below pre-pandemic levels.
Producer price index reduced further in Apr-23
Annual PPI for industrial goods reduced by 6.0% in Apr-23, after falling by 5.2% in previous month, according to Geostat. This decline was mainly driven by price reduction in manufacturing (-4.5% y/y) and mining (-19.2% y/y) sectors.
