Unemployment rate reduced to 16.7% in 2Q23
The unemployment rate reduced by 1.4ppts y/y to 16.7% in 2Q23, following a 18.0% rate in previous quarter. During the same period, the number of hired employed individuals increased by 5.6% y/y, accounting for 69.1% of total employment, while self-employed persons were up 2.2% y/y and accounted for 30.9% of total. Notably, the labor force participation rate has shown a consistent increase since 2Q21, rising by 1.6ppts y/y to reach 53.2% by 2Q23, standing above pre-pandemic levels.
Goods trade deficit increased by 3.9% y/y in Jul-23
In Jul-23, goods exports reduced by 1.9% y/y to US$ 522.8mn, after a 22.5% y/y growth in previous month, explained mainly by last year’s high base effect. Goods imports growth slowed to 1.2% to US$ 1.2bn in July, after growing by 11.1% y/y in June. Consequently, the trade deficit increased by 3.9% y/y to US$ 663.7mn, after a 3.4% y/y growth in June.
Overall, in 7M23, trade deficit increased by 21.5% y/y to US$ 4.9bn, as exports increased by 15.7% y/y to US$ 3.6bn, while imports were up by 19.0% y/y to US$ 8.5bn.
Money transfers stood at US$ 301.1mn in July-23
Money transfers reduced by a mere 1.6% y/y to US$ 301.1mn in July-23, according to NBG. From major remitting countries, transfers reduced only from Russia (-26.6% y/y, -42.9% m/m, accounting for 24.5% of total). Conversely, there were notable increases from Italy (+26.1% y/y, 15.1% of total), USA (+40.1% y/y, 13.3% of total), Greece (+12.9% y/y, 7.2% of total), Germany (+40.3% y/y, 6.8% of total), Israel (+6.2% y/y, 5.9% of total), and Kazakhstan (+62.0% y/y, 5.4% of total). Overall, in 7M23 remittances increased by 27.5% y/y to US$ 2.7bn.
