Weekly Market Watch

Exports growth slowed to 9.2% y/y in Oct-22 
In Oct-22, exports growth slowed to 9.2% y/y to US$ 448.8mn, after a 40.0% y/y growth in previous month. Meanwhile, Imports growth accelerated to 19.9% y/y to US$ 1.1bn in October, after 14.5% y/y growth in September. As a result, the trade deficit increased by 28.3% y/y to US$ 673.9mn, after 1.9% y/y reduction in September. Overall, in 10M22, trade deficit was up by 32.7% y/y to US$ 6.1bn, as exports increased by 34.0% y/y to US$ 4.5bn, while imports were up by 33.2% y/y to US$ 10.7bn.

Money transfers up 142.9% y/y in Oct-22
Money transfers accelerated further, up by 142.9% y/y to US$ 502.0mn in Oct-22, according to NBG, after a 84.6% y/y growth in previous month. From major remitting countries, money transfers increased from Russia (+725.6% y/y, accounting for 59.6% of total, part of these funds related to migration), followed by Italy (+8.1% y/y, 7.1% of total), USA (+26.5% y/y, 6.0% of total), Israel (+7.5% y/y, 3.3% of total), Kyrgyzstan (+163.7% y/y, 3.2% of total) and Germany (+42.1% y/y, 3.1% of total). Meanwhile, transfers continued to reduce from Greece (-0.3% y/y, 3.8% of total). Overall, in 10M22 remittances increased by 73.4% y/y to US$ 3.3bn. 

Tourism revenues: In Oct-22, tourism revenues recovered at 126.4% of Oct-19 level amounting to US$ 337.3mn (+137.1% y/y), according to the NBG’s preliminary estimate. Overall, tourism revenues reached US$ 2.9bn in 10M22 (+183.2% y/y, 100.2% of 10M19 level). 

Unemployment rate reduced to 15.6% in 3Q22 
Unemployment rate reduced by 3.9ppts y/y and by 2.6ppts q/q to 15.6% (lowest level in 5 years) in 3Q22, amid strong economic growth. In 3Q22, out of employed persons hired labor accounted for 67.3% of total (-1.1ppts q/q) and self-employed persons stood at 32.7% of total (+1.1ppts q/q). Notably, labor force participation rate was strong and surpassed pre-pandemic level of 2019 reaching 53.5% (+2.0ppts q/q) in 3Q22.