Money Buzz! Europa

Category: Economy

  • Greece: Travel receipts down by 98.7% in April 2020

    Greece: Travel receipts down by 98.7% in April 2020

    Based on data gathered by The Bank of Greece, the balance of travel services in April 2020 showed an estimated surplus of €5 million, compared with a surplus of €211 million in April 2019, due to the travel restrictions caused by the COVID-19 pandemic.

    Travel receipts in April 2020 fell by 98.7% to €7 million, from €544 million in April 2019, while travel payments also decreased by 99.2% (April 2020: €3 million, April 2019: €332 million).

    The fall in travel receipts resulted from a 96.2% decline in inbound traveller flows and a 62.2% decrease in average expenditure per trip. Net receipts from travel services offset 0.4% of the goods deficit and accounted for 1.2% of total net receipts from services.

    In January-April 2020, the balance of travel services showed a surplus of €190 million, down from a surplus of €376 million in the same period of 2019.

    Travel receipts fell by €664 million or 51.4% to €626 million, while travel payments also decreased, by €478 million or 52.3% to €436 million.

    The drop in travel receipts stemmed from a 21.5% fall in average expenditure per trip and a 36.1% decrease in inbound traveller flows.

    Net receipts from travel services offset 2.8% of the goods deficit and accounted for 12.5% of total net receipts from services.

    Only 38.000 inbound visitors in April

    The number of inbound visitors in April 2020 fell by 96.2% year-on-year to 38 thousand.

    Visitor flows through airports were almost zero, whereas visitor flows through road border-crossing points declined by 88.3%.

    This overall decrease was due to lower visitor flows from both within the EU27 (down 96.1%) and outside the EU27 (down 96.3%).

    Among major countries of origin, there were only some modest visitor flows from Germany, and those were down 99.2% year-on-year.

    How many inbound visitors from each country were registered from January to April 2020

    In January-April 2020, the number of visitors from Germany fell by 53.0% to 134 thousand, while visitors from France decreased by 71.9% to 34 thousand.

    Turning to non-EU27 countries, the number of visitors from the United Kingdom fell by 43.6% to 117 thousand, while visitors from the United States dropped by 44.5% to 86 thousand and visitors from Russia decreased by 48.1% to 22 thousand.

  • 2.560 euros, Italian monthly households expenditure in 2019

    2.560 euros, Italian monthly households expenditure in 2019

    In 2019, the estimate of mean monthly consumption expenditure for households residing in Italy was 2.560 euros in current values, substantially unchanged to 2018 (-0.4%) and still far from 2011 levels (2.640 euros per month), followed by two years of strong shrinkage not recovered during the following years.

    According to Istat provisional estimates, excluding expenditure on food and housing, in the first quarter of 2020 mean monthly consumption expenditure decreased by more than 12% compared to the same quarter of the previous year, as a result of the health crisis.

    Expenditure levels in the North west area, 740 euros higher than in the South

    As in the past, the highest expenditure levels were observed in the North west area (2,810 euros), in the North east (2,790) and in the Centre (2,754 euros); the lowest levels, in the Islands (2,071) and in the South (2,068 euros).

    In the North west, in absolute terms, household expenditure was on average about 740 euros higher than in the South and the Islands, that means almost 36% in relative terms.

  • Inflation decreased to 0.7% in May 2020 in Austria

    Inflation decreased to 0.7% in May 2020 in Austria

    In May 2020, the inflation rate was 0.7%, as Statistics Austria reports (April 2020: 1.5%). Significantly lower prices for fuels were mainly responsible for the decrease of the May inflation rate.

    Moreover, the price increases for food diminished and garments became cheaper.

    “Housing, water and energy” (+2.2% compared to May 2019) remained the most important price driver.

    The index level of the consumer price index 2015 (CPI 2015) was 107.4 in May 2020. Compared to the previous month, the average price level decreased by 0.6%.

  • Greece: The average income per person reached 9.382 euros in 2019

    Greece: The average income per person reached 9.382 euros in 2019

    The Hellenic Statistical Authority (ELSTAT) announces that the average equivalized income per person reached 9.382 euros in 2019, a figure 3.9% higher than that recorded in the previous year.

    According to the results of the 2019 Survey on Income and Living Conditions, persons at risk of poverty or social exclusion represent 30.0% of the total population (3.161.900 persons), recording a decrease compared to 2018 by 1.8 percentage points.

    The risk of poverty or social exclusion is higher for persons aged 18-64 years (33.1%) and the share of persons at-risk-of-poverty or social exclusion aged 18-64 years amounts to 31.4% regarding Greek nationals and to 53.7% regarding foreign nationals residing in Greece.

    53.7% of foreigners residing in Greece, aged 18-64 years and being at risk-of-poverty or social exclusion were born in another country, while 30.9% of them are foreigners born and reside in Greece.

  • Italian exports and imports decreased in April 2020

    Italian exports and imports decreased in April 2020

    In April 2020, compared to March 2020, exports fell for both EU countries (-32.7%) and non EU countries (-37.3%). Imports decreased by 22.8% for EU countries and by 12.5% for non EU countries.

    Over the last three months, seasonally-adjusted data, compared to the previous three months, dropped for both exports (-18.9%) and imports (-18.3%).

    In April 2020, compared with the same month of the previous year, both exports and imports fell (-41.6% and -33,7% respectively). Outgoing flows decreased by 39.4% for EU countries and by 44.0% for non EU countries. Incoming flows dropped by 34.6% for EU area and by 32.5% for non EU area.

    The trade balance in April 2020 amounted to -1,157 million Euros (-1,004 million Euros for EU area and -153 million Euros for non EU countries).

    In April 2020, import prices decreased by 2.7% on a monthly basis (-1.0% for the euro zone, -4.3% for the non-euro zone). Over the last three months, compared to the previous three months, import prices decreased by 4.3% (-0.6% for the euro zone and -7.6% for the non-euro zone).

    Import prices decreased by 8.0% in April 2020, compared to the same month a year ago (-1.8% for the euro zone and by -13.8% for the non-euro zone).

  • Bulgaria: 94.9% less nights spent in all accommodation establishments

    Bulgaria: 94.9% less nights spent in all accommodation establishments

    In April 2020 only 506 accommodation establishments – hotels, motels, camping sites, mountain chalets and other establishments for short-term accommodation with more than 10 bed-places were open in the country.

    The total number of the rooms in them was 15.0 thousand and the bed-places were 28.6 thousand.

    In comparison with April 2019, the total number of accommodation establishments (functioned during the period) decreased by 75.3% and the bed-places in them – by 81.9%.

    The total number of the nights spent in all accommodation establishments registered in April 2020 was 49.5 thousand, or by 94.9% less in comparison with the same month of the previous year.

    The total revenues from nights spent in April 2020 reached 2.3 million BGN or by 95.5% less compared to April 2019.

  • World Bank sees the deepest recession since the Second World War

    World Bank sees the deepest recession since the Second World War

    According to World Bank forecasts, the global economy will shrink by 5.2% this year. 

    That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870, the World Bank says in its June 2020 Global Economic Prospects.

    Economic activity among advanced economies is anticipated to shrink 7% in 2020 as domestic demand and supply, trade, and finance have been severely disrupted.

    Emerging market and developing economies (EMDEs) are expected to shrink by 2.5% this year, their first contraction as a group in at least sixty years.

    Per capita incomes are expected to decline by 3.6%, which will tip millions of people into extreme poverty this year.

    In CEE, Serbia has the slowest GDP decline this year and Croatia the biggest growth in 2021

    For the Bulgarian economy, the forecast is a decline of 6.2% for 2020 and a recovery next year to a growth of 4.3%. 

    Croatia will suffer a GDP decline of -9.3% in 2020 and a recovery of 5.4% in 2021.

    Hungarian economy will have a decline of -5.0% this year and a rise of 4.5% next year.

    Poland is in a better situation with an economic decline of -4.2% in 2020, but a slower recovery, of just 2.8% in 2021.

    For Romania, GDP will decrease by -5.7% this year and a rise of 5.4% in 2021.

    Serbian GDP will decline by -2.5% in 2020 and a recovery of 4.0% in 2021.

  • Hungary: Prices increased by 2.2% in May

    Hungary: Prices increased by 2.2% in May

    • Consumer prices were 2.2% higher on average in May 2020 than a year earlier, KSH data show.
    • Significant price increases were measured over the past year for food as well as alcoholic beverages and tobacco.

    Compared to May 2019, food prices went up by 8.4%, within which the price of other meat preparations became 22.0%, pork prices 20.7%, the price of seasonal food items (potatoes, fresh vegetables and fruits) 19.1%, that of sugar 15.0% and salami, sausages and ham prices 12.6% higher.

    The price of alcoholic beverages and tobacco rose by 6.7% on average, within which tobacco prices by 11.1%.

    Consumers paid 2.6% more for services, within which the price of repairs and maintenance of dwellings increased by 11.7% and the price of repairs and maintenance of vehicles by 9.3%. Motor fuel prices were cut by 22.0%.

  • Istat forecast a strong GDP contraction in 2020 at -8.3%

    Istat forecast a strong GDP contraction in 2020 at -8.3%

    The Italian Institute of Statistics (Istat) forecast a strong GDP contraction in 2020 (-8.3%) followed by a recovery in 2021 (+4.6%).

    This year, the fall of GDP will be determined mainly by domestic demand net of inventories (-7.2 p.p.) due to the contraction of household and NPISH consumption (-8.7%) and of investments (-12.5%).

    Net exports and inventories will also contribute negatively to GDP growth (respectively -0.3 p.p. and -0.8 p.p.).

    Employment in sharp decline

    Employment trend will follow the GDP trend with a sharp fall in 2020 (-9.3%) and a recovery in 2021 (+4.1%).

    The trend of unemployment rate will be different because it reflects the ricomposition between unemployed and inactive people and the fall in hours worked.

    The households final consumption expenditure deflator will display a negative trend this year (-0.3%) and will marginaly recover the next (+0.7%). followed by a recovery in 2021 (+4.6%).

  • The number of nights spent by international tourists fell by 99% in Hungary

    The number of nights spent by international tourists fell by 99% in Hungary

    As a result of the coronavirus epidemic, in April 2020 the number of nights spent by international tourists fell by 99% and that of nights spent by domestic tourists by 95% compared to the same period of the previous year in commercial accommodation establishments (hotels, boarding houses, camping sites, bungalow complexes and community hostels).

    Total gross sales revenues declined by 97% at current prices in commercial accommodation establishments, latest data gathered by Hungarian Central Statistical Office shows.

    In April 2020, compared to the same month of the previous year both the number of foreign guests and tourism nights fell by 99%, with 3 thousand guests spending 17 thousand tourism nights in accommodation establishments.

    Guest turnover was negligible for all accommodation types and regions, with the number of tourism nights not reaching 1% of the April value of the previous year in Budapest and the Balaton region.

    18 thousand domestic guests (96% decrease) spent 52 thousand tourism nights (95% decrease), with boarding houses accounting for nearly half of all tourism nights, showing a below average 81% decline.

  • Greek GDP decreased by 1.6% in the 1st quarter of 2020

    Greek GDP decreased by 1.6% in the 1st quarter of 2020

    The available seasonally adjusted data gathered by The Hellenic Statistical Authority (ELSTAT) indicate that in the 1st quarter of 2020 the Gross Domestic Product (GDP) in volume terms decreased by 1.6% in comparison with the 4th quarter of 2019.

    In comparison with the 1st quarter of 2019, it decreased by 0.9%.

    The available non-seasonally adjusted data indicate that in the 1st quarter of 2020 the Gross Domestic Product (GDP) in volume terms decreased by 1.2% in comparison with the 1st quarter of 2019.

    Total final consumption expenditure recorded an increase of 0.1% in comparison with the 1st quarter of 2019.

    Exports of goods and services increased by 2.5% in comparison with the 1st quarter of 2019. Exports of goods increased by 4.7%, and exports of services increased by 0.01%.

    Imports of goods and services increased by 0.2% in comparison with the 1st quarter of Imports of goods increased by 0.2%, and imports of services increased by 0.3%.

  • Average wage increased by 1.4% in Czechia in Q1 2020

    Average wage increased by 1.4% in Czechia in Q1 2020

    • In the Q1 2020, the average gross monthly nominal wage per full-time equivalent employee in the national economy increased by 5.0% compared to the corresponding period of the previous year.
    • In real terms, it grew by 1.4%. The median wage was CZK 29.333.

    In the Q1 2020, the average gross monthly nominal wage per full-time equivalent employee in the national economy was CZK 34.077, which is by CZK 1 610 (5.0%) more than in the corresponding period of 2019.

    In the aforementioned period of 2020, consumer prices grew by 3.6% and thus wages increased by 1.4% in real terms. The wage volume grew by 4.1% and the number of employees decreased by 0.9%.

    Compared to the previous quarter, the seasonally adjusted average wage in the Q1 2020 increased by 1.1%.

    The median wage was CZK 29.333 and increased by 5.8% compared to the corresponding period of the previous year.

    The male median wage reached CZK 31.790 and the female one was CZK 26.723. Eighty per cent of employees earned wages within the interval from CZK 15.761 to CZK 53.850.