05.Jan .2021 12:30

What were the main figures and trends of the past week?

What were the main figures and trends of the past week?
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TBC Capital summarized the week in its bullettin which encompasses the period between December 28 - January 3.
These are the main figures and tendencies to watch:

According to preliminary estimates, GDP drop accelerated to 7.7% YoY in November 2020, following a 3.9% YoY drop in October. As a result, decline averaged 5.9% YoY in the first eleven months of 2020. The growth rate in
November has deteriorated compared to October, mainly due to the worsened epidemiological situation and respective mobility restrictions. According to rapid estimates, a growth compared to the corresponding period of the previous year was observed in manufacturing, financial & insurance, information & communication activities. On the contrary, construction,  transportation, arts, entertainment & leisure, accommodation, as well as wholesale & retail trade displayed significant declines in November when compared to the same period of the previous year.

The current account balance to GDP ratio stood at -13.1% in Q3 2020, down 13.5 PP YoY. Widening CA deficit mostly reflects worsened balance of trade in services from a positive 18.6% of GDP in the third quarter the year before to a negative 1.1% of GDP this time, as tourism inflows wiped out amid the pandemic. Over the same period, the balance of trade improved moderately from -20.7% of GDP to -18.2% of GDP. Current transfers improved substantially (from 7.7% of GDP to 11.2% of GDP), while the income account remained unchanged at 5.1% of GDP. On the financing side, net FDI inflows decreased from 7.3% of GDP in Q3 2019 to 4.4% of GDP in Q3 2020. The major source of financing higher CA deficit was other investments (11.0% of GDP), mostly on the back of government external borrowings. As for the reserve assets, those increased by 2.8% of GDP in Q3 2020, reflecting increase in the NBG reserves.

The NBG sold USD 30mln on 30 December 2020. The average weighted bid rate was 3.2752. In 2020, the NBG sold around 873mln USD via interventions.