HIGHLIGHTS
June 6 2023
Global Market
The US ISM services PMI unexpectedly dropped to a five-month low of 50.3 in May, reinforcing market expectations that the Fed will likely take a pause on rate hikes at its next policy meeting on June 14 before delivering another hike in July.
Greece
Tomorrow ELSTAT is scheduled to announce the quarterly national accounts for the first quarter of 2023. In Q4 2022 the real GDP growth rate was relatively high at 1.4% QoQ / 5.2% YoY (vs. -0.1% QoQ / 1.8% YoY in the Euro Area). The high frequency indicators that have been published so far signal a mixed picture for Greece’s macroeconomic performance in Q1 2023.
CESEE
In Cyprus, GDP growth eased for the third consecutive quarter in Q1-2023, to 3.4%YoY from 4.4%YoY a quarter earlier. Growth determinants changed compared to Q4, as investments, instead of household consumption, were the main growth driver, due to a very strong, most likely one-off expansion of capital formation in shipping.
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