National accounts

The Romanian economy contracted by 3.9% in 2020, and in the last quarter of 2020 the country's Gross Domestic Product (GDP) declined 1.5% from the same quarter of 2019, according to data published by the National Institute of Statistics (INS) on Tuesday.

The total monthly average income per household stood at 5,302 lei in the third quarter of last year, and the total expenditures reached, on average, 4,444 lei per month/per household, accounting for 83.8% of the total income level, show the data of the National Institute of Statistics (INS), published on Monday.

The annual growth of Romania's economy in the first quarter of 2020 - 2.4% unadjusted and 2.7% when seasonally adjusted series, was mainly due to the household final consumption expenditure, which volume increased by 3.8%, contributing 2.5% to GDP growth, according to provisional data with the National Institute of Statistics (INS) released on Tuesday.

Turkey's economy grew by 4.5% year-on-year in the first quarter of 2020, the country's statistical authority announced on May 29.

According to the Turkish Statistical Institute (TÜİK), gross domestic product (GDP) at current prices amounted to 1.07 trillion Turkish liras ($176.1 billion) in the January-March period.

With the first stimulus package, passed in parliament on 2 April, the government wanted to prevent the situation from worsening at the outbreak of the epidemic.

It took measures worth around EUR 3 billion to help companies and households, and at the end of April made some corrections to cover more groups.

Travel receipts plunged 71 pct to 92 million euros in March, from 318 million in the same month last year, while travel payments also decreased by 75.7 pct to 61 million euros from 250 million last year, the Bank of Greece said in a report on Friday.

Greece's current account balance showed a smaller deficit in March compared to the same month last year, on the back of improved trade and primary income account balances that offset a smaller services surplus, the Bank of Greece said on Thursday.
Central bank data showed the deficit at 1.106 billion euros from a deficit of €1.538 billion in March 2019.

The Gross Domestic Product (GDP) increased in the first quarter of 2020 by 2.4%, as gross series compared to the similar period of last year, and compared to the previous quarter the increase is of 0.3%, according to the flash estimates published by the National Institute of Statistics (INS) on Friday.

Greece's taxes and social security contributions put this country second among the 36 member-states of the Organization for Economic Cooperation and Development (OECD) in terms of dues to the state for workers with children.

Turkey's current account balance saw a deficit of $4.92 billion in March, according to official figures released on May 13. 

The deficit was $120 million in the same period last year, said the Central Bank.

The bank's balance of payments figures showed the country's 12-month rolling surplus amounted to $1.46 billion.