Recessions

Greek industrial output fell 0.7 percent year-on-year in October after a upwardly revised 4.9 percent contraction in September, its eighth straight month of decline, statistics service ELSTAT said on Wedneday.

The drop was mainly due to a 5.6 percent decline in mining output and a 13.1 percent fall in electricity production.

Turkey's gross domestic product (GDP) has grown 1.7 percent year-on-year in the third quarter, according to official data released Dec. 10, sharply below forecasts that had predicted an increase of around 3 percent.

Greece's EU/IMF lenders disagree with the government's prediction that it will meet its budget deficit target for next year, the deputy finance minister said on Friday as he unveiled a revised 2015 budget plan.

"The (EU/IMF) troika has different estimates," Christos Staikouras told reporters. "They see a fiscal gap for 2015."

Israel's economy contracted for the first time in more than five years in the third quarter, as growth was hit by the effects of a war with Islamist militants in Gaza.
   

Greek industrial output fell 5.1 percent year-on-year in September after an upwardly revised 5.9 percent contraction in August, its seventh straight month of decline, statistics service ELSTAT said on Monday.

The IMF said on Wednesday it expected a narrower recession in Cyprus than it had previously forecast for 2014, but it cautioned against “reform fatigue” in the bailed-out eurozone nation after a new round of aid was held up by a dispute over foreclosures.

By Anestis Dokas

The heads of international investment firms engaged in numerous contacts with their counterparts at listed Greek groups last week to get a firsthand evaluation of the three-day plunge experienced by local stocks and bonds.

The slowdown in economic activity is taking its toll on employment. According to figures released on Oct. 15, the seasonally adjusted non-farm unemployment rate surged to 12.5 percent in July.

Greece’s bonds slid on Monday even as Prime Minister Antonis Samaras won the confidence motion he called to head off an opposition challenge.

Rates on Greece’s 10-year bonds jumped 11 basis points to 6.71 percent, ending a two-day drop.

Greek industrial output fell 5.7 percent year-on-year in August after an downwardly revised 1.1 percent contraction in July, its sixth straight month of decline, statistics service ELSTAT said on Friday.

The drop was mainly due to a 6.5 percent decline in mining output and a 18.1 percent fall in electricity production.