Investor Presentaiton
-0.5
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Improved market sentiment and solid growth dynamics
GGB spreads and ASE index improve; one notch below
investment grade
Economic activity and business sentiment
17.5
75
3.0
1600
15.0
70
12.5
1400
2.5
Fitch: BB+
65
10.0
1200
7.5
60
2.0
5.0
55
S&P: BB+
1000
2.5
1.5
0.0
50
800
-2.5
45
1.0
-5.0
600
40
-7.5
S&P: BB
-10.0
0.5
35
400
-12.5
30
0.0
00
-15.0
200
-17.5
25
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
-10-year Greek Government Bond spread vs. German
10-year Greek Government Bond spread vs. Italian
ASE general index, rhs
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sources: Eurostat, S&P Global, Bloomberg, European Central Bank, European Commission, Alpha Bank Research calculations
0
2019-Q1
2019-Q2
2019-Q3
2019-Q4
2020-Q1
2020-Q2
2020-Q3
2020-Q4
2021-Q1
2021-Q2
2021-Q3
2021-Q4
2022-Q1
2022-Q2
2022-Q3
2022-Q4
2023-Q1
2023-Q2
GDP (yoy)- Euro area
ESI*- Greece, rhs
GDP (yoy)- Greece
PMI**- Euro area, rhs
ESI*- Euro area, rhs
PMI** Greece, rhs
(*) rescaled in order to have the same mean and standard deviation as the PMI, quarterly average
(**) quarterly average
29
ALPHA
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