Microeconomics

Turkey's unemployment rate dropped to 11.7 percent in the February-April period, dipping further from a seven-year high at the start of the year but up from 10.1 percent a year earlier, official data showed on June 15. 

Cash flow problems are forcing Greek hoteliers to sign contracts with foreign tour operators that last for many years and lock prices at low levels.

General secretary for public revenue Giorgos Pitsilis warned hotel enterprises on Wednesday to declare their real revenues because his agency already has a clear picture of each enterprise's turnover.

Four in 10 working Greeks are afraid of losing their jobs, according to the latest Randstad Workmonitor survey for the July-September period of 2016, as 40 percent of men and 39 percent of women consider it very likely that they will be fired or their contract will not be renewed in the next six months.

The total number of people registered with the Manpower Organization (OAED) as unemployed increased by 27,449 in August from a month earlier, according to OAED data released on Monday.

The total number came to 973,586, just 45 people less than in July 2016. The number of people who said they have stopped looking for a job declined by 50,607.

The three-year budget forecast envisages a gradual increase of the minimum monthly wage to BGN 460 during 2017 as well, stated Finance Minister Vladislav Goranov.

Unemployment continued to decline in August, announced the National Employment Agency.

At the end of August, there were 261,525 unemployed registered in labour bureaus. Compared to July, there was a decrease of 6,575 persons. On an annual basis, compared to August 2015, the number of unemployed was significantly lower - a decrease of 45,296.

From today many goods and services become more expensive as of June 1st the new VAT hike comes into effect with the rate growing from 23% to 24%, while the salaries continue shrinking.

Greek citizens will be called to pay more for their everyday needs, since the new VAT rate applies to everything, from food, clothing and fuel to telecommunications, tickets and restaurants.

The Economy Ministry is examining a change in the quality and quantity criteria for an investment to qualify as strategic and enter the fast-track licensing system.

Turkey's hotel occupancy rates saw double-digit decline in September despite a rise in local tourists during a 9-day Eid holiday, said the Turkish Touristic Hotels and Investors Association (TUROB) in a written statement on Oct. 30.