Greek Daily News & Advice

ECONOMY -Greek authorities conducted 9.059 labor inspections on hospitality companies between May and August 2024, issuing 8.11 million euros in fines, Kathimerini reported. -The Overall Turnover Index in Industry (both Domestic and Non-Domestic Market) in July 2024 recorded an increase of 11.7% compared with the corresponding index of July 2023, the Hellenic Statistical Authority (ELSTAT)…

ECONOMY -Moody’s raised Greece’s credit rating outlook to “Positive” from “Stable” but did not lift the country out of junk status and into investment grade. -JP Morgan reaffirmed its “neutral” recommendation on Greek stocks and noted that upward factors are running low, while the valuation of Greek banks has all but closed the European average…

ECONOMY -In Q2 2024 the Gross Domestic Product (GDP) in volume terms increased by 1.1% in comparison with the Q1 2024, while in comparison with Q2 2023 it increased by 2.3%, ELSTAT said. -The Bank of Greece expects GDP growth of 2.2% in 2024, rising to 2.5% in 2025 and 2.3% in 2026. Greece’s central…

ECONOMY -The Greek government is planning to increase Greece’s minimum wage for both public sector and private sector employees between 4.5%-5% as 7 out of 10 private sector employees are low wage earners and can’t make ends meet, Ta Nea reported. -S&P Global’s seasonally adjusted Purchasing Managers’ Index (PMI) for the Greek manufacturing sector stood…

ECONOMY -The price increase on 850 pharmaceutical drugs in circulation at Greece’s pharmacies comes into effect today, TA NEA newspaper reported. The hike ranges from 1 to 5 euros. -Greece is 16th among European Union member states in terms of household net disposable income, according to the National Economy & Finance Ministry. -Hotel owners object…

ECONOMY -The Overall Material Costs Index in the Construction (CSTM) of New Residential Buildings in July 2024 recorded an increase of 5.4% in comparison with July 2023, the Hellenic Statistical Authority (ELSTAT) data showed. -For the total of enterprises in retail trade, the turnover in the second quarter of 2024 amounted to 18.11 billion euro,…

ECONOMY -Norway’s sovereign wealth fund, with a portfolio value of 1.7 trillion dollars, has holdings in 36 listed companies on the Athens Stock Exchange. -An auction of 26-week T- Bills was held on Wednesday, amounting to 500 million euros, the Public Debt Management Agency announced. The yield stood at 3.09 percent. Total bids of 985…

ECONOMY -The euro area annual inflation rate was 2.6% in July 2024, up from 2.5% in June, Eurostat said. Inflation in Greece stood at 3% last month, settling above the euro area average. The lowest annual rates were registered in Finland (0.5%), Latvia (0.8%) and Denmark (1.0%). The highest annual rates were recorded in Romania…

ECONOMY -According to the OECD, in the first quarter of 2024 Greece witnessed the sharpest fall among the 38 OECD members in real per capita household income, which fell by 1.9% compared to the final quarter of 2023, despite a 0.9% increase in real per capita GDP. -The Overall Import Price Index (MPI) in Industry…

ECONOMY -The vast majority of pensioners will get an extra €15-30 from their pensions alone on January 1, 2025 Kathimerini reported. Thousands will also get an extra subsidy, ranging from €100-€200, especially those whose pensions do not exceed €700 per month. -Concerning the enterprises and the activities of the economy as a whole, the turnover…