Greek daily news

Greek Daily News 01/06/2024

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ECONOMY

-Fitch Ratings has affirmed Greece’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook.

-The main reasons for the stubbornly high inflation in Greece are the persistent profit margins of businesses, dubbed “greedflation,” the strong demand for services due to tourism, as well as the increase in Greeks’ income, according to a special study by National Bank of Greece.

-The annual rate of inflation in Greece fell to 2.3% last month, according to Eurostat’s harmonized consumer price index (CPI). Euro area annual inflation was 2.6% in May 2024, up from 2.4% in April.

(Source: Eurostat)

-The heads of the Greek Energy Exchange Group (EnExGroup) and Cyprus Stock Exchange (CSE) signed a memorandum of understanding.

-The Greek economy faces an investment gap. Poductive investments in the country represent approximately 12% of the GDP, compared to approximately 16% of GDP in the European Union, according to the annual investment survey of the European Investment Bank for 2023.

-Workers in Greece aged 20-64 work 39.9 hours a week for their main job, more than any other country in the EU and get even lower wages than at the beginning of the country’s financial crisis, Eurostat data for 2023 showed.

REAL ESTATE

-Ermou and Voukourestiou streets in downtown Athens, rank as among the most expensive in Europe, according to data compiled by BNP Paribas Real Estate. Rents for stores on Ermou and Voukourestiou are calculated, on average, at 3,300 euros and 2,500 euros per square meter, respectively, on an annual basis.

-In the first quarter of 2024 a 10.2% increase was recorded in the rents of modern office spaces, according to the quarterly report of Cushman & Wakefield Proprius.

-ATHEX-listed Lamda Development, a major property developer and mall operator, has been named as one of the 100 most influential companies in the world by Time Magazine (TIME100) for 2024, the only Greece-based company on the list.

TOURISM

-In January-April 2024, the number of passengers at the 14 regional airports operated by Fraport Greece increased by 7.3%, to 3.8 million people, on an annual basis. The highest increase was recorded by Skiathos Airport (15.1%), followed by Kavala (14.8%) and Santorini (13.3%).

-British Express encourages its vast readership to explore the Greek island of Sifnos, a hidden gem among the Cycladic islands which has gained a reputation for its food, slow pace of life, and serene hiking.