Greek daily news

Greek Daily News 09/07/2024

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ECONOMY

-Moody’s upgraded National Bank and Piraeus Bank deposit ratings on Monday, citing improvements in their financial fundamentals.

-JP Morgan has upgraded its recommendation for OTE‘s stock to overweight from neutral but lowered the target price for stocks of the largest technology company in Greece to €17.3 from €17.7.

-The annual inflation rate in Greece eased slightly to 2.3% in June 2024 from 2.4% in the previous month, Hellenic Statistical Authority (ELSTAT) data showed. Prices accelerated for hotels & restaurants (5.4% vs 5%). On a monthly basis, consumer prices rose by 0.5% in June, after a 0.3% drop in the previous month.

(Source: ELSTAT)

-In 2023, the domestic cosmetics market posted annual growth of 20%, with retail sales reaching 1.2 billion euros, according to Cosmetics Europe data published by the Panhellenic Association of Manufacturers and Agents of Cosmetics and Perfumes.

CULTURE

The Museum of Ancient Eleutherna near Rethymno, Crete celebrated its 8th anniversary with the inauguration of an exhibition on Pablo Picasso, showcasing 62 works by one of the most-influential artists of the 20th century.

TOURISM

-A new Greek draft law foresees creation of rooms of employees in hotels. This law will be deliberated upon in the national Parliament on Thursday, July 11.

-Greece run an extensive ad campaign in metro stations and on buses in Paris from May to July, reminding the French that “Voyager en Grèce cet été est une victoire garantie” (Traveling to Greece this Summer is a Guaranteed Victory) and “La Grèce – Une expérience de vie… Pas seulement des vacances” (Greece, a life experience – something more than a vacation).

-Athens International Airport handled 3.30 million passengers in June 2024, up 12.9% on an annual basis. The increase in passenger numbers stemmed from both domestic and international travel. In H1 2024, the airport’s traffic grew by 16%, with domestic traffic up by 8.6% and international traffic by 19.5%.