Greek Daily News 10/05/2024

ECONOMY

-This year’s Easter turnover, including travel, food and accommodation services, exceeded 1.5 billion euros, the president of the Piraeus Chamber of Commerce and Industry, Vassilis Korkidis, said. Six out of 10 consumers, maintained or increased their Easter spending.

-According to a study by Henley & Partners consultancy on high-income immigration issues, 22,600 millionaires (having at least $1 million) live in Athens today, with their population having increased by 15% in the last decade (2013-2023).

-In March 2024, the weighted average interest rate on new deposits remained unchanged at 0.53%, while the corresponding rate on loans increased to 6.24%. The interest rate spread between new deposits and loans increased to 5.71 percentage points, the Bank of Greece said.

-Greece is in fifth place on the list of the most interesting destinations for hotel investments, according to the global “2024 Hotel Investor Intentions Survey” by CBRE.

-The price of coffee is expected to increase by 10% – 20% in the next period, the president of the Greek Coffee Union, Tasos Giagoglou, said in an interview with “Naftemporiki.”

CAPITAL MARKET

London-based bank HSBC maintains its “overweight” recommendation for Greek stocks, proposing a higher weighting in the FTSE Russell Emerging Markets Index – an international equity index tracking stocks from emerging markets worldwide – to 1.3% from the current 0.7% based on benchmark indices. Meanwhile, Goldman Sachs sees an upgrade of the Athens Stock Exchange (ATHEX) to a developed market, possibly by the end of the summer.

TOURISM

-According to INSETE’s Air Data Tracker system, Greece sees air bookings up 8.4% for the 2024 summer season. In regards to the top 5 countries with the most tourist flow to Greece this year, the UK takes the lead (5,484,349 booked air seats, up 5.70% y-o-y), followed by Germany (4,612,327 seats), Italy (2,419,035 seats), France (1,783,934 seats) and the Netherlands with (1,153,312 seats).

-Greece’s Public Employment Service (DYPA) announced that it would be launching an online platform dubbed “Jobmatch” connecting jobseekers with tourism enterprises looking for employees.