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ECONOMY
-The National Bank of Greece (NBG) announced profits of 1.2 billion euros in 2023, driven mainly by interest rates. Net interest income jumped by 65% year-on-year.
-Greece’s hiring expectations have weakened by 6% in the second quarter of 2024 compared to the previous quarter and by 2% compared to the same period last year, according to ManpowerGroup’s latest employment survey. Meanwhile, the Information Technology (IT) industry is emerging as the most dynamic sector regarding the highest increase in recruitment intentions in Greece.
-The interest rate hikes by the European Central Bank and the increase in net interest income lead to an excessive accumulation of profits in Greek and European banks and fuel the inflation of banking greed (“bankflation”), warns the Center for Planning and Economic Research (KEPE). Profits should go toward offsetting deferred tax, not only to dividends, KEPE recommends.
TOURISM
-Boutique hotels, are performing even better than large luxury hotels in terms of the growth rate of their occupancy. In 2023, such accommodation recorded a 14% increase in occupancy compared to the record year of 2019 and is heading for a new record in 2024, according to the data collected by Square Lime, a management company which boasts 40 boutique units throughout Greece.
-Greece remains a highly favored destination for German tourists. Bookings are already witnessing a double-digit increase from last year, and Crete, a favorite destination for Germans, ranks third in demand representatives of travel agencies and industry stakeholders told the AMNA news agency.
