Greek daily news

Greek Daily News 17/10/2023

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ECONOMY

-Budget tax proceeds exceeded targets by 7.5% or 3.156 billion euros in the January-September period, totaling 44.982 billion euros, and were down 3.5% on a monthly basis, according to a report by the National Economy and Finance ministry.

-All eyes on S&P’s announcement regarding the Greek economy on Friday night, after the closing of Wall Street. JP Morgan and Citigroup estimated that the rating agency will upgrade the Greek economy to investment grade (IG). The country’s rating has already been upgraded, early last month, by DBRS to IG level. Fitch is set to unveil its latest credit ratings on Dec. 1.

-The Hellenic Development Bank (HDB) has granted 45,288 loans amounting to 9.4 billion euros in 4 years. Systemic banks are expected to record high interest income that will reach 2.5 billion euros in the third quarter, Naftemporiki reported.

POLITICS

Greeks went to the polls on Oct. 8 and Oct. 15 to elect their representatives in 13 regions and 332 municipalities across the country for the next five years. About half of voters participated in the first round of the regional and municipal elections nationwide and fewer than four in 10 in the second round, according to the Ministry of Interior. Ruling conservative New Democracy (ND) party-backed candidates won in 8 of 13 regions. However, ND’s candidates were defeated in the capital of Athens and in the Thessaly region that was hard-hit by September’s floods.

AGRICULTURE

The first quantity of domestic olive oil produced this season (2023-24) debuted last week and sells at 9.25€ per kilo; the agricultural cooperative Aghii Apostoli in extreme southern Laconia prefecture told Oikonomikos Taxydromos.

REAL ESTATE

The value of Real Estate Investment Companies’ (AEEAP) portfolios doubled from 2018 to 2022 (from 2,100.5 million euros to 4,431.4 million euros, up 110%) as did their revenues, which stood at 292.3 million euros from 139.9 million euros, a recent survey by KPMG reveals.