Greek daily news

Greek Daily News 26/04/2024

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ΕCONOMY

-Greece witnessed the largest decrease (-42%) in natural gas prices in the second half of 2023, Eurostat data revealed. Poland (+32%) registered the highest price increases.

-The tax wedge for the average single worker in Greece grew by 0.5 percentage points to 38.5% in 2023 from 38.0% in 2022, OECD data showed. Last year, Greece had the 18th highest tax wedge among the 38 OECD member countries. For comparison, the OECD average tax wedge in 2023 was 34.8% compared with 34.7% in 2022.

-Deposits placed by the private sector increased by €1,675 million in March 2024, compared with a decrease of €1,067 million in the previous month, according to the Bank of Greece (BoG). Corporate deposits increased by €1,278 million, compared with a decrease of €911 million in the previous month.

-George Lagarias, chief economist at Mazars Wealth Management, told The Financial Times that growth with limited leverage — which is the case of Greece — will remain sluggish, and predicts that it will take many years of “persistent reforms” for Greece to get back to where it was in 2007. Once on par with EU averages, Greece now ranks as the second poorest EU nation, trailing only Bulgaria within the eurozone.

George Lagarias, chief economist at Mazars Wealth Management (Credit: Mazars Wealth Management)

-Risks to financial stability declined in the second half of 2023, although challenges still lie ahead, including the risk of a sharp repricing of assets in international money and capital markets and geopolitical risks, particularly following the further escalation of the Middle East conflict, according to the Bank of Greece (BoG).

BUSINESS

-In the first quarter of 2024, supermarkets in Greece saw a 3% surge in turnover, recent market data provided by NielsenIQ showed. Promotions heavily influence 9 out of 10 shoppers in their brand and store selections.

-The Hellenic Investment and Trade Company (Enterprise Greece) promoted Greek tourism and investment opportunities in the International Hotel Investment Forum (IHIF) held on April 15 to 17 in Berlin.

TOURISM

In the first quarter of 2024, the occupancy rate in Athens hotels increased by 5.9% on an annual basis, with the average rate standing at 63.5%, the Athens, Attica and Argosaronic Hotel Association said in a statement.