Greek News 09/09/2024

ECONOMY

-In Q2 2024 the Gross Domestic Product (GDP) in volume terms increased by 1.1% in comparison with the Q1 2024, while in comparison with Q2 2023 it increased by 2.3%, ELSTAT said.

-The Bank of Greece expects GDP growth of 2.2% in 2024, rising to 2.5% in 2025 and 2.3% in 2026. Greece’s central bank sees the inflation rate falling to 3% this year.

-Swiss banking giant UBS of sees economic growth of 2.5% this year in Greece and 3% in 2025.

-Morningstar DBRS raised its outlook of the Greek economy from Stable to Positive, while affirming the country’s credit rating as BBB (low), i.e. investment grade.

-Greek’s adjusted unemployment rate rose to 9.9% in July 2024 from a downwardly revised and fifteen-year low of 9.5% in the previous month.

-Fitch Ratings has upgraded the credit ratings of Greece’s four systemic banks-National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank.

-The total value of imports, in July 2024 amounted to 7,327.5 million euros in comparison with 6,893.1
million euros (7,599.9 million dollars) in July 2023, recording an increase, in euros, of 6.3%, the Hellenic Statistical Authority (ELSTAT) data showed. The total value of exports, in July 2024 amounted to 4,620.7 million euros (5,027.4 million dollars) in comparison with 4,352.8 million euros (4,827.8 million dollars) in July 2023, recording an increase, in euros, of 6.2%.

GENERAL

Greek taxi drivers will hold a 24-hour strike starting at 5am on Monday, protesting new tax regulations arguing that the new legislation promotes unfair competition and monopolistic practices, according to SATA. The strike is scheduled to conclude at 5am on Tuesday.

TOURISM

-A Greek destination (Santorini), two hotels (Grand Resort Lagonissi and Domes of Elounda), a travel agency (Mideast Travel Worldwide) and a conference center (Megaron Athens Convention Center) secured awards in the Europe and Greece categories at the annual World MICE Awards Gala Ceremony held in Ho Chi Minh City, Vietnam.

-The average occupancy rate for Athens-Attica hotels in July 2024 reached 87.2%, data from the Athens-Attica & Argosaronic Hotel Association showed. For the January to July 2024 period, occupancy averaged 77.2%, up 2.5 percentage points on an annual basis.