Finance

Greece saw a significant rise in hourly labor costs, increasing by 7.9%, with the business economy experiencing a 10% hike.

German publication FAZ highlights the low wage rates in the country, despite Greeks working more hours compared to other EU member-states

Greece's Public Debt Management Agency is preparing the official request to be submitted at September's Euro Working Group meeting

The government plans to advance institutional reforms, particularly to tackle the housing shortage, and will review adjustments aimed at rectifying tax burdens on self-employed professionals.

Transport Minister Christos Staikouras noted that the long term goal is to replace at least 1,300 outdated buses with new, low-emission vehicles by 2027

Meanwhile, the Production Index in Construction (IPC) in the 1st quarter of 2024 recorded an increase of 5.0%

The 15.7% surge in April 2024's output price index is primarily attributed to a substantial 23.7% hike in the crop output group, driven mainly by the price increases in olive oil and fruits.

Scheduled throughout the summer from mid-June to October, these auctions feature hotels spanning from three-star accommodations to luxurious five-star resorts, each offering varied facilities, capacities, and amenities.

An international ring of fraudsters has been laundering illegal income through 39 luxury villas in Ano Mera, Mykonos, and enormous apartments on the Athens Riviera.

A new Eurostat report shows 26% of Greeks are at risk of poverty or social exclusion, which is above the EU average of 21.4% and the 4th highest in the EU

Both foreign and domestic investors are seizing the moment, ushering in a wave of significant deals across various sectors like banking, technology, food, energy, logistics, and hospitality.

The wind farm “Erimia” is located at the town of Malesina in the administrative region of central Greece, with a 35W power capacity

The Information Technology sector leads as the most competitive at 38%, despite a 5-point drop from last quarter and 1 point from last year.

Sources within the bank anticipate that this investment will propel Eurobank's stake up to 65% by the summer, paving the way for its proposed absorption of the Cypriot bank.

Looking at the broader picture, the average index for the period from January to April 2024 showed a solid 5.3% rise compared to the same period in 2023.

However, the consumer price Index (CPI) in May 2024 compared with May 2023, increased by 2.4%. In May 2023, the annual rate of change of the CPI was 2.8%.

Greece serves as a prime example, having lost a quarter of its GDP during the crisis but regaining its investment grade last year. Conversely, France was downgraded by S&P Global Ratings recently.

Axia, one of the foreign analysts, considers the dividend approval as a crucial step towards the normalization of Greek banks post the 2010-2015 crisis.

Export values reached 4.467 billion euros, up from 4.019 billion euros in April 2023, marking an 11.1% rise.

The available non-seasonally adjusted data indicate that in the 1st quarter of 2024 the Gross Domestic Product (GDP) in volume terms increased by 1.9% in comparison with the 1st quarter of 2023