Economy

Today's Bank of Greece Interim Report on Monetary Policy depicts a healthy economy, but warns that stronger growth is needed to fully overcome the economic crisis.

A handful of incentives is also envisioned for mergers and acquisitions, along with greater innovation and bonuses for start-ups.

The concerning figures come in spite of the summer sales by retailers, as consumers are trying to make ends meet due to the rising cost of living.

The macroeconomic profile also reflects Greece's improved credit conditions, which are still characterized by high levels of non-performing loans (NPLs) compared to the European sector.

The rise is primarily attributed to the fall of the balance of goods records and, to a lesser extent, to the balance of primary income.

The report on the Greek market reveals properties are in high demand by foreign homebuyers, usually just before summer

Some of the areas of interest explored included possible collaboration on wind turbines in the Aegean Sea, further tourism cooperation following the visa express

Greek debt saw a slight dip to 356.7 billion euros by the end of 2023, down from 356.8 billion euros a year prior

At current prices, exports dropped by 10.3% (‑10.7% at constant prices) and imports grew by 5.7% (9.4% at constant prices).

As the analysis notes, the long-term trend of household forecasts for their economic situation and unemployment is favorable, reaffirmed by their intentions for significant purchases and savings,

This projection is based on the understanding that certain factors that hindered growth in the latter part of the preceding year, such as flood-related agricultural losses, abrupt adjustments in housing investments, and postponed public projects, were temporary setbacks.

Some pundits estimate the cost of transporting a container from Asia to Piraeus had almost tripled, from €2,000 to €6,000-€7,000, since the crisis with the Houthis broke out at the end of November 2023.

Nevertheless, the Economic Sentiment Indicator, reflecting public perception of the economy, has turned positive after the pandemic-induced downturn from March 2020 to April 2021, this positive shift has stabilized consumption, with retail trade gaining momentum since May 2022.

The record-breaking performance of the Greek tourism sector in 2023 is reflected in the Bank of Greece (BoG) provisional data published, as 32.73 million tourists visited Greece, compared to 31.34 million in 2019

According to market sources those who adjusted their prices before Jan. 10, 2024, are considered the "lucky ones," as they will not be subjected to the three-month ban on promotions

In a bid to sustain the construction sector, the Value Added Tax (VAT) on newly constructed properties will maintain its current status quo for an additional year, persisting until the conclusion of 2025

This figure represents a 12.5% increase in revenues compared to the respective period in the previous year which also marked a record (€17.88 billion).