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Economy

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Georgiadis: A long pre-election period would damage the economy

Georgiadis: A long pre-election period would damage the economy An extended pre-election period would hurt the Greek economy, Development Minister Adonis Georgiadis said on Wednesday, commenting on whether the country will be led to early elections. “A long pre-election period, with extremely high intensity and toxicity, will damage the economy. As long as the opposition […]

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Economist Intelligence Unit: Greek economy growth in 2022 at 4%

Economist Intelligence Unit: Greek economy growth in 2022 at 4% The Economist Intelligence Unit (EIU) maintained its forecast for the growth of the Greek economy unchanged at 4% in 2022, although it revised the corresponding estimates for the global and European economy downwards, in the shadow of the war in Ukraine and the galloping inflation […]

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EU ministers seek deals on climate laws as economy woes test green pledges

EU ministers seek deals on climate laws as economy woes test green pledges European Union ministers began talks on Monday to approve new laws to fight climate change, but diplomatic sources said economic pressures could prompt efforts to water down some of the EU’s most ambitious proposals. EU energy ministers will also discuss options to […]

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Cyprus seeks ways to boost climate action

Cyprus seeks ways to boost climate action The Cyprus Economy and Competitiveness Council is proposing the creation of a Deputy Ministry for Climate, as part of its suggestions for green development and energy. A statement from the council on Wednesday said that the proposal incorporates seven suggestions which will act as a catalyst for the […]

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IMF: Greece’s growth at 3.5% in 2022

IMF: Greece’s growth at 3.5% in 2022 Despite the negative economic ramifications of the war in Ukraine, the Greek economy is expected to show a strong growth rate of 3.5% this year, according to the International Monetary Fund (IMF). In 2023, as the Fund points out, the growth rate of the Greek economy is estimated […]

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ESM lauds Greece for reaching several important milestones in its reform agenda

ESM lauds Greece for reaching several important milestones in its reform agenda The Greek economy recovered vigorously from the pandemic, driven by strong domestic demand and tourism, the European Stability Mechanism (ESM) said in its annual report for 2021 approved in Luxembourg on Thursday, ANA reports. Greece’s economic activity rose by 8.3% in 2021, ESM […]

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Le Maire: ‘Full trust’ in Greek, Italian govt’s to make right moves on economy

Le Maire: ‘Full trust’ in Greek, Italian govt’s to make right moves on economy French Finance Minister Bruno Le Maire said on Wednesday that he had “full trust” in the governments of Greece and Italy that they would take the right decisions, when asked on the latest surge in bond yields hitting southern eurozone countries. […]

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The competitiveness of the Greek economy is almost stable

The competitiveness of the Greek economy is almost stable Greece’s position in terms of competitiveness fell by just one position compared to last year, according to data from Swiss-based International Institute for Management Development (IMD) published today. The country is now in 47th place in the relevant ranking, falling from 46th place last year, among […]

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‘Greek economy has now become more resilient’

‘Greek economy has now become more resilient’ Both Athens and Berlin must proceed to a “normalization” of their public finances without “abusing” the escape clause, stresses German Federal Minister of Finance Christian Lindner in an exclusive interview with Kathimerini. He specifies that the approach must not include increases in taxes, but a re-examination of expenses […]

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Poll shows more concern over economy, Turkey ties

Poll shows more concern over economy, Turkey ties A new survey shows increased concern regarding both economic developments and the situation in Greek-Turkish relations. According to the survey by Pulse company on behalf of Skai, 83% of the respondents stated that they are worried or very worried about the economy, as are 66% about the […]

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Editorial Ta Nea: The dynamic of the Greek economy

Editorial Ta Nea: The dynamic of the Greek economy The figures regarding the rise of Greece’s GDP in the first quarter of this year are extremely encouraging. Undoubtedly, the Greek economy’s good Q1 performance is based on exports and in part on domestic consumption, which reflects its dynamic and endurance, despite the fact that the […]

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Greek economy to grow by 2.8% in 2022, 2.5% in 2023, OECD report says

Greek economy to grow by 2.8% in 2022, 2.5% in 2023, OECD report says The Greek economy is expected to grow by 2.8% this year and 2.5% in 2023, the Organisation for Economic Cooperation and Development (OECD) said in its Economic Outlook report released on Wednesday. The Paris-based organization said that the recovery is expected […]

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Greek economy expands 2.3% in first quarter, shows resilience

Greek economy expands 2.3% in first quarter, shows resilience Greece’s economy expanded in January-to-March at a faster pace compared to last year’s fourth quarter but its growth rate decelerated on an annual basis, the country’s statistics service (ELSTAT) said on Tuesday. Seasonally adjusted data showed gross domestic product grew 2.3% from an upwardly revised 0.8% […]

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Expensive distortions

Expensive distortions Even if the war in Ukraine ended today, the European economy would still have to live with inflation for a long time to come.  The sources of the problem are not domestic. Greeks, however, are called upon to shoulder the extra burdens caused by old market distortions: from distorted competition to opacity and […]

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Economy can depend on tourism for its growth, says Kikilias

Economy can depend on tourism for its growth, says Kikilias Tourism Minister Vassilis Kikilias on Monday highlighted the importance of the tourism product in terms of development, investments and the opportunity for high profits while addressing the 1st International Business and Hospitality Conference organized by Liquid Media and Insider on Monday. “The tourism product is […]

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Greek economy’s five wounds

Greek economy’s five wounds The detailed report of the European Commission on the Greek economy, released on Monday, highlighted the five inherent problems Greece faces, reminding that while the country is preparing to emerge from its enhanced surveillance status, it continues to suffer from excessive macroeconomic imbalances. The report, which forms part of the European […]

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Kikilias: Tourism is fuelling the Greek economy

Kikilias: Tourism is fuelling the Greek economy “Tourism is fuelling the Greek economy. It fuels the middle Greek business and thus the middle class Greek family,” Tourism Minister Vassilis Kikilias underlined at a meeting of the Athens Chamber of Tradesmen, on Tuesday. The minister highlighted the direct interconnection of the tourist product with all the […]

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Greek PM in USA: Greece is a living democracy with a prosperous economy

Greek PM in USA: Greece is a living democracy with a prosperous economy “Today, Greece is a vibrant democracy with a thriving economy. A country that has managed to overcome a very painful economic crisis. A country that offers hope to its young people again,” Prime Minister Kyriakos Mitsotakis stressed in his speech during a […]

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EU Commission Revises Forecast for the Greek Economy Downwards

EU Commission Revises Forecast for the Greek Economy Downwards European Commission envisages a GDP growth of 3.5% in 2022 and 3.1% in 2023 (from 4.9% and 3.5% respectively) Credit: Adam Jones, CC BY 2.0 The European Commission revised its forecasts for the Greek economy downwards on Monday, envisaging a GDP growth of 3.5% in 2022 […]

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EBRD sees Greek economy growing at 2.9% this year

EBRD sees Greek economy growing at 2.9% this year Greece’s economy is forecast to expand by 2.9% this year with growth expected to pick up to 3.5% in 2023, helped by increased disbursement of funds from the European Union’s Recovery and Resilience Facility, the EBRD projected on Tuesday. The European Bank for Reconstruction and Development […]

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ICAP CRIF: The performance of selected sectors in the Greek economy

ICAP CRIF: The performance of selected sectors in the Greek economy Estimates for the course of the macroeconomic measures of the country are positive for 2022, however, the current developments that prevail at the international level, are estimated to weaken the growth rate of the Greek economy by 1-1.5 percentage points compared to the initial […]

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Inflation strikes major blow

Inflation strikes major blow The impact of inflation on the Greek economy and society is growing heavier: Households are seeing their real incomes decline and fear unemployment in a new cycle of recession, while corporations are observing a drop in their profit margins due to the increase of production and operation costs and smaller sales […]

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Cyprus FinMin warns EU economy in for rocky ride

Cyprus FinMin warns EU economy in for rocky ride Cypriot Minister of Finance Constantinos Petrides said on Monday the next few years would be difficult for Cyprus and the entire European Union. Provisional figures released last week by Eurostat showed that inflation in Cyprus rose by 8.6% in April on a yearly basis, 2.4 points […]

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Turkey acquits Bloomberg journalists over report on economy

Turkey acquits Bloomberg journalists over report on economy A Turkish court on Friday acquitted two reporters for the US-based Bloomberg news agency who were accused of trying to undermine Turkey’s economic stability with a story on Turkey’s currency crisis in 2018. Istanbul-based reporters Kerim Karakaya and Fercan Yalinkilic had faced up to five years in […]

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Four pillars of 2022 growth

Four pillars of 2022 growth There are four main reasons why the Greek economy will remain robust amid the global energy crisis and the war in Ukraine, UBS said in a report on Thursday, adjusting its estimate for the expansion of Greece’s gross domestic product in 2022 from 5.5% previously to 4%. The Swiss investment […]

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Market Economy Thrived in Ancient Greece 3,000 Years Ago

Market Economy Thrived in Ancient Greece 3,000 Years Ago The Athenian agora. Credit:mpd01605, CC BY-SA 2.0/Wikimedia Commons By analyzing sediment cores taken from six sites in southern Greece, an international team of researchers claimed recently that the market economy thrived in ancient Greece 3,000 years before previously believed. The researchers identified trends in cereal, olive, […]

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Natural gas: How Greece will pay Putin

Natural gas: How Greece will pay Putin With the Greek economy betting heavily on this year’s tourist season to boost government revenue and estimates in favor of increased tourist traffic, the government has set itself the goal of ensuring energy efficiency. Thus, Athens is reportedly moving in the direction of setting up Greek companies importing […]

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Energy transition a ‘huge economic opportunity’ for Greece

Energy transition a ‘huge economic opportunity’ for Greece The transition to a carbon-free economy creates a huge economic opportunity for Greece as tourism, shipping, food and agriculture and energy systems are all transformed and the country can be a leader in the process and emerge as an economic winner. This is the view of Keith […]

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Greek Economy Upgraded from S&P Global Ratings

Greek Economy Upgraded from S&P Global Ratings Caryatids holding up the Erechtheion in Athens, atop the Acropolis. Credit: Harrietta171, CC3/Wikipedia The Greek economy got a vote of confidence by S&P Global Ratings on Friday which upgraded its debt rating to BB+. “The upgrade reflects our expectation of a continuous improvement in Greece’s policy effectiveness, while […]

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Labor Minister: Increase of minimum wage is on the verge of endurance of our economy

Labor Minister: Increase of minimum wage is on the verge of endurance of our economy The Minister of Labor, Kostis Hatzidakis, spoke on the “Koinonia Ora MEGA” television show about the increase of the minimum wage. “Indeed, we have a total increase of 10%, and this is a relief to wage earners for what they […]

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