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Friday, October 7 2022 Trending GIG Economic Bulletin – July 18, 2022 * * * About Us * Contact Us Menu * Insights * All * United Against Covid-19 * Economic Bulletin * Interviews * Video Testimonials * In Focus * At a Glance * Greece 2.0 * Economic Overview * Government Structure * Geopolitics * Legal Framework * Doing Business * Human Capital * Investments and Privatisations * Investment Sectors * Stock Market * Bonds * Banking * Insurance * Energy * Infrastructure and Logistics * ICT & Innovation * Start-ups * Real Estate * Maritime * Agri-Food * Health * Tourism * Film and Culture * Regions * Overview * Attica * Central Greece * Central Macedonia * Crete * Eastern Macedonia and Thrace * Epirus * Ionian Islands * North Aegean * Peloponnese * South Aegean * Thessaly * Western Greece * Western Macedonia * Travel & Living Guide * Overview * Restaurants * Cafes & Meeting Places * Bars * Hotels * Archaeological Sites, Museums and Cultural Events * Day & Weekend Trips * Getting Around * Healthcare * Living in Greece with kids * Business Directory * Search for National Bank of Greece. Copyright: Kapustin Igor / Shutterstock GIG ECONOMIC BULLETIN – SEPTEMBER 5, 2022 INFLATION REMAINS ELEVATED AND ENERGY PRICES LOOK SET TO ATTRACT AN EU-LEVEL MARKET INTERVENTION, WHILE TOURISM INDICATORS STILL POINT TOWARDS A RECORD YEAR. GREECE’S ENERGY PLAYERS ARE REPORTING RECORD PROFITS. GIG Team September 5, 2022 0 859 3 minutes read Economic BulletinInsights Saudi Arabia mulls acquiring a 20% stake in one of Greece’s four systemic lenders National Bank of Greece. Inflation remains strong on the back of surging EU energy prices, while the Greek benchmark bond rose to 4.23%. The EU Commission approves €7.15 billion in ESPA funds for the 2021-2017 period, and Greece’s energy players announce record-breaking profits. AddThis Sharing Buttons Share to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to WhatsAppWhatsAppWhatsAppShare to ViberViberViberShare to MessengerMessengerMessengerShare to LinkedInLinkedInLinkedInShare to MoreAddThisMore MACRO Greek inflation in August fell to 11.1% from 11.3% in July, while the eurozone jumped to a record 9.1%. According to Eurostat, energy is driving the increase, recorded at 38.2% in August. Food and alcoholic beverages follow with a 10.6% spike. The producer price index shot up by 35.6% Y-o-Y in July according to ELSTAT. On a trailing 12-month basis the increase was 32.8%. New business registrations were down by 3.9% Y-o-Y in Q2 according to ELSTAT. S&P’s Purchasing Managers’ Index (PMI) retreated to 48.4 points in August from 49.1 in July. The contraction was the most severe since the end of 2020, attributed to reduced order flow and weak customer demand. According to Eurostat data, unemployment in Greece in July was 11.4%, down by 2.9 percentage points compared to the same month of 2021. The eurozone unemployment rate was 6.6%. The absolute figure for the unemployed in Greece was 530,000. Eurozone bond yields rallied in anticipation of a steep interest rate rise by the ECB. The Greek benchmark climbed to 4.23% and the spread reached 269 points. The five-year pushes were up to 3.33%. The total budget for projects approved for RRF-backed projects reached €3.93 billion according to Finance Ministry figures. The 107 projects will absorb €1.68 million in RRF funds, €933 million of investors’ own funds, and €1.32 million in bank loans. A total of 38 programmes and projects with a combined budget of €7.15 billion have been green-lighted by the European Commission as part of the 2021-2027 National Strategic Reference Framework package (known as ESPA in Greece). ENERGY European energy ministers and the European Commission are looking at mechanisms for capping energy costs, including proposals put forward by Greece, after natural gas prices hit record levels during the week, with a knock-on effect on electricity. An energy summit is planned for September 9, and the Commission’s proposal will be presented the following week. DEPA Infrastructure has passed into the control of Italgas after the conclusion of the €733-million acquisition from HELPE and privatisation fund HRADF. HELPE profits shot up to record levels in Q2. EBITDA came to €535 million compared to 79 million for the same quarter last year. The increase was attributed to increased global refining margins and high domestic demand due to the busy tourist season. Motor Oil announced €685 million of profits after tax in H1, compared to €121 million in H1 2021. Turnover shot up to €3.74 billion, a 90% increase on 2021. INFRASTRUCTURE COSCO has submitted its updated master plan for Piraeus Port to the Council of State. The plan is expected to be approved in the autumn, allowing work to resume on the extension of the passenger terminal. Container traffic at COSCO’s Piraeus piers I and II was down by 9.9% in the year to July compared to the same period in 2021. The slowdown is attributed to the accumulation of transit loads and delayed arrivals linked to bottlenecks in the global supply chain. The legislation setting out the terms for the restructuring of the Elefsina Shipyard by Onex was approved by Parliament on Wednesday. Ellaktor reported €12.4 million of profit after tax for H1, compared to losses of €54.5 million for the same period last year. Water utility company EYDAP is set to announce a tender for smart water metering in 2023. The project will see 2.16 million meters replaced over a 10-year period, and has an initial budget of €300 million. SHIPPING U.S. climate representative John Kerry discussed the leading role of the Greek shipping community in greening the shipping sector with Prime Minister Kyriakos Mitsotakis, Shipping and Island Policy Minister Ioannis Plakiotakis, and the President of the Union of Greek Shipowners Melina Travlou during his visit to Athens. TOURISM Aviation traffic to Greece was up by 7% in July compared to the same month in 2019, according to Eurostat data. More than 4 million passengers arrived at the airports of the South Aegean in the first 20 days of August, up 16% on the equivalent period of 2019 according to local tourism chiefs. Estimated arrivals at Athens International Airport in August fell just 5% short of 2019 levels. Around 1 million seats are booked on flights arriving in September. Athens International Airport Copyright: Pit Stock / Shutterstock REAL ESTATE Construction activity shrunk by 0.4% Y-o-Y in May by number of building permits. The decline was 23.2% by area and 8.8% by volume according to Hellenic Statistical Authority (ELSTAT). Commercial real estate transactions came to €600 million in H1 2022, according to property consultant DANAOS. The total value of transactions come to €750 million in 2021, €900 million in 2020, and €600 million in 2019. BANKS The Kingdom of Saudi Arabian has expressed initial interest in acquiring a 20% stake in NBG, and the government sees this as a step towards HFSF divesting from the Greek banks. HFSF is already in the process of hiring a consultant for the divestment process. Alpha Bank is in advanced negotiations to close deals for the sale of two NPL portfolios, project Solar and project Hermes, with a combined value of €1 billion. The rise in interest rates by up to 150 basis points until the end of the year could bring added income to banks of up to €1.2 billion, with the higher incomes beginning to be reflected in the third quarter of this year, peaking in Q4. STOCK MARKET The ASE general index gave back most of the gains made since July after dropping -5.44% on a weekly basis to close at 844.78 points, in a week when large caps were down 5.98% while banking stocks fell -7.7%. AddThis Sharing Buttons Share to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to WhatsAppWhatsAppWhatsAppShare to ViberViberViberShare to MessengerMessengerMessengerShare to LinkedInLinkedInLinkedInShare to MoreAddThisMore WANT TO STAY INFORMED? SIGN UP TO OUR NEWSLETTER Sign Up Your Email: First Name Last Name Company By signing up for our newsletter, you accept our terms and conditions as outlined under Privacy Policy Leave this field empty if you're human: RELATED TOPICS BANKING ENERGY HEALTH ICT & INNOVATION REAL ESTATE TOURISM BONDS INFRASTRUCTURE AND LOGISTICS INSURANCE STOCK MARKET GREECE 2.0 INVESTMENTS AND PRIVATISATIONS ECONOMIC OVERVIEW DOING BUSINESS HUMAN CAPITAL MIGHT BE INTERESTED IN Gabriel Alonso Founder, President & CEO of 547 Energy U.S. PRIVATE EQUITY FIRM IS BULLISH ABOUT OPPORTUNITIES IN GREECE’S ENERGY TRANSITION SPACE A general political consensus in favour of RES, positive market signals, in tandem with an abundance of natural resources have led U.S.-based 547 Energy – the clean energy investment platform of Quantum Energy Partners – to position Greece as a priority market, says the company’s CEO & President, Gabriel Alonso. Having already established a wind energy project portfolio of 400 MW in partnership with Greece-based ENORA, the company is now looking to seize new opportunities in areas spanning from solar PV to offshore wind, storage, and energy efficiency. Read the full interview Vasilis Gregoriou Chairman and CEO of Advent Technologies DECARBONISING THE WORLD ONE FUEL CELL AT A TIME Born in Greece, U.S.-based Advent Technologies is banking on the exponential growth of hydrogen fuel cell technology – central to the creation of a carbon-free energy system – says Chairman and CEO, Dr. Vasilis Gregoriou. And an ambitious consolidation strategy, spanning from the U.S. to the Philippines, means the company can now cater to the entire hydrogen value chain. “It's the ultimate solution and a true zero emissions technology.” Read the full interview Theodosis Michalopoulos CEO of Microsoft Greece Cyprus and Malta GROWING MICROSOFT IN GREECE, AND GREECE IN MICROSOFT Microsoft’s bet to invest in a hyperscale data centre in Greece was prompted by a change in mindset within the country combined with the growth potential of the Greek economy, says Theodosis Michalopoulos, CEO of Microsoft Greece, Cyprus and Malta. One year after the tech giant’s investment announcement, Greece has upped its digital game at an unprecedented pace, says Michalopoulos, with overall progress outperforming countries like Spain, the UK, and Estonia. “We can see the results (…) The opportunity in Greece is real.” Read the full interview ‹› RELATED CASE STUDIES THRIASIO MAKES MARK ON LOGISTICS MAP The new freight village will be able to service 400 trucks and 50 train cars per day with a broader range of services. KASTELI OPENS ITS WINGS New international airport on Crete to provide visitors with enhanced arrival experience. CLEAN AND GREEN GREEK ISLANDS The tiny Dodecanese island of Tilos, located in the eastern Aegean, leads an EU initiative helping islands switch to environmentally friendly power. AIR TRAVEL TAKES OFF After taking over the management of 14 airports, Fraport spends €410 million in a revamp plan to upgrade Greece’s regional airports as the tourism sector booms. TRIKALA,GREECE’S SMARTEST CITY Innovative technologies integrated into everyday life, boosting the standard of living. ‹› PARTNERS OF GREECE INVESTOR GUIDE ‹› Greece Investor Guide Follow 4,103 1,474 A daily dose of news and trends about the Greek economy & highlights of business and investment opportunities. #Greece #Greek #invest #GreekEconomy '; Greece Investor Guide @GreeceInvestor · 23h 1577931650893234182 Tech giant @amazon has its eyes on Naxos 🏝️. The project, which had been proposed to Greek Prime Minister @kmitsotakis by Amazon’s Jeff Bezos, was announced earlier this week, and promises to drive Naxos into a digital future via 17 different initiatives. Twitter feed image. Reply on Twitter 1577931650893234182 Retweet on Twitter 1577931650893234182 7 Like on Twitter 1577931650893234182 10 Twitter 1577931650893234182 '; Greece Investor Guide @GreeceInvestor · 5 Oct 1577602236397535233 It’s no secret that Greece’s shipping 🚢 sector has been pushing hard to become more environmentally friendly. But for companies that are actively looking to up their sustainability, they have a new resource at their disposal: DeepSea Technologies, the shipping sector's leading Twitter feed image. Reply on Twitter 1577602236397535233 Retweet on Twitter 1577602236397535233 2 Like on Twitter 1577602236397535233 6 Twitter 1577602236397535233 '; Greece Investor Guide @GreeceInvestor · 4 Oct 1577217985365741568 🚨Big logistics news!🚨 Dimand Real Estate, one of Greece’s leading real estate development companies, has bid for the purchase of a 120,000 sq m plot in Thessaloniki, with the intent to transform it into one of the region’s biggest logistics hubs. This falls in line with the Twitter feed image. Reply on Twitter 1577217985365741568 Retweet on Twitter 1577217985365741568 2 Like on Twitter 1577217985365741568 9 Twitter 1577217985365741568 '; Greece Investor Guide @GreeceInvestor · 3 Oct 1576907136730222593 With the inauguration of the Interconnector Greece-Bulgaria (IGB), Europe 🌍 successfully takes a big step in strengthening its energy 💡security! The project, which was supported by the European Commission as well as the Trans-European Networks for Energy, will carry gas from Twitter feed image. Reply on Twitter 1576907136730222593 Retweet on Twitter 1576907136730222593 2 Like on Twitter 1576907136730222593 5 Twitter 1576907136730222593 '; Greece Investor Guide @GreeceInvestor · 3 Oct 1576865854628646912 Pfizer's innovation hub has focused on over 200 high-tech projects that aim to contribute to the acceleration of drug R&D, global product development, and supply chain improvement. Διακόσια σχέδια υψηλής τεχνολογίας «τρέχει» το hub καινοτομίας της Pfizer Εως το τέλος του 2023 το κέντρο της Θεσσαλονίκης θα απασχολεί 500 εργαζομένους. www.kathimerini.gr Reply on Twitter 1576865854628646912 Retweet on Twitter 1576865854628646912 3 Like on Twitter 1576865854628646912 5 Twitter 1576865854628646912 Load More... GREECEINVESTOR Tech giant @amazon has its eyes on Naxos 🏝️. It’s no secret that Greece’s shipping 🚢 sec 🚨Big logistics news!🚨 Dimand Real Estate, on With the inauguration of the Interconnector Greece American tech 📡 giant @google continues to inve Good news, film lovers 📽️! The Greek Film Exp Yet another start-up is taking advantage of Greece 🇬🇷Greek Minister of Foreign Affairs @nikos.d Load More... 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