- Greek Economy – Greece’s economy grew at a 2.3% year-on-year rate in the second quarter, according to the latest data from the Hellenic Statistical Authority, mainly due to an increase in private consumption and gross fixed capital. The data confirms Greece as the second fastest growing economy in the European Union on an annual basis. On a quarter-on-quarter basis, Greece’s economy grew 1.1% – the fastest quarter-on-quarter growth rate in the Eurozone. In the first quarter, Greece’s GDP rose 2.1% on an annual basis and by 0.8% on quarter.
- Record Tourism – Greece expects tourism receipts of €22 billion this year, Tourism Minister Olga Kefalogianni said, surpassing last year’s record of €20.6 billion. Data from both the central bank and the Athens airport also show receipts and arrivals to date outpacing 2023 levels. Tourism receipts in the first half of 2024 grew 12% year-on-year to €6.9 billion, according to the Bank of Greece, with tourist arrivals up 15.5% in the same period. In the eight months to August, passenger traffic to Athens International Airport – the country’s biggest airport – was up 13.9% compared with last year.
- Data Center – France-based Data4, one of Europe’s leading data center providers, will invest €300 million to develop a new data center campus in Paiania, east of Athens. “Greece’s advantageous position as a hub between Europe, Asia, and Africa makes it an ideal location for international connectivity projects. The country’s integration into the global network is further strengthened by the landing of several major submarine cables,” the company said in a statement. “It is estimated that by the end of 2024, 20 subsea cables will be connecting Greece to the Middle East, North Africa (MENA) region and Asia.”
- Greece-Cyprus Interconnector – Cyprus has given the go-ahead for the construction of a €2 billion undersea cable to link the island’s power grid with Greece. The Cypriot government will contribute €125 million to the project, known as the Great Sea Interconnector, over the next five years. The European Union has also committed €657 million in financing.
- Energy Plan – Greece is revising its national energy and climate plan after surpassing its previous targets for renewable energy production and the reduction of greenhouse gas emissions. Under a draft consultation paper, the revised plan aims to cut emissions by 58.6% by 2030 and have renewable energy cover 77% of power needs by then. It also aims for electric vehicles to account for one in two new passenger cars within six years, and to enhance energy efficiency in 400,000 homes by 2030.
- Export Helpdesk – Enterprise Greece unveiled its new Export Helpdesk online platform to assist Greek companies seeking to export to overseas markets. The new platform offers a range of services from tutorials on exporting, to market data on dozens of countries, as well as practical information relating to issues facing exporters such as customs regulations in different markets.
- Greek F&B – Enterprise Greece will lead a Greek delegation of about 120 companies participating in next month’s SIAL Paris exhibition, Europe’s leading Food & Beverage trade fair. The biennial exhibition, which is to be held 19-23 October in Paris, draws producers and buyers from around the world. At the previous fair, in 2022, the exhibition drew 7,200 exhibitors from 127 countries, and 265,000 visitors from 200 countries.
- Transport & Tourism – Apostolos Tzitzikostas, the regional governor for Central Macedonia, has been appointed, as the new European commissioner responsible for transport and tourism. The portfolio reflects the vital role both industries play in the Greek economy: Greece is one of the world’s leading shipping nations and one of the world’s Top 10 tourist destinations.
- Greek Banks – International credit ratings agency Fitch upgraded the credit ratings of Greece’s four systemic banks by one notch and with a positive outlook. Fitch raised its ratings for National Bank of Greece and Eurobank to BB+ from BB, and Alpha Bank and Piraeus Bank to BB from BB-.