Newsletter November,2023,11

NOVEMBER

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News in Brief – November 2023


  • Greek GDP – Greece’s economy is forecast to grow 2.4% this year – three times the Eurozone average – according to the Greek government budget, before accelerating to a 2.9% rate in 2024. Helping support growth, investment spending next year is expected to grow 15.1%, more than double the 7.1% growth rate of 2023. “The Greek economy has proved particularly resilient in recent years despite successive crises, and often surpassing forecasts,” said Finance Minister Kostis Hatzidakis in presenting the budget to parliament.

  • Banking Deals – Greece’s bank support fund has sold off its stake in two of the country’s top lenders, drawing investors to the sector for the first time since before the financial crisis. Italy’s Unicredit acquired a 9% stake in Alpha Bank held by the Hellenic Financial Stability Fund, which also sold off a 22% share in number two lender National Bank of Greece through a public placement. The Unicredit deal marks the first investment in a Greek bank by another European lender in 17 years while the NBG offer was more than 8 times subscribed.

  • Elefsina Shipyard – U.S.-Greek company ONEX has signed a $125 million loan agreement with the U.S. International Development Finance Corporation to help upgrade the facilities at the Elefsina Shipyard west of Athens. The investment will expand the shipyard’s capacity to service LNG carriers, further cementing Greece’s position as a maritime and energy services hub, and is expected to create up to 1,000 jobs.

  • Logistics Center – A consortium comprising cargo handling firm Goldair Group and industrial park operator ETVA has submitted a €220 million investment plan to build and operate a cutting-edge logistics facility on the site of the Thriassio Freight Village west of Athens. The proposal represents a major step in the realization of the logistics center, which has faced several delays but which would position Greece as a logistics hub for Southeast Europe.

  • Sustainable Tourism — Amid a record-breaking year for Greek tourism, the government has adopted new reforms to promote the long term sustainability of the sector that includes new oversight and monitoring bodies and which would allow for better management of key tourism products. A new law, adopted by parliament, creates a new council to develop tourism in underrepresented regions of the country, foresees the creation of a new council specifically devoted to wine tourism, and creates a special observatory to monitor tourism along Greece’s Mediterranean coastline and seas – the country’s main tourism draw.

  • China Aviation − Greece and China have signed a new bilateral aviation agreement to replace the previous one dating from 1973 and which will help enhance transport of passengers and goods between the two countries. The new agreement is fully compatible with European Union legislation and the existing aviation agreement between the EU and China, which provides for the designation of multiple carriers by each side.

  • Enterprise Greece – Enterprise Greece was recognized as the best national investment agency for 2023 as part of the annual “Go Global Awards” by the International Trade Council. The award follows a banner year for the agency: in 2022, Enterprise Greece attracted strategic investments amounting to €2.3 billion, implemented 36 investment actions, and presented 82 investment proposals, among other activities.