Newsletter July,2021,07

JULY

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News in Brief


Greek Economy
The European Commission upgraded its outlook for the Greek economy in its latest economic forecast, its second upward revision this year. The Commission now sees the Greek economy growing 4.3% in 2021 and 6.0% in 2022. Greek think-tank IOBE also raised its outlook for Greek GDP growth to between 5% and 5.5% this year, compared with a range of between 3.5% and 4% previously.

Attracting Investment
Greece’s attractiveness as an investment destination has increased in the last year, according to a new survey by consultancy EY presented at the InvestGR Forum. The survey placed Greece among the Top 10 investment destinations in Europe, with more than 7 out of 10 respondents saying they think the country is pursuing an effective policy to attract foreign investors.

Logistics Investment
Greece is expected to see €150 million invested in its logistics sector by 2023, according to a study by Alpha Bank. Greece ranked 7th among European Union member-states in the total volume of goods handled at its main ports in 2020.

Hellenic Shipyards
Greece successfully concluded the privatization of Hellenic Shipyards SA, the country’s largest shipyard in Skaramanga, drawing to a close a protracted restructuring of the debt-laden company. The winning bidders of the two parallel auctions, controlled by shipowner George Prokopiou, offered a combined €77.9 million for the shipyard.

Property Prices
Greek home prices will grow at an average annual rate of 4.9% through 2027, according to a study by Piraeus Bank, bringing them back in line with pre-crisis levels. For this year, the bank expects residential real estate prices to rise by 5.7%, and by 6.4% in 2022.

Startup Award
Greek medtech startup Advantis Medical Imaging – a member of last month’s Enterprise Greece-led delegation to the 2021 SelectUSA Investment Summit – was recognized for its outstanding presentation to investors. As third place finisher in the MedTech pitching sessions at the Summit, the company will receive free advisory services to help it enter the U.S. market.

Natural Gas
Greece has begun construction of a natural gas distribution network in northern Greece that will initially connect six towns in Eastern Macedonia and Thrace through 500 kilometers of pipelines. Over the next five years, the network is expected to expand to 34 towns and serve 70,000 consumers.

Enterprise Greece
Greece’s national investment and trade promotion agency was recognized with a Diamonds of the Greek Economy 2021 award for its role in helping Greek businesses go abroad. Enterprise Greece is the “tip of the spear” in the country’s efforts to become more outward oriented, said Chairman Ioannis Smyrlis in accepting the award.