News in Brief – December 2021
- Greek Economy – Greece’s economy grew at a faster-than-expected 13.4% year-on-year rate in the third quarter – the second fastest growth rate in the Eurozone – and at a 2.7% rate quarter-on-quarter, reflecting resilient tourism and double digit growth in exports and private investment. For the nine months to September, Greek GDP expanded 9.3% − well above the Eurozone average of 5.7% − and underpinning predictions of at least 8% growth for the full year.
- Greek Exports – Exports of goods and services jumped 36.6% year-on-year in October, according to the latest data from the Hellenic Statistical Authority, confirming another record outcome for Greek exports in 2021. Excluding volatile data for petroleum products, Greek goods and services exports rose 15.8% on a year-on-year basis.
- Financial Review – Greece received a positive review of its ongoing economic and fiscal reform efforts under its 12th enhanced surveillance report. The positive review paved the way for the Eurogroup to release €767 million in policy-contingent debt relief measures and greenlight the Greek government’s plan for early repayment of its outstanding IMF debts.
- Amazon Investment – Internet giant Amazon announced plans to invest in cloud computing infrastructure in Greece, one of 30 countries around the world where it will invest in creating Local Zones to enhance services to Amazon Web Services customers. The announcement marks the first investment by Amazon in Greece and confirms the country’s emerging role as a regional technology hub.
- Deutsche Telekom – German telecommunications giant Deutsche Telekom announced plans to invest more than €3 billion over the next five years in Greece to upgrade digital infrastructure. The investments, which will be undertaken by DT’s Greek subsidiary OTE, will include extending fiber optic cables to three million households and businesses by 2027.
- Crete Privatization – Reds Real Estate Development & Services, a unit of Greek construction company Ellaktor, was the winning bidder to develop the former U.S. military base at Gournes on the north shore of Crete. The company offered €40.2 million for the rights to the concession and is expected to invest a further €150 million to €200 million to develop the property into a mixed resort, casino and commercial complex.
- Strategic Investments – Greece’s inter-ministerial committee on strategic investments approved an €83 million project by Theracell Advanced Biotechnology to build a science park in Corinth. The technology park will focus on research and development into advanced cellular and gene therapies.
- Enterprise Greece – The western Greek Municipality of Preveza has signed a Memorandum of Understanding with Enterprise Greece for its assistance in developing a five-star, beachfront hotel project on land owned by the municipality. Under the terms of the MOU, Enterprise Greece will help prepare the project for investment and induction into Greece’s fast-track strategic investment program.