News in Brief – July 2022
- Greek Economy – The European Commission raised its economic forecast for Greek GDP growth this year to 4% compared with 3.5% previously. The forecast, which is higher than the European Union average, is also above the 3.1% growth rate projected in the Greek government budget.
- Investor Survey – Three out of four foreign investors think Greece’s investment prospects will improve further over the next three years, according to the latest EY Attractiveness Survey Greece 2022, representing the most positive outlook for any country in Europe. More than seven out of 10 foreign investors said Greece was pursuing the right policies to attract companies and talent, and promote innovation.
- Offshore Windfarms – Greece’s Ministry of Environment and Energy has launched public consultation on a new investment framework governing the development of offshore wind farms up to a capacity of 2 gigawatts by 2030. Separately, in anticipation of the new regulations, Greece’s largest refiner, Hellenic Petroleum, announced this month an agreement with German energy giant RWE to jointly develop offshore windfarms, the latest in a series of planned ventures in the sector involving leading companies from Norway, Spain, Denmark and the UAE.
- Export Credit – Greece unveiled its new name and logo for the state export credit insurance organization, part of an ongoing effort to overhaul the agency and better support Greek exports. The reforms at the newly named Export Credit Greece, which are expected to be rolled out over the next 12-18 months, will bring it in line with best international practices and will offer new services to exporters including new online tools and door-to-door sales. Over the next five years, the agency aims to expand its portfolio of insured products fivefold, supporting some €2.6 billion in exports and adding €8.1 billion to Greece’s GDP and 50,000 jobs.
- Tech Financing – Fundraising for Greek tech ventures more than doubled last year to a new record high in 2021, according to the latest Endeavor Greece report. Combined equity and debt financing rose 110% to surpass $1 billion, while the number of funding rounds increased by 30%, from 65 in 2020 to 85 in 2021. The data also showed a growing diversity in Greek tech startups with financing spread across fintech ventures, consumer and education startups, as well as maritime and agritech startups.
- Deutsche Telekom – German telco giant Deutsche Telekom announced the creation of a new IT hub in the northern Greek city of Thessaloniki. The company said it would hire 200 workers in Greece in addition to a reported 300 skilled workers who will be transferred to the new hub from other points in Europe. Company officials cited Greece’s quality human resources and the government’s hands-on support as reasons for the investment.
- Resort Investment – Greece’s Inter-ministerial Committee for Strategic Investments has approved an €840 million complex resort project south of Athens for induction into the country’s fast-track process for priority projects. The Saronida Olympos Golf Project, situated along the Athens Riviera, will include tourist accommodations, a golf course, a helidrome, residential properties and a marina. The project is expected to create 800 permanent jobs once completed and 1,200 jobs during the construction of the project.
- Hotel Investment – French hospitality giant Accor will increase its portfolio of properties in Greece over the next three year, signaling the company’s positive outlook for the country’s tourism sector. Speaking at a business conference, a senior company executive told reporters that Accor, which now operates eight hotels at different locations around Greece, would double the number of its properties in the country by 2025.