News in Brief – June 2023
- Greek Elections – Parliamentary elections on June 25 returned the ruling New Democracy party to government with a fresh four year mandate. The party has vowed to press ahead with further business friendly reforms, building on its efforts in its first term.
- Record Tourism – Greece is on track for a record year in tourism arrivals and receipts, according to Yiannis Paraschis, the newly appointed president of the Greek Tourism Confederation (SETE). Speaking at SETE’s general assembly, Paraschis noted that the sector is expected to surpass 2019 records of 31 million arrivals and €18.2 billion in revenue.
- OECD outlook – Greece’s economy is expected to grow by 2.2% in 2023 and 1.9% in 2024, while the country is on track to regain its investment grade rating, according to the latest OECD Economic Outlook. “Growth remains robust despite headwinds,” the report notes, with fixed investments expected to grow by 8.9% supported by the implementation of the Recovery and Resilience Plan.
- Export Cooperative – Greece’s National Union of Agricultural Cooperatives (ETHEAS) has taken the first steps toward launching a new exports initiative: Cooperative Greek Exports – COGREEXPO. The new company, which will operate under ETHEAS but will be run as an independent company, will promote Greek agricultural products in foreign markets and facilitate key deals with foreign supermarket chains. The initiative is supported by several of the country’s top agricultural cooperatives from across Greece.
- Renewable Energy – Greece set a new record for renewable energy production in May, according to national grid operator ADMIE. Last month, renewable sources accounted for more than half of the country’s energy mix, with 54% of total electricity consumed coming from solar, wind and hydroelectric sources. The country aims to have 80% of its electricity needs covered by renewables by 2027.
- Port Privatization – Greece’s privatization agency has awarded Italian-Greek consortium Grimaldi Euromed-Minoan Lines operating rights to the port of Heraklion, Crete’s largest port and a major cruise ship destination. The Hellenic Republic Asset Development Fund said the consortium will pay €80 million for a 67% stake in the Heraklion Port Authority, representing the second major privatization awarded to the group. In March, the consortium acquired the rights to operate the western Greek port of Igoumenitsa.
- Athens Tourism – The Greek capital is one of the world’s Top 10 destinations for conference tourism, according to the International Congress and Convention Association (ICCA). Last year, Athens hosted 109 international conferences, attracting 40,000 attendees and generating revenue of €87 million. The ICCA ranked Athens 8th in the world in its 2022 rankings for MICE tourism.