The Greek Wire - March 2022

The Greek Wire is a monthly newsletter aiming to inform you about key economic and political developments in Greece.

Government presents state aid 1.1 bil euros to tackle rising prices

 New measures announced by the Greek government aim to strengthen households and businesses. The new aid will cost 1.1 billion euros. The government increased the existing subsidy for electricity, while the subsidy for natural gas will be continued and companies are also included in the plan. The cost only for April is expected to reach 640 million. Financial support will be provided to 1.4 million vulnerable households before Easter, an allowance of 200 euros to 677,000 low-income pensioners, 200 euros to 35,000 uninsured elderly people and 200 euros to disabled citizens. A double installment to the beneficiaries of the guaranteed minimum income. The total cost of the allowance is 324 million euros. In addition the government will provide a direct fuel subsidy for 3 months to individuals and the self-employed with a family income of up to 30,000 euros. 60 litres of fuel per month will be subsidized, at 0.22 euros per litre. According to the government the average monthly consumption is 54 litres.

Significantly increased traffic in Greek ports

Traffic of passengers, goods and mobile units in the Greek ports increased spectacularly in the 3rd Quarter 2021. The total passenger traffic in Greek ports in the 3rd quarter 2021 recorded an increase of 34.3% compared with the 3rd quarter 2020. The total movements of goods in Greek ports in the 3rd quarter 2021 increased by 0.2% compared with the 3rd quarter 2020, while the total traffic of mobile units in Greek ports in the 3rd quarter 2021 increased by 78.8% compared with the 3rd quarter 2020.

261% more passengers in greek airports

Civil Aviation Authority recorded a 261.6% increase in passengers in Greek airports to around 2.6 million in the first two months of 2022, compared with 718,330 in the corresponding period last year. Flights at Greek airports totaled 35,095 in the January-February period, of which 22,063 were domestic and 13,032 international, an increase of 75.5% compared with the same period in 2021. Specifically in February, passenger traffic totaled 1,347,795, up 305.7% from February 2021, while flights totaled 16,877 (+81.7%).

Greece strengthen Tourism ties with Saudi Arabia

An agreement on further strengthening ties through mutual tourism initiatives, between Greece and Saudi Arabia was reached last week. A Greek delegation participating in the Saudi-Greek Investment Forum held in Riyadh met with Tourism Minister Ahmed Al Khateeb to lay out the foundations of cooperation in tourism focusing on investments, exchange of know-how, and education and training. According to reports Saudi authorities commended Greece on its effective management of the Covid-19 pandemic and acknowledged the tourism industry’s resilience which has established the country as a leader on the global tourism market.

Employment increase by 4.5% in the last quarter of 2021

 the Labour Force Survey for the fourth quarter of 2021. It should be noted that during the fourth quarter, the labour market was affected by specific regulatory measures concerning the operation of businesses, as well as by measures taken to protect public health and tackle the COVID-19 pandemic throughout the whole Country. During the fourth quarter of 2021 the number of persons employed amounted to 4,053,275, recording a decrease by 1.6% compared to the previous quarter and an increase by 4.5% compared to the same quarter of the previous year. The number of unemployed persons amounted to 617,431, recording an increase by 0.3% compared to the previous quarter and a decrease by 17.7% compared to the same quarter of the previous year. The unemployment rate for the fourth quarter of 2021 was 13.2%. The unemployment rate in the previous quarter (2021 Q3) was 13.0% and in the corresponding quarter of the previous year (2020 Q4) was 16.2%.

Wages cost decreased by 0.5%

The unadjusted Index of Wages Cost for the 4th quarter 2021, compared with the corresponding index of the 4th quarter 2020, recorded a decrease of 0.5%, while an increase of 5% was recorded when comparing the corresponding index of 2020 with that of 2019. The Index of Wages Cost for the 4th quarter 2021, seasonally adjusted but not adjusted for the number of working days recorded a decrease of 0.9%, compared with the corresponding index of the 4th quarter of 2020, while an increase of 4.5% was recorded when comparing the corresponding index of 2020 with that of 2019.

+37.6% for car registrations in February

An amazing rise +37.6% in car registrations was recorded in February 2022 compared with the same month in 2021. A total of 18,521 vehicles from 13,464 last year. According to the Hellenic Statistical Authority new car registrations totaled 9,300 in February, from 7,379 in February 2021, an increase of 26%. In the first two months of 2022, car registrations totaled 32,565, up 10.6% from the same period last year, with new car sales falling 3.2% to 15,357. Motorcycle registrations totaled 3,571 in February, up 42% from the corresponding month last year, with new motorcycle registrations up 42.6% to 3,185.

14,713 job vacancies in the 4th quarter 2021

The Hellenic Statistical Authority (ELSTAT) announced the quarterly data on job vacancies for the whole economy excluding Primary Sector and Activities of Households, referring to the 4th quarter 2021. The number of job vacancies in the 4th quarter 2021 recorded an increase of 99.3% in comparison with the 4th quarter 2020 (14,713 and 7,382 respectively), while the corresponding number of job vacancies in the 4th quarter 2020 had recorded a decrease of 31.4% in comparison with the 4th quarter 2019.