The Greek Wire - September 2022

Official Inauguration of Greek House Davos 2023 - "A rapidly Changing & Challenging World"

On Wednesday, 14 September 2022, at the Stavros Niarchos Foundation Cultural Center, Greek House Davos and its exclusive partner Vertical Solutions set the stage for international economic and political developments during the Official Inauguration of Greek House Davos 2023, which, following the success of May 2022, will open again its doors during the Annual Meeting of the World Economic Forum next January in Davos, Switzerland with the aim of acting as a catalyst for international synergies and substantial multilateral cooperation, connecting at the same time the Greek business ecosystem with international business at the heart of global developments. With major Greek and international enterprises having expressed interest to participate, January 2023 in Davos is expected to be a landmark for economic cooperation and regional and global partnerships.

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 212,363 visitors at in the 86th Thessaloniki International Fair -  Visitor numbers returned to pre-pandemic levels
More than 200,000 visitors were welcomed by the 86th TIF from 10 to 18 September, in scenes reminiscent of pre-pandemic traffic, confirming that it is indeed the largest exhibition event in Greece. More specifically, there were 212,363 visitors, a number significantly increased in comparison to the 85th TIF, and closer to 2019 levels. The 86th TIF was enhanced both as regards quality and quantity, with almost 1500 exhibitors and 19 international and state participations, including the United Arab Emirates, while 343 businesses attended the event under the umbrella of the Union of Hellenic Chambers and 46 Chambers from all over Greece. The TCCI, the PCT, and the ACCI participated individually. 

Τransport of natural gas via pipelines in Greece in 2021
In 2021 the total length of the natural gas transmission pipelines amounted to 1,466 km. More specifically, 512 km corresponded to the main high-pressure pipeline and 954 km to the transmission branches delivering natural gas all over Greece. According to the Hellenic Statistical Authority (ELSTAT) in 2021, maintenance expenditure on natural gas transmission infrastructure amounted to 4,796 thousand euro recording an increase of 4.7% in comparison with 4,580 thousand euro in 2020. Investment on new infrastructure amounted to 29,213 thousand euro in 2021 recording an increase of 6.6% in comparison with 27,412 thousand euro in 2020.  In 2021, the total transportation work amounted to 1,127.88 million tonne-kilometres (Mtkm), recording an increase of 35.8% in comparison with 830.57 Mtkm in 2020. In 2021 compared with 2020, an increase was recorded in the share of deliveries at entry points to their technical capacity, from 45.6% to 50.3%, as well as in the share of off-takes at exit points to their technical capacity, from 24.4% to 26.4%. 

8,6% turnover increase for the enterprises in retail trade
For the enterprises in retail trade divisions, the turnover in July 2022 amounted to 3.44 billion euro, recording an increase of 8.6% in comparison with July 2021, when the respective turnover was 3.17 billion euro and an increase of 5.7% in comparison with June 2022, when the respective turnover was 3.26 billion euro. The activities that recorded the biggest increase in turnover in July 2022 compared with July 2021 are: Retail sale of music and video recordings in specialized stores, increase 68.5%. Retail sale of automotive fuel in specialized stores, increase 27.4%. The activities that recorded the biggest decrease in turnover in July 2022 compared with July 2021 are: Retail sale of electrical household appliances in specialized stores, decrease 23.8%. •Retail sale of carpets, rugs, wall and floor coverings in specialized stores, decrease 16.2%. The Regions that recorded the biggest increase in turnover in July 2022 compared with July 2021 are: Region of Notio Aigaio, increase 27.5%. Region of Dytiki Makedonia, increase 19.3%. The regions that recorded decrease in turnover in July 2022 compared with July 2021 are: Region of Ipeiros, decrease 4.6%. Region of Kriti, decrease 4.1%. 

Bank credit and deposits – August 2022
The annual growth rate of total credit extended to the domestic economy stood at 7.7% in August 2022, compared with 9.1% in the previous month. The annual growth rate of total deposits stood at 5.2% in August 2022, compared with 5.8% in the previous month.  Deposits placed by the private sector increased by 89 million euros in August 2022, compared with an increase of 483 million euros in the previous month. In August 2022, corporate deposits decreased by 376 million euros, compared with a decrease of 304 million euros in the previous month; the annual growth rate decreased to 7.8% from 12.4% in the previous month. 

Tourism gives Greek economy a needed boost - 60% rise in accommodation turnover
Greece’s surge in tourism this year has boosted the country’s economy in the second quarter, according to data released by the Hellenic Statistical Authority (ELSTAT). Greece’s GDP grew by an impressive 7,7% compared to the corresponding April-June period last year, almost double the rate of the Eurozone average of 4,1%. For the enterprises in Accommodation Activities,  the turnover in July 2022 amounted to 1,515,892,133 euro, recording an increase of 59.7% in comparison with July 2021, when the respective turnover was 949,372,488 euro. For the enterprises in Food and Beverage Service Activities, the turnover in July 2022 amounted to 266,398,024 euro, recording an increase of 33.4% in comparison with July 2021, when the respective turnover was 199,754,443 euro. In total, for the enterprises in Accommodation and Food and Beverage Service Activities, the turnover in July 2022 amounted to 1,782,290,157 euro, recording an increase of 55.1% in comparison with July 2021, when the respective turnover was 1,149,126,931 euro. 

Cost of construction materials on the rise
The Overall Material Costs Index in the Construction (CSTM) of new residential buildings recorded an increase of 12.0% in August 2022  in comparison with August 2021. Compared with the corresponding index in July 2022, recorded an increase of 0.5%. The index had recorded an increase of 0.4% between August 2021 and July 2021. The average Index for the twelve-month period from September 2021 to August 2022, compared with the corresponding index for the twelve-month period from September 2020 to August 2021, recorded an increase of 9.2%. The comparison of the twelve-month average Material Costs Index in the corresponding previous twelve-month periods had recorded an increase of 1.5%.

Greek Business: 238.1 billion euro total turnover - 2.5 million persons employed
On the basis of the results of the 2020 Structural Business Statistics survey, the total turnover of the enterprises that are active in Greece in the sectors of manufacture, construction, trade and services (except of the personal services) amounted to 238.1 billion euro. The corresponding production value and the gross value added were 142.3 and 47.0 billion euro, respectively. As regards labour input, the aforementioned enterprises counted 2.5 million persons employed, out of which 1.8 million were employees. On the basis of the available survey data, the enterprises of these specific sectors spent 201.0 billion euro on purchases of goods and services during their operation in 2020, while 104.6 billion euro of the above amount pertaining to purchases of goods and services for resale at the same condition as they were received. The enterprises made investments amounting to 7.2 billion euro in 2020.

Greece among “the seven wonders of a worried world”
According to the Financial Times “Greece is getting a boost from a revival in foreign investment — and in tourism, which Covid had cut from 20 to 15 per cent of its gross domestic product. Less than 10 per cent of bank loans are non-performing, down from 50 per cent during the crisis. Now growing at more than 4 per cent, with inflation coming down fast, Greece is enjoying one of the region’s healthiest recoveries.” Greece, Portugal, India, Vietnam, Indonesia, Saudi Arabia and Japan are among the countries that stand out in 2023. 

Google to build its first cloud region in Greece
Google will build its first cloud region in Greece, Adaire Fox-Martin, President of Google Cloud International, said on Thursday in Athens. "Today, we are very pleased to be announcing our first cloud region in Greece which will provide storage and cloud services for Google customers," added Adaire Fox-Martin. The investment is estimated to contribute some 2 billion euros to Greece's economic output and create some 20,000 jobs by 2030, said Prime Minister Kyriakos Mitsotakis.