Nikos Magginas

The persistent profit margins of businesses, also dubbed "greedflation," and the strong demand for services, thanks to tourism, as well as the increase in Greeks' income, are the main factors that explain the high levels of inflation in Greece.

The Greek economy outperformed the European Union average for a second year in succession in 2022, securing a growth rate of 5.9%, Hellenic Statistical Authority (ELSTAT) data showed on Tuesday. According to Eurostat's provisional data, the growth rate in the eurozone was 3.5% and in the European Union 3.6%.

The so-called "accordion lockdown" may be testing the patience and stamina of entrepreneurs, who are forced to revise their plans and operations every now and then, but at least it secures some turnover, so it is better than a complete months-long lockdown, say economists who have observed its international application in the last few months.

Greece emerged from its worst quarterly contraction on record to report 2.3% growth in output for the third quarter, aided by a tentative return to economic activity following the country's first coronavirus lockdown.

Greece's economy remained on the path of recovery in April-to-June, with its pace of expansion picking up from the first quarter thanks to a boost from net exports and government spending.

Greece's economy expanded for a sixth straight quarter in the April-to-June period but at a slower pace than the quarter before, mainly because of base effects and weak investment spending, statistics service (ELSTAT) data showed on Monday.

Greece's economy contracted in the first three months of the year but less than in the final quarter of 2016, flash estimates by its statistics service showed on Monday, as jitters over the conclusion of a bailout review hurt business confidence.

The spiritual head of the Christian Orthodox faith, Patriarch Bartholomew is very fond of the snow. It is no surprise then that he took the opportunity to go for a stroll in the covered streets of Constantinople. He walked through the streets around the Fanari under a near snow blizzard but seemed to enjoy every moment.

Greece's economy grew 0.9 percent in the second quarter, compared with previous flash estimate of 0.8 percent earlier this month, helped by consumer spending and net exports, data showed on Aug. 28. 

Greece's economy unexpectedly returned to growth in the second quarter despite political turmoil and the threat of a Greek euro zone exit, data showed on Aug. 13.