Economy of Greece

As the Greek economy grows, so does the state's degree of flexibility for supporting the primary sector, Minister of Rural Development and Food Lefteris Avgenakis said on Wednesday in his message to the conference of the Panhellenic Association of Exporters on the topic "The Growing Extroversion of the Greek Economy."

Nominal wage increases should not be excessive and should be proportionate to economy's ability to sustain them, the Greek Parliament's Budget Office warned in a report released on Monday on the fourth quarter of 2023.

Stocks continued their decline on Wednesday at the Greek stock market, led by banks, which had traders cashing in some of the last few weeks' gains. Turnover was significantly reduced compared to Tuesday. 

The Greek stock market rebounded on Wednesday, driven mainly by Piraeus Bank and other lenders, but the daily turnover showed a significant decrease from the previous days, which is partly explained by the simultaneous reopening of a state bond.

Moody's began upgrading the Greek economy by two notches just six months ago, on September 15.

The markets "rate" Greek bonds in the "A" category, five notches higher than their current average rating of "BBB-" that is in the lowest category of the investment grade, as the Bank of Greece pointed out on Friday.

The Hellenic Financial Stability Fund (HFSF) is one step before the complete divestment from Greece's four systemic banks, after the successful sale of all the shares it owned in Piraeus Bank.

The growth rate of the Greek economy was set at 2% during 2023, well below government estimates (2.4%) and those of the IMF (2.5%), OECD (2.4%), the European Commission and IOBE (2.2%).

Τhe Bank of Greece predicts an acceleration of the growth rate of the Greek economy for 2024 and 2025, followed by a slight decline in 2026. 

In a report titled "Note on the Greek economy" published on Friday, the growth rate in 2023 is expected to come to 2.4%, accelerating marginally to 2.5% in 2024 and 2025, before dropping down to 2.3% in 2026. 

German telecommunications giant Deutsche Telekom has given a vote of confidence in the Greek economy and its prospects.

As pointed out by Dominique Leroy, the member of Telekom's Board of Directors responsible for Europe, during a meeting with Greek reporters at this year's MWC in Barcelona, Telekom continues to steadily invest in Greece and its prospects through OTE Group.