Economy of Greece

Greek-owned shipping companies made investments in new and used ships of the order of 27 billion dollars last year, as they invest in the renewal of the Greek-owned fleet. No other nationality made a greater investment in 2023.

Stocks at Athinon Avenue recorded yet another day of growth on Tuesday, with the benchmark rising for the fourth session in a row to reach a new five-month high. However, the banks index recorded an even more memorable feat, as it climbed to highs unseen in six-and-a-half years, boosted by successive reports pointing to upcoming profits and credit expansion.

Reducing the ratio of debt-to-gross domestic product at the fastest rate in Europe, achieving higher positions in the rating agencies' scales and further reducing the cost of servicing the country's borrowing, are the three main objectives set by the financial staff for the crucial issue of managing the Greek debt.

Despite having spent most of the day in the red, the main index of the Greek stock market closed on Friday in the black - albeit marginally - through a push by buyers in last half-hour, to add to Thursday's growth and post a new four-month high.

The Greek economy recorded a dynamic growth in 2023 helped by the execution of a Public Investment Program worth 11.2 billion euros, up 176 million compared with 2022, the Finance Ministry said in a report on Wednesday.

The Greek stock market entered the new year with a strong performance, as its index earned 14 points to climb to levels unseen since end-August. The closing auctions had most of the day's action, with the benchmark closing above the 1,300-point mark, albeit well below the day's highs. Banks and PPC were the main drivers of the price growth.

Stocks slid somewhat at the Greek bourse on Thursday, one day before the end of the trading year, with the benchmark closing near the day's low, which points to the appetite for some more profit-taking on Friday. The session started with gains over the first hour before sellers took the upper hand, leading the majority of stocks into the red.

Wednesday's mixed session at the Greek stock market may have seen the majority of stocks (including banks) decline and the daily turnover revert to more subdued seasonal levels, but the benchmark continued its ascent for a second straight day to climb to levels unseen in 16 weeks, above the 1,300-point mark.

The first day of the last week before Christmas started at the Greek stock market with a mixed session, that saw the benchmark and the majority of stocks post losses while mid-caps and banks eased the pressure on the main index. Turnover reverted to the typical level of this month, with traders mostly focusing on profit-taking.

The Greek parliament on Sunday evening approved the government's 2024 budget, the first in 14 years with Greek debt listed at investment grade.

The budget passed on a 158-142 vote in the 300-member body, with only lawmakers from the governing conservative New Democracy party voting for it. In a separate vote, the defense budget was approved 249-51, an unusually wide margin.