Economy of Greece

Friday's session at the Greek bourse proved to be a bull trap, as after the halfway point the early gains swung to losses and the majority of stocks closed the week with a significant drop - in line with the fall of the Credit Suisse stock in Zurich - in what was the second straight week of prices shrinking at Athinon Avenue.

OTE Group on Monday announced a windfall financial support package worth 6.2 million euros for its workers, in an effort to provide some relief against a backdrop of current economic and geopolitical tensions that have hit consumers' available income.

In an announcement, OTE said the support would help mostly low-income workers, offering net financial support of up to €1,000.

The Greek banking sector reacted to the huge external pressure from the closure of two lenders in the United States, as its index on the Athens Stock Exchange rebounded from a decline of almost 5% on Monday to end the session with gains of approximately 1% - even if the rest of the market failed to follow suit.

Cyprus' gross domestic product andemployment increased during the fourth quarter of 2022 compared to the previous quarter, while in the eurozone GDP remained stable and employment rose and in the European Union GDP fell and employment went up, according to estimates released by Eurostat, the statistical service of the EU.

Greece achieved the second highest growth rate in the eurozone in the fourth quarter of 2022, compared to the same period in 2021, according to data published by Eurostat on Wednesday.

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%.

Investor concern about a shift in local politics that may increase the election risk for the government, due to the railway tragedy at Tempe, led on Monday to the biggest daily decline in seven months for the main index at Athinon Avenue. Led by banks, Greek stocks lost a significant portion of their recent gains, as the impact of the train crash does not appear to be going away anytime soon.

The Greek stock market came off Wednesday's 101-month high to see its benchmark post a notable decline that was eventually smaller than its mid-session losses on Thursday. A late stop-loss reaction that culminated during the closing auctions arrested the decline of the main index, but losing stocks outnumbered the gainers by three to one.

Alternate Finance Minister Thodoros Skylakakis referred to the bright prospects of the Greek economy at an event for the National Recovery and Resilience Plan, Greece 2.0, held in Kozani: "In the coming years, Greece - and Western Macedonia - is sure to experience an economic and investment boom, as long as the current policy of reforms and fiscal stability continues," he pointed out.

The US Fed and European Central Bank rate hikes went largely according to expectations, so eurozone stock markets, including Greece's, proceeded smoothly on Thursday with sessions of mild gains.