Bank of Greece
Lion’s share of foreign investment in realty
Real estate was a huge draw, again, for foreign investors in 2023, accounting for almost 1 out of every 2 euros that flowed into Greece.
The Bank of Greece reported that in 2023, capital inflows from abroad reached a record high of 2.133 billion euros for the second consecutive year, compared to 1.975 billion euros in 2022, but also 1.17 billion euros in 2021.
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Budget Office warns against ‘excessive nominal wage increases’
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.
Greece lifts price of Golden Visa to fight housing crisis
Greece has tightened its Golden Visa rules raising the required investment to as much as 800,000 euros in a bid to help ease a housing crisis.
The successful program that has attracted thousands of Chinese launched in 2014 granting foreigners a renewable, five-year residence permit in return for a 250,000-euro property investment.
Intralot secures large loan from Greek banks
Athens-listed lottery and sports betting company Intralot signed an agreement for the issue of a new bond loan agreement of up to 100 million euros and duration to June 30, 2025, it said on Thursday.
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How much did Greeks spend on their trips abroad and foreign visitors to Greece in 2023
The aggregated data from the Bank of Greece and the Hellenic Statistical Authority
January visitors beat forecasts
January posted a great increase in the number of tourists, but also in the money they spent during their stay in Greece, in what is usually a quiet month for tourism.
According to Bank of Greece data, the annual increase in receipts was 27% and visitors 16% - much higher than the already strong trend of 2023 but also the positive forecasts for 2024 (+10% in arrivals).
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Professions with salary raises
The increase in the minimum wage also creates pressures for salary increases for other employees in Greece, especially in small businesses and some industries, such as services.
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Stournaras says consensus building in ECB for a June rate cut
European Central Bank policymaker Yannis Stournaras said on Tuesday that consensus was building within the European Central Bank for a rate cut in June, if inflation develops as projected.
Banks see rates staying high
Greek banks estimate that interest rates will remain high, namely between 2.7% and 3% in 2024-2026, keeping interest income at high levels for the following years as well.
Interest income increased by 51% to 8.1 billion euros in 2023, contributing the bulk of organic revenue of €10.4 billion.
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National Bank of Greece raises 500 million euros in bond issue
The National Bank of Greece announced this week that it has successfully completed the placement of a reduced-security bond in the market amounting to 500 million euros with a return of 5.875%.
The bond has a duration of 11.25 years with a callable period of 6.25 years.