Bank of Greece

Bank of Greece Governor Yannis Stournaras has put the bar for next year's primary budget surplus - that is, excluding debt servicing - at 2.3% of the country's gross domestic product (GDP). This is the minimum he deems necessary for the debt, as a percentage of GDP, to keep falling and for the country to return for good to the path of fiscal rectitude.

Rent or buy? Both options have become almost too expensive to contemplate, especially for aspiring homeowners in Greece who must also arrange for a bank loan.

First-half revenue from tourism broke new records, making it likelier that the figure for the whole year will exceed €20 billion, eclipsing the record revenue of €18.17 billion reached in 2019, the last year before the Covid-19 pandemic.

The Athens Stock Exchange closed with mild gains of 0.9% on Wednesday, ending a run of three negative sessions.

The general index closed at 1,279.92 on turnover of €77.3 million. Blue chips gained 0.24%, mid-caps 0.36% and banks 0.02%.

Greece experienced an almost 1% GDP loss as a result of the consequences of climate change, such as heatwaves and natural disasters, from the beginning of May to August 4, according to Allianz Research. The fact that this number effectively "takes away" less than half of the growth that the Greek economy is predicted to experience this year makes it incredibly significant.

Expectations of a de-escalation in inflation, especially food prices, which concern most people, are clearly diminishing, since production costs, but also profiteering, are set to add another round of price hikes.

Tourism revenue could reach a record €21 billion in 2023, a National Bank of Greece report estimates.

The final amount will certainly smash the record €18.17 billion receipts of 2019, the final year before the Covid-19 pandemic. While tourism recovered strongly in 2022, after two lean years, revenue, at €17.63 billion, fell short of a new record.

Interest rates on business loans dropped in June, while consumer loans and mortgages became more expensive, Bank of Greece data show.

National Bank of Greece announced a first-half profit after tax of €530 million Tuesday, slightly lower than the €546 million posted in the first half of 2022.

Core profit after tax stood at €508 million for the half, of which €288 million was in the second quarter, with return on tangible equity exceeding 16%, the bank said.

The share of cash in real estate purchases is increasing, as the relevant data show. The sharp increase in lending rates has sharply reduced the demand for mortgages, but at the same time transactions continue to move upward, along with sales prices, which are breaking one record after another.