Economy of Greece
The impressive rebound by bank stocks led the benchmark at Athinon Avenue back up to within sniffing distance of 800 points, and the risers outnumbered the losers by almost three to one. After three days of decline, it was considered about time for this market recovery, as there is no obvious reason for stocks to head lower at this point.
The Greek economy is poised to stage an "explosive recovery" in the second half of the year, with growth at 7% and 5% in the second and third quarter respectively on a quarterly basis, leading up to an annual growth rate of 9.5% in 2022, according to a report by Piraeus Bank, one of Greece's four biggest lenders.
The Greek economy continued to display resilience amid the lockdown, with exports on the rise in November and economic sentiment showing signs of improvement in December.
Despite the problems with the global economy, Greek products continued to find their way to markets abroad, so, excluding fuel, exports in the first 11 months of last year headed higher on an annual basis.
The Greek bourse hit the ground running on the first trading day of 2021 on Monday, with prices growing as the session progressed and the closing auctions taking the benchmark above 820 points for the first time in almost 11 months. This time it was mainly energy stocks and other non-bank blue chips that led the index higher.