Economy of Greece

International concerns over the credit system will no go away easily, and the  reacted with fear over the course of Deutsche Bank on Friday inflicting losses on almost all bank stocks in the eurozone. The Greek bourse was no exception, with the banks index suffering a major drop and the benchmark losing almost 3% in one day.

New talks are taking place concerning the sale of Aktor, the Ellaktor Group's construction arm, following the failure of discussions with previous suitors, which may well lead to the creation of a major player in the domestic market.

The late decline mainly by bank stocks led the benchmark of the Greek bourse to moderate losses on Wednesday, although the majority of stocks posted gains. The low turnover revealed that many investors chose to sit the session out in anticipation of the decisions by the central banks of the US and Britain.

Ratings agency Moody's upgraded the outlook for Greece's credit rating to "Positive" from "Stable" on Friday, despite maintaining its rating at Ba3 - three notches below the investment grade it has maintained since 2020.

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%.