Greece continues to demonstrate resilience and growth across various sectors, with notable improvements in financial stability, cultural milestones, and a thriving tourism industry. Recent developments include Moody’s upgrade of National Bank and Piraeus Bank deposit ratings, a slight easing in the inflation rate, and impressive growth in both the cosmetics market and airport traffic. Additionally, cultural and legislative initiatives are enhancing Greece's appeal as a premier destination.
Financial Updates:
- Moody’s has upgraded the deposit ratings for National Bank and Piraeus Bank, citing improvements in their financial fundamentals.
- JP Morgan has raised its recommendation for OTE's stock to overweight from neutral, although it has slightly lowered the target price from €17.7 to €17.3.
- Greece's annual inflation rate eased slightly to 2.3% in June 2024 from 2.4% in May, according to the Hellenic Statistical Authority (ELSTAT). Prices increased for hotels and restaurants (5.4% vs. 5%). On a monthly basis, consumer prices rose by 0.5% in June after a 0.3% drop in the previous month.
- In 2023, the domestic cosmetics market grew by 20%, with retail sales reaching 1.2 billion euros, according to Cosmetics Europe data published by the Panhellenic Association of Manufacturers and Agents of Cosmetics and Perfumes.
Culture:
- The Museum of Ancient Eleutherna near Rethymno, Crete celebrated its 8th anniversary with the inauguration of an exhibition on Pablo Picasso, showcasing 62 works by the influential 20th-century artist.
Tourism:
- A new Greek draft law proposes the creation of rooms for employees in hotels, with deliberations set for Thursday, July 11, in the national Parliament.
- Greece ran an extensive ad campaign in metro stations and on buses in Paris from May to July, reminding the French that "Voyager en Grèce cet été est une victoire garantie" (Traveling to Greece this Summer is a Guaranteed Victory) and "La Grèce – Une expérience de vie… Pas seulement des vacances" (Greece, a life experience – something more than a vacation).
- Athens International Airport handled 3.30 million passengers in June 2024, marking a 12.9% annual increase. The rise in passenger numbers was driven by both domestic and international travel. In the first half of 2024, the airport’s traffic grew by 16%, with domestic traffic up by 8.6% and international traffic by 19.5%.