Greek economic update

Source: ELKE

Tourism Revenues Up
Greek tourism foreign exchange revenues are expected to rise by 3-3.5 percent this year, and tourist arrivals are expected to rise by 5.5-6.0 percent according to Stavros Andreadis, President of the Association of Hellenic Tourist Enterprises (SETE). Mr. Andreadis said that Greek tourism will rise for the third year running.

Interest in Greek Equities
Foreign investors raised their participation in the Greek stock market to 52.71 percent in October, up from 51.80 percent in September. Foreign investors raised their participation in the Big Cap index (FTSE/ASE 20) to 58.73 percent in October from 57.60 pct in the previous month, in the Mid Cap index (FTSE/ASE 40) to 47.58 percent from 42.99 percent and in the Small Cap index (FTSE/ASE 80) to 24.36 percent from 22.58 percent. Net capital investments inflows in the Athens Stock Exchange totaled 287.48 million EURO in October, with the number of foreign investment capital inflows totaling 5.463 billion EURO so far this year.

Greek Investment in Romania

Greece holds fifth place regarding foreign direct investments made in Romania last year with 7.8 percent of total investment, or 2.6 billion EURO.
The first place is held by Austria with 7.9 billion EURO, or 23 percent of total investment, followed by the Netherlands with 5.8 billion EURO (17 percent), Germany with 3.4 billion EURO (10 percent) and France with 2.7 billion EURO (8 percent).
GDP Rise
Greece’s Gross Domestic Product grew by 3.6 percent in the third quarter of 2007, according to provisional estimates published by the National Statistics Service. Economic growth slowed by half percentage point in the July-September period, compared with the second quarter of the year (GDP growth was 4.1 percent) and with the third quarter of 2006 (GDP growth was 4.5 percent).
Goldman Sachs to Promote its Products
Goldman Sachs Asset Management plans to promote its products and services in the Greek market through its cooperation with banking groups operating in Greece, according to Nick Phillips, GSAM’s Chief Executive for Europe. Goldman Sachs Asset Management sees significant growth prospects for its activities in Greece, particularly in the mutual funds management sector and investments. GSAM cooperates with Citibank, Eurobank, and Piraeus Bank in Greece, and its assets under management total 500 million U.S. dollars. Goldman Sachs Asset Management manages around 701.1 billion U.S. dollars globally and ranks among the top 15 fund managers worldwide.

Direct China Flight Connection
On November 28 China’s national carrier, Air China, has begun a Beijing-Dubai-Athens route, with weekly scheduled flights. The new service, the first linking Greece and China, links Athens with Beijing and Dubai (stopover) on Mondays and Thursdays. The route is part of an initiative to boost tourism between Greece and China and facilitate business travel.
Greece to Host Games
Greece will host the XVII Mediterranean Games of 2013, with the joint bid by Volos and Ioannina garnering 37 votes against 34 votes for the Croatian city of Rijeka. The Mediterranean Games, first held in 1951, are a multi-sport event held every four years, in the year following the Olympic Games.

Sometimes referred to as the “Mediterranean Olympics,” the Games are held under the auspices of the International Olympic Committee (IOC), with the participation of the countries bordering the Mediterranean Sea.

Greece’s Purchasing Managers’ Index rose to its highest level in 87 months in October, supported by a significant increase in production and new orders in the country. The seasonally adjusted PMI rose to 55.3 points in October, from 53.8 in September, underlining a strong improvement in operational conditions in the manufacturing sector, the strongest since July 2000.

Greek manufacturers reported a significant increase in production. The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector, while readings below 50 a shrinking sector.
Greek Exports Rise

The value of Greek exports rose 3.2 percent to 11.109 billion EURO in the eight-month period from January to August, up from 10.77 billion EURO in the corresponding period last year, despite a continuing strengthening of the Euro over the US dollar.
Hellenic Foreign Trade Board (HEPO) announced that the value of exports—excluding oil—grew by 4.3 percent to 999.5 million EURO in August, from 958.7 million EURO last year. Greek exports to the EU jumped 23.4 percent in the eight-month period to 7.146 billion EURO, with Germany (11.6 percent) the top export destination. Significant increases were recorded in the export of transport materials and machinery, of telecommunications equipment (291 percent) and electricity distribution equipment (232 percent). Exports jumped to Romania by 35.5 percent and to Poland by 30.2 percent. Exports to Russia rose 7.6 by 35.5 percent to 196.1 million EURO and exports to China rose 25 percent, reflecting higher exports of telecom equipment and fur products.

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