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Tourism Up in Greece

(GREEK NEWS AGENDA)   Tourism revenues showed unexpected growth in the first five months of the year, compared with the same period in 2007, according to data from the Bank of Greece (BoG). Travel spending by non-residents in Greece from January – May 2008 grew by 8.2% or €157 million, reaching €2.065 billion from €1.908 billion in the same period last year. In May alone, tourism revenues increased by 13.7%, or €131 million reaching €1.084 billion. This rise in growth in much higher than the increase in arrivals from abroad by air, which came to just 2.8% in the same period. This is attributed to increased tourism traffic from the emerging Eastern European markets, mainly Russia.  Kathimerini daily: January-May tourism revenues increase  Links and Map of Greece:  http://www.varlaam.freehost.pl/map/map.html

 

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The Greek Economy

(GREEK NEWS AGENDA)   According to the latest reports on the Greek economy published by the International Monetary Fund (IMF) for 2007 (30.4.2008) and European Commission’s spring forecast, 2008-2009  (28.4.2008), predictions are temperately optimistic, despite a difficult and stressful world economic environment. In particular, for 2008, the IMF estimates that economic growth will reach 3.7%, as opposed to the Greek Central Bank’s 3.5% and to European Commission’s 3.4%. Even so, the Commission points out that a 3.4%’s growth rate is double that of the eurozone average. Furthermore, the Commission says that the deficit will be close to 2% for 2008 and 2009, while the public debt is estimated to decrease to 92.4% for 2008 and even further to 90.2% in 2009. Inflation will rise to 3.7% for 2008 as opposed to 3% of the previous year and to 3.6% in 2009. The IMF encourages Greece’s planning for balancing the books by 2010 and insists on neater tax administration and collection, as well as restrained public spending.     Continue reading

Greek Design for Anniversary Euro Coin

(ATHENS NEWS AGENCY) The design submitted by the  Bank of Greece mint, the work of sculptor George Stamatopoulos, has been chosen for a commemorative two-euro coin to be issued by all Eurozone countries in 2009 to mark 10 years since the circulation of the euro. The winning design was announced by the European Commission on Monday and was chosen by EU citizens through an Internet vote. Continue reading

Greek Economic News in Brief

» 41 Measures against Profiteering

(GREEK NEWS AGENDA) The development ministry on Thursday unveiled a package of 41 measures aimed to combat excessive price hikes in domestic markets, in cooperation with the other responsible ministries and local authorities. Presenting the measures, Development Minister Christos Folias said the targets will be measurable, and that the aim is the operation of a “free and fair market. Continue reading