GIG Economic Bulletin – July 18, 2022

The European Commission has upped its growth forecast for Greece from 3.5% to 4% despite higher inflation estimates. Greece is on course to hit its 2030 target for renewable electricity as early as 2026, and plans to raise the bar to 70%.

Economic BulletinInsights
With investments in Greece’s renewable energy sector on the rise, the Greek government is planning to raise targets for electricity derived from RES from 60% by 2030 to 70%. Australian asset manager Macquarie is pushing ahead plans for the first PV park in Greece to be funded under the new regime for PPAs through subsidiary CERO. Meanwhile, Xinhua-Baltic International Shipping Centre has ranked Athens within its top 10 shipping centres globally.


In its summer forecast the European Commission revised its growth projection up to 4% from its previous forecast of 3.5%. Inflation is also expected to be higher at 8.9%, compared to 6.3% previously. Persistent inflation is seen to cause a slow-down to 2.4% in 2023, compared to 3.1% in the spring forecast.

ING is forecasting 4.2% growth for Greece spurred on by tourism. The bank’s analysts see inflation at 9.7%, however they do not expect the effects of the war in Ukraine to derail growth in the short term.


Greece expects to reach its 2030 target of generating 60% of electricity from RES as early as 2026, and will be raising the goal to 70%, according to Energy Minister Kostas Skrekas.

The first PV park in Greece to be funded under the new regime for power purchase agreements (PPAs) has been announced in Drama by CERO, a subsidiary of Macquarie. The park will have a capacity of 100 MW and the investment totals €80 million. Cero is planning to install 1 GW of PV in Greece between 2023 and 2025, while the company has also confirmed its interest in Terna Energy. This is part of a total €12-15 billion of investments that the Australian asset manager says it is planning to make in energy and other sectors of the Greek economy.

Motor Oil subsidiary NRG has acquired 60% of e-mobility company Automotive Solutions. The company plans to create a 2,000-point charging network over the next five years.

Battery maker Sunlight Group has acquired 51% of Germany-based wholesaler A. Muller GmbH with the aim of extending its service and distribution network in European markets.


Athens remains among the top 10 shipping centres globally according to the rankings published by Xinhua-Baltic International Shipping Centre Development, despite slipping a place from 8th to 9th.

Piraeus Port was the only car terminal in Europe to record an increase in vehicle traffic in 2020 compared to the previous two years. Just under 430,000 vehicles moved through the port compared to 305,000 in 2020 and 404,000 in 2019, while Piraeus remained top for vehicle transit.

Piraeus Port Copyright: Aerial-motion / Shutterstock


Among the options for Athens International Airport (AIA), privatisation fund HRADF is considering listing its shares on the Athens Stock Exchange. The Greek state’s total stake in AIA is 55%, 30% through HRADF and 25% through HCAP.

The CEO of HRADF reaffirmed his estimate that the upfront payment for the concession on the Attica Highway could reach €2.4 billion, noting the participation of 15 solid players in eight different consortia.


More than a third of businesses are planning to invest or expand their activities in Greece, while three in four investors consider that Greece’s attractiveness as an investment destination will improve further in the coming three years according to EY’s Attractiveness Survey 2022.

Real Estate

Prodea Investments plans to invest €200 million in residential developments for the Build-to-Sell and Build-to-Rent markets after acquiring nine sites around Athens. The company is also preparing a private offering of 10%-15% of its shares targeting institutional investors and family offices.

According to the property index managed by the website Spitogatos, the rally in rents and property prices continues with significant rises in property prices in various areas of Athens ranging from close to 15% to 20%.


E-government service platform will deliver potential value of €3 billion over a period of five years, according to an analysis by Deloitte. Each online transaction is estimated to save €2 for the public sector and €1 for citizens.


Traffic at the 14 regional airports managed by Fraport has returned to normality with passenger traffic up by 3% compared to 2019. A total of 4.6 million passengers travelled in June this year.

Stock Market

The ASE general index registered marginal weekly losses of -0.94%, closing at 794.62 points. Banks were down -7.24%, while large caps fell by -1.3%.

Back to top button