
Jefferies restated its positive (bullish) attitude towards the Greek market, noting that its confidence in the recovery of the economy was rewarded by the increase in tourist arrivals that strengthened the current account balance, as well as corporate results.
However, as it estimated, after strong growth in 2022, the Greek economy will record a “shallow” contraction/recession for 2023, with imbalances increasing, as a result of high inflation, at 12% and the deep difference in TARGET 2.
Slowdown ahead
Although economic momentum has supported an impressive uptick in earnings and sales revisions, with business confidence rising, industrial production steady and factory capacity utilization rates moving above the long-term trend, the Manufacturing PMI, however, points to a slowdown ahead, with new orders falling as higher product prices hurt demand.
The biggest challenge
The biggest challenge lies in the consequences of the energy shock caused by the Russian invasion of Ukraine, although Greece has made significant progress in the energy transition, with the Greek electricity system running entirely on “clean” renewable energy for the first time earlier this month.
Although the domestic equity market looks a bit expensive relative to bonds, the Athens Stock Exchange is in the midst of a positive review of corporate earnings, with Jefferies maintaining its bullish stance on Greek stocks. The Greek basket of shares it monitors concerns the securities of Motor Oil, PPA, Jumbo, Helleniq Energy, Aegean and Mytileneos.


Latest News

WTTC: Travel & Tourism to Create 4.5M New Jobs in EU by 2035
This year, international visitor spending is set to reach 573 billion euros, up by more than 11% year-on-year

IMF: US Tariffs Shake Global Economy, Outlook Downbeat
IMF slashes global growth forecast to 2.8% as U.S. tariffs create uncertainty and ‘negative supply shock

First Step Towards New Audiovisual Industry Hub in Drama
The project is set to contribute to the further development of Greece’s film industry and establish Drama as an audiovisual hub in the region

Airbnb Greece – Initial CoS Ruling Deems Tax Circular Unlawful
The case reached the Council of State following annulment applications filed by the Panhellenic Federation of Property Owners (POMIDA)

Mitsotakis Unveils €1 Billion Plan for Housing, Pensioners, Public investments
Greek Prime Minister Kyriakos Mitsotakis has announced a new set of economic support measures, worth 1 billion euros, aiming to provide financial relief to citizens.

Alter Ego Ventures Invests in Pioneering Gaming Company ‘Couch Heroes’
Alter Ego Ventures' participation in the share capital of Couch Heroes marks yet another investment by the Alter Ego Media Group in innovative companies with a focus on technology.

Corruption Still Plagues Greece’s Driving Tests
While traffic accidents continue to claim lives on Greek roads daily, irregularities and under-the-table dealings in the training and testing of new drivers remain disturbingly widespread

Pope Francis Died of Stroke and Heart Failure Vatican Confirms
As news of the official cause of death spread, tributes poured in from across the globe. The 1.4 billion-member Catholic Church is united in grief, remembering a pope who championed inclusion, justice, and compassion

Increase in Both Museum Visits, Revenues for 2024
As expected, the Acropolis was the top archeological site in the country, followed by Sounion, Mycenae, the ancient theater of Epidaurus, and Vergina in northern Greece

Where Greece’s Tourists Come From: A Look at 2025’s Top Visitor Markets
The United Kingdom continues to hold the top spot as the largest source of incoming tourism, with 5.6 million seats booked for Greece this summer — up 2.2% from last year. This accounts for 20% of all international air traffic to Greece