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Economy

First medical cannabis plant inaugurated in Greece

Greece’s first-ever pharmaceutical cannabis production plant was inaugurated at Examilia, in Corinth, on Thursday. The investment by Tikun Europe, subsidiary of Israel-based Tikun Olam, exceeded 40 million euros in a privately owned area of 6 hectares (60 stremmas), which includes an area of 21,000 sq.m. with state-of-the-art hybrid greenhouses, as …

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Greece’s power rates among Europe’s highest

Greece remained among the most expensive wholesale electricity markets in Europe in 2022, a year when the average price of electricity increased by 141% compared to 2021. In the same year, the cost of natural gas imports more than doubled compared to 2021, while it almost quintupled compared to 2018. …

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High expectations natural gas off Crete could cover EU needs

Positive messages from ExxonMobil for an important natural gas field in Crete. Energy Minister says “there are expectations that it will cover the gap of Russian gas for 10 years in the European Union.” Environment and Energy Minister Kostas Skrekas spoke of “high expectations” from hydrocarbon exploration in the maritime …

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Three interventions to improve households’ income

Finance Minister Christos Staikouras proudly announced on Monday three government interventions aiming to improve the income of most households plagued by the inflation. These three interventions concern the increase of pensions by 7.75%, something that will be visible next week in February’s payments, the increase of the minimum wage from …

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Significant reduction in power bills coming in February

Significant reductions in electricity bills for household consumers in February were announced by the Public Power Corporation (PPC) and other power providers on Saturday. In the announcement, it was noted that the final consumer price depends on the amount of the electricity consumption subsidy announced every month by the Ministry …

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Greek Chambers urge for lower energy bills

A decline in energy cost must be rapidly reflected on Greek households’ and enterprises’ energy bills, Yiannis Masoutis, president of the Union of Hellenic Chambers said on Thursday. “It is a top priority that needs to become reality, without any delay, to rapidly reflect a decline in energy cost (electricity …

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Electricity prices fall sharply in Greece

Wholesale electricity prices fell below 100 euros/MWh in Greece for the first time in 18 months. Electricity prices for tomorrow, Wednesday, January 18, were set at 86.77 euros/MWh in the Greek Energy Exchange, falling below the 100-euro barrier for the first time since August 2021, media report. Market analysts attributed …

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10-year bond: Greece raises €3.5bln with 4.4% interest rate

Greece on Tuesday successfully auctioned a new 10-year bond raising around 3.5 billion euros from the market with the interest rate of the issue set a 4.4%. The Public Debt Management Authority said in an announcement that investor interest in the auction was very strong with offers reaching 22 billion …

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Inflation down to 7.2% in December, says ELSTAT

Inflation in Greece dropped to 7.2% in December 2022, Greece’s Statistics Authority ELSTAT announced on Thursday. According to the report, the Consumer Price Indexi in December 2022 compared with December 2021, increased by 7.2%. In December 2021, the annual rate of change of the CPI was 5.1%. The CPI in …

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OECD: Strong economic recovery but growth slow down in 2023/24

The recovery of the Greek economy from the Covid-19 crisis was strong, supported by the continuation of reforms, the Organisation for Economic Cooperation and Development (OECD) said in an Economic Survey on Greece which was presented by OECD Secretary-General Mathias Cormann alongside Greek Primer Minister Kyriakos Mitsotakis on Tuesday. The …

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Greece ranks 1st worldwide for gourmet olive oil

At the end of each olive harvest year, the World Association of Writers and Journalists of Wines and Spirits (WAWWJ) collects and ranks all the olive oils that have been distinguished in 32 recognized international competitions in every continent, for their taste and quality, with the method of blind tasting, …

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Winter sales in Greece start on Jan 9

Winter sales in Greece are scheduled to start on Monday, 9 January 2023 and will run until 28 February 2023, the Enterprises and Retail Association (SELPE)  announced on Monday. The SELPE added that the first Sunday of the winter sales, namely 15 January, the commercial shops will be open throughout …

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