The “crash test” for economy-stock market

March is a month full of announcements concerning the Greek economy. Perhaps the most important date for citizens and especially private sector workers is March 22 when the government’s decisions on the new minimum wage will be announced. Meanwhile, the announcement for 2023 growth rates, the HFSF’s sale of 27% share in Piraeus Bank and Moody’s announcement on the Greek economy will be preceded.

The week will start with the banks and more specifically Piraeus Bank as the Hellenic Financial Stability Fund (HFSH) will launch the process to sell the total percentage it owns (27%). On Monday, before the start of the stock market session, eyes are turned on the announcement of the sale price and distribution of the percentages that will be allocated to Greek and foreign investors.

On Thursday, March 7, Eurobank and Alpha Bank will publish the financial results for 2023. The last will be the National Bank with the relevant announcements scheduled for March 12.

On March 7, the Hellenic Statistical Authority (ELSTAT) will announce the provisional data for the course of the growth rate in the last quarter of 2023 and the full year. With the Greek GDP in the third quarter of 2023 growing by 2.1%, outperforming the Eurozone, the specific data will also determine whether the estimates for a growth rate of 2.4% in 2023 are correct. While fragile growth and high debts threaten the largest European economies in 2024, Greece appears to be “resisting” as forecasts speak of an improvement. Based on the government’s estimates, the GDP will increase by 2.9% this year while the government aims for new upgrades.