AGP Executive Report

Household Support: Athens is preparing winter fuel subsidies in November, a rent rebate and €400 payment for pensioners on Nov. 30, plus a heating allowance expected to rise 30% in December; dates and amounts remain provisional as energy prices climb. Energy Storage: Metlen and Karatzis have launched a 330-MW, 790-MWh battery facility in Thessaly, adding large-scale storage as Greece faces higher energy costs. Shipping Finance: A container company linked to shipowner Evangelos Marinakis raised €300 million, reflecting investor appetite for Greek maritime businesses. Business Outlook: Greek banks outpaced European peers on lending margins and profitability, while exports rose 16.5% and the trade deficit narrowed. But inflation reached 5.1% in September, and the IMF expects weaker growth and higher inflation through 2027. Food Industry: Greek bakers warn that 1,500 bakeries have closed, as rising costs squeeze the sector.

Energy Storage: Metlen and Karatzis have launched a 330 MW battery facility in Thessaly, adding capacity to Greece’s energy-storage network as the government seeks more flexibility for energy relief. Infrastructure: Greek researchers have developed a method to assess climate risks to infrastructure, while Crete’s new international airport remains on track to open in 2028. Finance: Greek banks are earning higher lending margins and profitability than European rivals, according to ECB data; separately, a proposed debt framework would cap claims on overdue loans at two or three times the original principal. Shipping: A Marinakis-backed shipping IPO drew €1.08 billion in orders, while the company raised €300 million—underscoring investor demand for Greek maritime assets. Business Outlook: IOBE kept its 2026 growth forecast at 1.8% but cut its 2027 outlook, as September inflation reached 5.1%. Greek bakers also warn that 1,500 bakeries have closed amid cost pressures.

Shipping & Capital Markets: Marinakis-controlled Capital Maritime Finance raised €300 million in its Athens IPO, attracting more than €1 billion in orders. Shares are set to begin trading Oct. 20, in the first Athens listing by a shipping company. Climate Resilience: Greek researchers tested a new method across 12 types of infrastructure, identifying heatwaves and extreme rainfall as leading risks. Energy Storage: Metlen and Karatzis inaugurated a 790 MWh battery facility in Larissa, supporting Greece’s push to pair renewables with storage. Economic Outlook: Inflation reached 5.1% in September, while the IMF forecasts slower growth and higher inflation through 2027.

Energy Costs: Greece’s inflation hit 5.1% in September, well above the eurozone’s 3.8%, as energy costs drove prices higher. The IMF expects growth of 1.8% in both 2026 and 2027, with inflation staying elevated. EU Policy: Leaders called for targeted support for households and businesses, but Greece’s push to delay new carbon charges ran into divisions over the bloc’s emissions system. Energy Storage: Metlen and Karatzis inaugurated a 790 MWh battery facility in Thessaly, described as Greece’s largest standalone storage project. Separately, Greece is drafting rules requiring data centers to source 60% of their power from renewables. Shipping: A Marinakis-backed shipping IPO drew €1.08 billion in orders, prompting the offering to expand to €300 million. Greece also pressed Japan for closer shipping and shipbuilding ties. Agriculture: Flooding in Crete has destroyed more than 80% of the potato crop, adding pressure on farmers after a season of rising costs.

Food & Hospitality: Canada’s Recipe Unlimited agreed to acquire Greece-based Evergood, bringing more than 575 Goody’s, Everest, Flocafe and other restaurants into its expansion plans. Energy & Data Centres: Greece is drafting rules that would require data centres to source 60% of their electricity from renewables, as Metlen and Karatzis inaugurate a 790MWh battery-storage project. Critical Materials: The EU named 46 strategic raw-material projects, including three in Greece; Eldorado’s Skouries mine has also received strategic status. Shipping: Greek owner EuroDry ordered a third 82,000-dwt Kamsarmax vessel for about $37 million, with delivery due in 2029. Costs: Greek inflation reached 5% in September, driven by higher fuel and energy prices, adding pressure on households and businesses.

Energy Storage: Greece inaugurated a 790MWh battery project by Metlen and Karatzis, as Prime Minister Kyriakos Mitsotakis stressed that storage is vital to making renewable power available when needed. HELLENiQ Energy has also brought a 200MWh battery online. Power Links: Seabed surveys for the Crete-Cyprus electricity cable are set to resume, with a French research vessel due to begin work once permits are secured. Energy Costs: Mitsotakis is urging EU leaders to allow more flexibility and take action on soaring energy prices, saying national support alone is not enough for households and businesses. Industry and Trade: Greek industrial output rebounded in August, while exports rose 16.5% as the trade deficit narrowed. Mining and Shipping: Skouries has received EU strategic-project status, and Greece is seeking closer cooperation with Japan on shipping, ports and shipbuilding.

Energy Infrastructure: Greece’s planned 3,000 MW GREGY cable linking Egypt’s renewable power to Europe won international recognition, while Thessaly opened Eastern Europe’s largest standalone energy-storage facility. Alexandroupolis’ LNG terminal also received a European award, backed by more than €178 million in EU funding. Power Projects: Authorities are weighing a French vessel’s request to survey the Great Sea Interconnector route between Crete and Cyprus; the link is central to plans for stronger regional electricity connections. Industry and Trade: Greek exports rose 16.5% as the trade deficit narrowed, and industrial output rebounded in August. The Skouries gold mine has moved into production after years of delays, with the EU granting it strategic-project status. Shipping: Greek shipowners ordered 12 tankers from China, while EuroDry placed an order for a third 82,000-DWT bulk carrier. Household Energy: The heating allowance will rise 30% this winter as higher energy costs squeeze households. Tourism: Santorini and Mykonos reported resilient 2026 activity, with officials pushing to spread visitors across more places and seasons.

Exports: Greek exports rose 16.5% as the trade deficit narrowed, while food exports have more than doubled since 2014 to exceed €10 billion, driven by demand for products such as yoghurt, feta and olive oil. Industry & Supply Chains: The EU selected three Greek projects among 46 strategic raw-material initiatives, part of a push to secure supplies for batteries, defence and aerospace. Energy: HELLENiQ Energy brought a 200 MWh battery storage system online, while Agios Efstratios is moving to supply all its electricity from renewables. Greece also secured EU approval for up to €1 billion in energy investments. Shipping & Defence: Greek shipowners ordered 12 tankers from China’s Hengli shipyard, and the government says it aims to mass-produce domestic unmanned naval vessels. METLEN, Thales Alenia Space and Thales Hellas are also partnering on Greece’s defence satellite communications system. Tourism: Industry projections warn Greece could face a 27% tourism workforce shortfall by 2035.

Defence Industry: Greece plans mass production of its domestically designed Pyrpolitis unmanned naval vessel and development of larger autonomous craft. Energy: Libya has warned that exploration south of Crete could stall maritime-boundary talks as Chevron prepares surveys; HELLENiQ Energy has also brought a 200-MWh battery storage park online in Thessaloniki. Shipping: Greek-linked Almi Marine ordered three Ultramax bulkers at COSCO, amid strong global shipbuilding activity. Greek maritime professionals also won three international awards. Mining: Eldorado Gold’s Skouries mine gained EU strategic status, strengthening the case for the long-delayed gold-copper project as it advances toward production. Economy & Agriculture: Exports rose 16.5%, but inflation hit 5% and the IMF expects slower growth. Flooding in Crete has destroyed more than 80% of the potato crop.

Shipping: Pyxis Tankers agreed to buy the remaining 40% of the vessel-owning company behind its Ultramax bulker Ormi, a deal the company expects to be immediately accretive. Energy: HELLENiQ Energy has brought a 200-MWh battery park online in Thessaloniki, while Agios Efstratios has become Greece’s first island powered entirely by renewables. Metacon also secured EU funding for a hydrogen pilot in Crete. Mining & Defence: Skouries has EU strategic-project status and is moving into production. A separate METLEN–Thales agreement will explore Greek participation in a military satellite programme; no contract or funded order has been announced. Industry & Prices: Industrial output rebounded in August and exports rose 16.5%, with chestnuts gaining ground abroad. But the IMF sees growth slowing to 1.8% and inflation at 4.2%; September inflation reached 5%, prompting the government to consider further action on unjustified price rises.

Agri-food: Greece’s chestnut harvest is expected to exceed 40,000 tonnes, with exports reaching the UK, Spain and the Balkans; growers warn that dry weather and rising costs are squeezing returns. Energy: Agios Efstratios is now Greece’s first island powered entirely by renewables, while HELLENiQ Energy has brought battery storage online and Metacon secured EU funding for a hydrogen project. Industry & mining: Skouries has been designated an EU strategic raw-materials project as the mine moves into production. Metlen, Thales Alenia Space and Thales Hellas are also joining forces on Greece’s defence satellite communications system. Consumer market: Greek households spent an estimated €25.7 billion on grocery goods in 2025, but grocery spending grew more slowly than overall household expenditure. Property: Greece is considering raising the purchase tax for non-EU buyers from 3% to 15% from July 2027, a move that could reshape foreign investment in housing.

Energy: Helleniq Energy brought a 100 MW/200 MWh battery system online in Thessaloniki, while Greece won EU approval for €1 billion in energy investments. Metacon also secured EU funding for a renewable-hydrogen project. Defence & Space: Metlen, Thales Alenia Space and Thales Hellas agreed to explore a Greek defence satellite communications system, with potential roles for domestic suppliers and Metlen’s gallium production. Mining: Eldorado Gold’s Skouries mine was designated a strategic EU critical-raw-materials project as it moves into production. Transport: Aegean appointed Michalis Kouveliotis CEO, succeeding Dimitris Gerogiannis after 20 years. Agriculture: Greek researchers are exploring how to turn olive-processing waste into animal feed and soil improvers, while AI-powered robots can grade 15 tonnes of peaches an hour.

Energy & Industry: Greece has EU approval to direct €1 billion to energy resilience projects, while industrial output rebounded in August. Metacon also secured an EU grant to demonstrate renewable hydrogen production in Greece. Mining: Eldorado Gold’s Skouries mine has been designated an EU strategic project and is moving into production after decades of delays. Food & Agriculture: Greece produces more than 40,000 tonnes of chestnuts as exports grow, though heat, water shortages and rising costs threaten growers. The country also wastes over 2 million tonnes of food a year, with households accounting for about 930,000 tonnes. Labour & Retail: Wages have climbed around 30% since 2019 as unemployment falls and employers struggle to recruit; supermarkets report higher sales but shrinking profit margins.

Energy and Industry: Prime Minister Kyriakos Mitsotakis says Greece is strengthening its role as a regional energy hub, with the Vertical Corridor opening routes for US LNG. A €95 million electricity subsidy will support energy-intensive manufacturers, alongside nearly €1 billion in approved energy investments through 2028. Retail: Supermarket sales rose to €16.2 billion in 2025, but net profit margins fell to about 1.1% as operating costs climbed, squeezing funds for logistics and modernization. Aquaculture: Greece’s fish-farming sector produces more than 120,000 tonnes a year, but an investigation warns that farms are damaging the protected Ambracian Gulf as the government considers expanding production. Mining: The EU has designated Eldorado Gold’s Skouries mine a strategic project under its critical raw materials rules. Clean Energy: Metacon secured a €241,920 EU grant to demonstrate renewable hydrogen production in Greece. Manufacturing: Industrial output rebounded sharply in August, offering a brighter signal for the sector.

Energy Investment: The EU has approved Greece’s request to put about €1 billion in strategic energy projects outside normal fiscal limits, opening room for spending on grids, storage and interconnections. Hospitality: Athens bars made a strong showing in the 2026 global rankings: The Bar in Front of the Bar climbed 28 places to No. 19, while Barro Negro entered the top 50 at No. 40. Industry: Greek industrial output rebounded sharply in August, offering a lift for manufacturers. Mining: The EU has designated Eldorado Gold’s Skouries mine a strategic project under its critical raw materials framework. Agri-tech: AI-powered robots in Greece are grading up to 15 tonnes of peaches an hour, bringing automation to fruit production.

Energy Costs: Greek inflation accelerated to 5% in September as natural gas, heating oil and fuel prices surged, raising costs for households and businesses ahead of winter. Energy Investment: The EU approved Greece’s request for nearly €1 billion in additional energy investment by 2028, giving projects greater flexibility under fiscal rules. HELLENiQ Energy has also completed a 100 MW battery-storage project. Mining: The EU designated Eldorado Gold’s Skouries mine a strategic project under its critical raw materials rules, bolstering the long-delayed investment as Greece advances gold production. Industry: Greek industrial output rebounded sharply in August, offering a brighter signal for manufacturers. Agriculture: Flooding has destroyed more than 80% of Crete’s potato crop, dealing a heavy blow to growers.