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  • 1

    O &

    Chief Economist : mmassourakis@sev.org.gr : +30 211 500 6104 Senior Advisor : mmitsopoulos@sev.org.gr : +30 211 500 6157 Associate Advisor : printsipas@sev.org.gr : +30 211 500 6176

    .

    .

    ! 1 2016

    ,

    , , , . , , . , , .. 200%. , . , / , . ( ) . , ( ), . , . , . , , 3,5% ( 2016, 6,1% ) . . , , . , .

    3 2016 +1,8% ( -2,2%) , 3 2016 (+4,3% +2,7% 6 2016), (+8,9% +3,1% 6 2016), (+3,8% -2,2% 6 2016) (-6,1% -10,5% 6 2016) . , +3,2% 2016, -1,5% , , . , , , . ..

    . , , . . , . , , , , . , , , , , , .

    ! , (, 3 2016)

    mailto:mmassourakis@sev.org.grmailto:mmitsopoulos@sev.org.grmailto:printsipas@sev.org.grhttp://www.sev.org.gr/Uploads/Documents/49524/SEV%20Invest%20Strategy.pdf

  • 2 1/12/2016

    &

    , , , , , , , , . , , , , . , . , . , , : , . , , . , , . , , , , . . , , . , , , , ... , ( 2-5), . , , .. .

    experts , ( 200%) (capex). , , , , . , .

    1: 200% 1 . ( , )

    1: ( , ))

    1 10

    , & (EBITDA)

    10 100

    (4) (40)

    (EBIT) 6 60

    / 0 0

    () 6 60

    29% (1,74) (17,4)

    2: ( - 200%, )

    1 10

    , & (EBITDA)

    10 100

    (4) (40)

    (EBIT) 6 60

    / 0 0

    () 6 60

    - ( 100%) (4) (40)

    ()

    2 20

    29% (0,58) (5,8)

    ( 1 2)

    1,16 11,6

    http://www.kas.de/wf/doc/kas_43820-544-1-30.pdf?160113133932http://www.kas.de/wf/doc/kas_43820-544-1-30.pdf?160113133932https://ideas.repec.org/p/wiw/wiwwuw/wuwp230.htmlhttp://www.sev.org.gr/Uploads/Documents/49524/SEV%20Invest%20Strategy.pdfhttp://www.sev.org.gr/Uploads/Documents/49524/SEV%20Invest%20Strategy.pdf

  • 3 1/12/2016

    &

    , , . , , . . , , . , , , , ( , , ) . , , , , , . , 100% (CAPEX). , , (200%). , , , , . . , . , . , . 40, 10 ( 10%). , EBITDA ( , ) 10 . () 1. 200%, 2. , 1,16 11,60 . . , ( , , , ). ( , EBITDA)

    2: , ... (WEF GCI, 2016-17)

    3: . (WEF GCI, 2016-17, = )

    4: , ... (WEF GCI, 2016-17)

    5: . (WEF GCI, 2016-17)

  • 4 1/12/2016

    &

    , , , . 200% de facto 26% (29% ), ( ) EBITDA . 200% . , , . , 3,5%. 3,5% ( ). ( 1). , , , , , , . , , , , , . ( , , , ). , , , . ( ). ( ) 4399/16 , ( ), 4399/16 . . . , . , , ( ) . , , ( ), . , . : 3, . , 3 2016

    6: (, 3 2016)

    7: ( , ) (, 3 2016)

    8: (, 3 2016)

    9: (, . 2016)

    http://www.sev.org.gr/Uploads/Documents/49524/SEV%20Invest%20Strategy.pdf

  • 5 1/12/2016

    &

    +1,8% ( +1,5% , 6), , 32 . +5,1% 3 2015, -4,1% capital controls ( 7). 3 2016, +12,6% ( 8) +10,2%. 9 , (+0,16%), -0,3% 2016, 3 -1,7%, , , , 2 . : +3,2% 2016 , -1% -1,5% 2015, 2015 2016 (-1,9% 6 2015 -2,2% 6 2016), 2016, +9,6% 2015 capital controls ( ). 2016 supermarkets (+5%), (+6,7%) - (+9,8%). , 9 2016 (-0,2% -0,3% 2015), , (+9,7% +6,9% , 9). : 2016, 92,4 ( 93,8 87,1 2015), , ( 10). , , , . , , , , , . , , , . , 2016, , ( 11). , 2017 2 , . : 2016. ,

    10: (-DG ECFIN, . 2016)

    11: (-DG ECFIN, . 2016)

    12: (, . 2016)

    13: ( . ., . 2016)

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    &

    (+126 .), (+0,1% -1,6% ). , 1,16 ., (+657 .), ( 12). : . (1.296 . 2016 1.586 2016), 130 . 2015 2015 , 206 . , . , , , ( 13). , 1.428, 922 . 2015 ( 14). , , 2015, , 2016 ( 24 .). , , ( 10/11/2016). , . H . , 2016, . , . , ( PISA , 8/9/2016), . , . , , . , . , 2015. , , , , , . , , . , , ( 15).

    14: ( . ., . 2016)

    15: (Transparency International PEOPLE AND CORRUPTION: EUROPE AND CENTRAL ASIA 2016 )

    16: (WEF GCI 2016-2017, = )

    http://www.sev.org.gr/Uploads/Documents/49826/weekly_10_11_2016.pdfhttps://ec.europa.eu/education/https://ec.europa.eu/education/http://www.sev.org.gr/Uploads/Documents/49743/weekly_8_9_2016.pdfhttps://www.transparency.org/whatwedo/publication/7493

  • 7 1/12/2016

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    , ( 16). , ( 17) , ( 18). , , . , . , ( 19). , . . , , . , , , , , , . , . , , . , ., , , . , , , . , , . , , , . , , , , .

    17: (WEF GCI 2015-16, Transparency International PEOPLE AND CORRUPTION: EUROPE AND CENTRAL ASIA 2016 )

    18: (WEF GCI 2015-16, Transparency International PEOPLE AND CORRUPTION: EUROPE AND CENTRAL ASIA 2016 = 3 )

    19: (WEF GCI 2015-16, Transparency International PEOPLE AND CORRUPTION: EUROPE AND CENTRAL ASIA 2016 = 3 )

    https://www.transparency.org/whatwedo/publication/7493https://www.transparency.org/whatwedo/publication/7493https://www.transparency.org/whatwedo/publication/7493https://www.transparency.org/whatwedo/publication/7493https://www.transparency.org/whatwedo/publication/7493

  • 8 1/12/2016

    &

    .. ..

    435.

    72% * 58 .

    44% * 77 .

    46% * 2,4 . **

    44% ***

    . 220.000 4,6 . 2 . 1,6 .

    * ** ***

    , , . , - , .

    , , , , , , , , , .

    & , , .

    , , .. .

    , , , , , , , , .

    & ( ), .

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    SEV Hellenic Federation of Enterprises 168, Avenue de Cortenbergh B-1000 Bruxelles M: +32 (0) 494 46 95 24 E:sevbrussels@proximus.be

    :

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