ECONOMY

In Brief

Greece revises Q3 GDP growth up to 3.8 pct The Greek economy expanded more than previously estimated in the third quarter, following a general revision of the country’s economic data since 2000. Gross domestic product grew at an annual rate of 3.8 percent in the three months through September from the year-earlier period, the Athens-based National Statistics Service said yesterday in a report on its website. That compares with a preliminary estimate last month of 3.6 percent, which was the slowest pace in more than two years. First-quarter GDP growth was revised to 4.3 percent from 4.6 percent, according to the statement. Strong domestic demand and investment will drive the Greek economy to expand an annual 4.1 percent this year from 4.3 percent in 2006, the European Commission estimated on November 9. (Bloomberg) Turkey plans to move central bank HQ to Istanbul ANKARA (Reuters) – Turkey’s center-right government plans to move the headquarters of the central bank to Istanbul as part of a bid to make the country’s largest city a regional financial hub, Economy Minister Mehmet Simsek said. The ruling Justice and Development Party (AKP) has already announced plans to move some of the financial regulatory bodies to Istanbul, a city of some 14 million connecting Europe and Asia, against the background of a wave of Turkish banking acquisitions by major foreign banks. «We will move the central bank to Istanbul. If necessary, a change in the law will be made. We want to make Istanbul a financial center,» Simsek was quoted by the state-run Anatolia news agency as telling reporters. Some Turkish central bank officials have raised concerns about moving the bank from the capital where the seat of power is. DryShips Greek dry-bulk carrier DryShips Inc said it acquired about 30.4 percent stake in Ocean Rig ASA, a Norway-based offshore drilling contractor, for $405 million, to capitalize on strong demand for ultra deep-water drilling rigs. DryShips plans to finance the investment with about $162 million in cash and $243 million in debt, its statement said. Separately, DryShips CEO Giorgos Economou has acquired about 4.4 percent of Ocean Rig’s share capital, the company added. (Reuters) Cyprus tourism Tourist arrivals in Cyprus rose 0.5 percent year-on-year in January to November to 2,342,338, the island’s statistics department said yesterday. In November, arrivals fell 1 percent compared to November 2006. In January to November, arrivals from Cyprus’s major tourist markets showed a decrease of 5.8 percent from the UK and 9.9 from Germany. Arrivals from Greece and Russia rose by 10.8 percent and 27.6 percent respectively. (Reuters)