ECONOMY

Competition drives phone prices lower

A man is seen carrying a poster of a large mobile phone at a European exhibition in this file photo. Prices for Greece’s cheapest mobile phone services for medium usage in 2008 decreased slightly to 27.17 euros per month due to rising competition but remained well above the EU average of 19.49 euros, the European Commission said yesterday. ‘Despite the relatively high prices there was a big jump in the penetration of mobile services, up 12 percentage points to 122 percent, leapfrogging the EU average (119 percent),’ the report added. Meanwhile, OTE telecom is scheduled to announce earnings figures tomorrow. According to Reuters, analysts expect OTE to post a 53 percent drop in fourth-quarter profit to 107 million euros as gains from an asset sale were not repeated this year.