German business newspaper Handelsblatt published a report on Monday, November 18th, 2024, showcasing Greece’s strong economic recovery. The report emphasizes Greece’s impressive fiscal performance, including repaying bailout loans earlier than expected.
According to a translation provided by the Greek Ministry of National Economy and Finance, Handelsblatt notes, “The country’s primary surplus is exceeding expectations, fueled by rising tax revenues, allowing for the early repayment of bailout loans.”
The article further details Greece’s financial turnaround and positive economic indicators. It highlights the unexpected surplus, stating, “Just last month, Finance Minister Kostis Hatzidakis presented the 2025 draft budget. Now, he needs to revise it—because the state has a surplus of funds.”
Handelsblatt contrasts the European Commission’s autumn forecast of a 0.1% GDP deficit for Greece in 2025 with the Greek government’s expectation of a balanced budget or even a slight surplus.
Finally, the report addresses Greece’s Value Added Tax (VAT) collection, noting that while Greece still loses approximately 15% of VAT revenue, the government aims to reduce this gap to 9% by 2026. This is compared to the EU average VAT gap of 5.3% in 2021 (the most recent available data).