Greece reported a record primary surplus of €8.6 billion in 2024, significantly surpassing the target of €4.6 billion. Economy Minister Kostis Hatzidakis attributed the success to increased revenues from reduced tax evasion and stronger-than-expected growth. Looking ahead to 2025, the government plans further tax cuts for the middle class and a focus on microeconomic policies to boost investments, exports, and economic competitiveness.
Tag: 2024 budget
Greece is revising its 2025 budget after unexpectedly strong financial results, including a €6.1 billion surplus through October, well above the projected deficit. This surplus is largely due to robust economic growth, higher-than-expected tax revenues, and successful efforts to combat tax evasion. The government also made significant progress in repaying its debt ahead of schedule, with plans to pay off €7.9 billion in loans by December. As a result, Greece's debt-to-GDP ratio is set to fall to its lowest level since the debt crisis, paving the way for fiscal stability and potential tax cuts.
Greece reported a primary surplus of €8.74 billion for January to September 2024, significantly exceeding the government's target of €5.3 billion. Driven by higher tax revenues and controlled spending, this marks a strong fiscal performance compared to the same period last year. The Ministry of Economy and Finance highlighted that tax revenues exceeded projections by €2.6 billion, while overall expenditures remained below target, contributing to the surplus.