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: Greek economy
Karelia Tobacco Industry ranks 105th on the "Forbes – The Greek List 100+", being the only company from Messinia with a turnover exceeding €100 million. With an 8% increase in revenue for 2023, it continues to demonstrate strong performance alongside Greece’s largest businesses in energy, retail, and industry.
Demand for short-term rentals, particularly Airbnb, is expected to break records in Greece in 2025, with projections showing a strong start to the year. Pre-bookings are up by 10% to 15%, and rental capacity has expanded significantly, with 205,000 accommodations now available. As Greece ranks sixth in Europe for rental demand growth, the country’s tourism market is poised for another banner year.
In 2025, the Greek government will implement 18 tax reductions and 7 income support measures aimed at increasing disposable income and easing financial burdens for citizens. These initiatives, totaling €1.5 billion, build on years of economic growth and efforts to combat tax evasion, marking another step toward fiscal equity and improved quality of life for workers and pensioners.
Greek Prime Minister Kyriakos Mitsotakis faces growing public dissatisfaction as economic hardships persist despite progress in national financial indicators. A *Handelsblatt* report highlights that real incomes remain 23.7% lower than pre-crisis levels, with inflation, high energy costs, and stagnant wages fueling frustration. While New Democracy leads in polls, its shrinking margin and declining approval rates pose significant challenges to Mitsotakis' leadership.
Greek stocks surged by 13.65% in 2024, marking the fourth consecutive year of growth for the Athens Stock Exchange. Led by a 21.14% jump in banking stocks, the general index reached 1,469.67 points. Market activity also saw robust increases, with daily transaction values up 26% and annual turnover exceeding €103 billion.
Fraport Greece reported a 6.4% increase in passenger traffic for the first 11 months of 2024, reaching 35.22 million passengers. November saw an 11.6% rise in traffic compared to 2023, driven by an extended tourist season and a surge in international arrivals. The company plans to invest approximately €150 million in airport upgrades, including infrastructure improvements at popular destinations like Santorini, Mykonos, and Corfu. Fraport Greece continues to enhance its network to support the growing demand and strengthen Greece's aviation sector.
In 2024, American tourists have emerged as the top spenders in Greece, contributing to a…
Greek Tourism Minister Olga Kefalogianni has predicted a record-breaking year for tourism in 2024, with revenues expected to surpass €20 billion. Highlighting strong performance in key months and innovative new policies, including a globally pioneering hotel classification system based on environmental standards, Kefalogianni emphasized Greece's commitment to sustainable growth in its vital tourism sector.
Greece’s economy is facing potential disruption as new tourism regulations could jeopardize the country’s vital…
Metlen Energy & Metals, a £4 billion Greek industrial conglomerate, has announced plans to seek a primary listing on the London Stock Exchange by 2025, marking a significant step in its global expansion. Currently listed in Athens, the company will retain its secondary listing in Greece while targeting international investors. Operating in over 30 countries with 5,000 employees, Metlen’s portfolio includes energy production and aluminium mining, as well as a joint venture on the UK’s Eastern Green Link subsea cable project.
Greek Prime Minister Kyriakos Mitsotakis' recently announced banking reforms will take effect in mid-January, Finance Minister Kostis Hatzidakis confirmed. The measures, aimed at reducing costs and improving transparency, include zero charges for basic banking transactions, capped wire transfer fees, and incentives to release unused properties into the housing market. Additional initiatives include €200 million in funding for school renovations and a real estate acquisition body, as well as expanded transaction limits through the IRIS payment system. These reforms are part of the government’s broader efforts to reshape Greece's banking and financial landscape.
An OECD report highlights a staggering 69% rise in Greek housing prices since 2017, worsening the affordability crisis for local families. With nearly 27% of households spending over 40% of their income on housing—compared to a eurozone average of 9.4%—Greece faces the highest housing cost burden in the EU. The report also examines the impact of foreign buyers, rising mortgage risks, and government measures like the golden visa reforms and renovation subsidies.
The Greek Parliament has passed a new tax bill introduced by the National Economy and Finance Ministry, with the ruling New Democracy party securing its approval amid opposition resistance. The legislation, aimed at boosting incomes and fostering innovation, includes 72 tax cuts and measures to fight tax evasion. Deputy Minister Christos Dimas defended the bill as a step toward strengthening the Greek economy and improving public services, though critics remain divided on its broader implications.
In a CNN interview, PM Mitsotakis calls for a comprehensive review of the Draghi Report and discusses the complexities of the Thessaloniki Metro project amid ancient artifact discoveries.
Coffee prices in Greece are skyrocketing as global costs reach near 50-year highs, with cappuccino freddo now costing up to €5.50. Supermarkets and cafes report price hikes of 15% to 30%, driven by soaring Arabica prices and compounded by Greece's Special Consumption Tax on coffee. Industry leaders are urging tax reform to ease the burden on businesses and consumers alike, as coffee increasingly shifts from a staple of Greek culture to a luxury item.
Abu Dhabi Future Energy Company PJSC, known as Masdar, has completed the acquisition of a 70% stake in Greece's TERNA Energy from GEK TERNA and other shareholders, marking the largest transaction in the energy sector in the history of the Athens Stock Exchange.
Greece plans to raise €11 billion from bond markets in 2025 to address rising financing needs, nearly doubling its net borrowing from 2024. The increased activity follows recent upgrades from rating agencies and reflects growing investor confidence in the country’s fiscal stability. The funds will support the state budget deficit, Recovery Fund loans, and public debt servicing, as outlined in the Budget Introductory Report presented by Finance Minister Kostis Hatzidakis.
Greece will experience a nationwide general strike on November 20, 2024, as public and private sector unions ADEDY and GSEE unite in a 24-hour walkout. The strike will disrupt public transport and ferry services while workers demand wage increases, labor rights, and enhanced social policies. Demonstrations are planned across the country, with a major rally in Athens at Klathmonos Square.
The European Commission's Autumn 2024 economic forecast predicts positive developments for the Greek economy in…