Greece economy

Prime Minister Kyriakos Mitsotakis announced that Greece’s minimum wage will increase to 880 euros starting on April 1, 2025. 

The new gross monthly minimum wage is expected to rise by 5% to 6%, reaching approximately €880, in a country where almost half of employees make less than €1,000 per month.

The rating agency Moody's raised Greece’s long-term credit rating to Baa3 from Ba1, with a stable outlook.

In its analysis, Capital Economics cites three factors as the reasons why it does not anticipate Greece’s employment significantly increasing in the coming years.

Greek Finance Minister Kostis Hatzidakis said the decision will kickstart recovery fund absorption set to reach 64%.

The Greek Minister of National Economy and Finance, Kostis Hatzidakis, expressed his satisfaction with Scope's upgrade of the Greek economy.

Regarding the country’s unemployment growth the report mentions that it is expected to slow down due to rising labor costs.

The numerous laissez-faire liberals in the government must be feeling somewhat uncomfortable with the government's continual interference in various markets

The digitalization of transactions and measures introduced by the Ministry of Finance, such as the imputed taxation of professionals, generated an additional 1.8 billion euros.

Travelers continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.

The new era for Greece’s tax authority includes smart technologies including AI that will help simplify procedures and audits.

The corresponding forecasts by the Greek government are 2.2% for 2024 and 2.3% for 2025

Within the European Union, Denmark stands out securing the 6th position, globally, with Germany ranking 16th and France 36th

Data shows that Greece’s dependence on Middle Eastern oil is the highest among developed economies, as is its reliance on exports to the Middle East and North African region.

This subsequent debt repayment is expected to be completed by Sept. 2025, with an amount of at least 5 billion euros.

For 2024, the growth rate of the Greek economy is now expected to reach 2.14%, up from the previous estimate of 2.09%.

Moody's is the fifth major credit rating agency to be approached for an investment-grade rating—after DBRS, Fitch, S&P, and Scope have already upgraded Greece.

Job vacancies have become a significant challenge for the Greek economy, as they continue to grow, halting the country’s economic growth.

However, thousands of taxpayers will benefit from a discount of up to 20% on the ENFIA tax they will be required to pay.

Greek market experts are forecasting a 15-20% rise in the price of basic goods, coffee, and cocoa in September.