Greece economy

According to the latest data from Greece’s Statistical Authority (ELSTAT), job openings soared to a record high of 70,826 positions in the first quarter of 2024, marking a remarkable 115.6% annual increase.

They estimate the current potential GDP growth around 3%, supported by robust private sector finances and a stable public sector budget, which helps keep borrowing costs in check.

The average overall Industrial Production Index for the period from January to May 2024 recorded an increase of 5.8% compared with the average IPI of the period from January to May 2023.

This downward trend in earnings for households with children could be contributing to the country's declining population.

Signs of reduced consumption were recorded in April, as it appears that ongoing and widespread inflation has created conditions for a downturn in retail.

Consumers in the country are paying more for basic goods such as bottled water, as inflationary pressure sends the cost of living skyward

Following a cabinet reshuffle, Greece’s PM pledged to address the cost of living crisis extending gov’t provisions by six months.

The government plans to advance institutional reforms, particularly to tackle the housing shortage, and will review adjustments aimed at rectifying tax burdens on self-employed professionals.

Both foreign and domestic investors are seizing the moment, ushering in a wave of significant deals across various sectors like banking, technology, food, energy, logistics, and hospitality.

Looking at the broader picture, the average index for the period from January to April 2024 showed a solid 5.3% rise compared to the same period in 2023.

Greece serves as a prime example, having lost a quarter of its GDP during the crisis but regaining its investment grade last year. Conversely, France was downgraded by S&P Global Ratings recently.

The available non-seasonally adjusted data indicate that in the 1st quarter of 2024 the Gross Domestic Product (GDP) in volume terms increased by 1.9% in comparison with the 1st quarter of 2023

Greek banks received ECB approval to resume dividend payments after 16 years and a painful debt crisis.

In terms of Consumer Confidence, households showcased an increase in pessimistic predictions concerning the country's economic climate, while forecasts for their own economic prospects remained stable

Greek PM confirmed that new measures to address lack of housing and to regulate Airbnb-style activities were on the table.

Mitsotakis highlighted the country’s fiscal success

Once completed, the Fyli business park will serve as a national transport hub, creating jobs and revenues for Western Attica.

However, despite these advancements, Greece still faces a substantial investment gap compared to its eurozone peers.

However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.

Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas