Despite concerns about weak data such as the trade balance deficit, savings, public debt, and demographics, the Greek economy is experiencing growth, increased investments, and exports. This makes it one of the strongest performers in the eurozone according to the Commission’s spring forecasts.
The economic recovery post-pandemic has been strong, with a growth rate forecasted at 2.2% this year, higher than the eurozone average of 0.8%. However, despite this positive trend, it falls short of the government’s forecast of 2.5% and significantly lower than the budget forecast of 2.9%.
Investments are expected to increase by 6.7% in 2024, making it the second highest in the eurozone. While Greek investments as a percent of GDP are much lower than the eurozone average, sitting at 14% compared to 22%, this still represents an increase from last year’s figure of 13%.
The fiscal sector is also a strong point for Greece’s economy, with a forecast primary surplus of 2.3% of GDP which ranks third best in the eurozone. This discipline is crucial in addressing high public debt levels which stand at an impressive 153.9% of GDP – the highest in all Eurozone countries.
Despite these challenges and weaknesses that led to crisis Greece’s economy shows signs of growth and resilience positioning itself favorably within the eurozone compared to other countries in its region
