Greece has officially entered 2024 with an economic milestone worth celebrating: a primary surplus close to 3% of GDP and a fiscal deficit nearing zero. National Economy Minister Kostis Hatzidakis announced this historic achievement during the founding event of the Synergia think tank in Athens. These results signal Greece’s unwavering commitment to fiscal prudence while paving the way for societal benefits, including further tax cuts.
“This surplus sends a powerful message,” said Minister Hatzidakis. “In these uncertain times, Greece has proven it can withstand strong winds by planning responsibly and avoiding reckless risks.”
How Greece Achieved the Surplus
The improved fiscal performance can be attributed to several factors:
- Boosted Revenues: Efforts to tackle tax evasion have added €2 billion to the state’s coffers—a historic feat.
- Economic Growth: Greece’s economy grew faster than projected, further driving the surplus.
- Fiscal Discipline: The government stuck to a conservative budget, maintaining fiscal stability.
What This Means for Society
Minister Hatzidakis emphasized that the benefits of this surplus will be passed directly to the public. “As much as European fiscal rules allow, the surplus will return to society,” he stated.
Upcoming Initiatives Include:
- Tax Cuts for the Middle Class: The government aims to ease the financial burden on families and workers by reducing direct taxes.
- Increased Public Investment: Infrastructure, education, and healthcare initiatives will continue to see robust funding.
Tackling tax evasion has also been highlighted as a social justice measure, ensuring fairness and equity in public finances.
Focus Shifting to Microeconomics
Having stabilized its macroeconomic landscape, Greece is now prioritizing microeconomic policies to further boost the economy. These include:
- Attracting and facilitating investments.
- Encouraging exports.
- Strengthening competition to improve business competitiveness.
“This is about accelerating growth and taking decisive steps to enhance Greece’s global economic position,” the minister said.
Looking Ahead: What to Expect
As 2025 unfolds, the government will continue focusing on fiscal prudence while addressing societal needs. Planned reforms, such as digital consignment notes and expanded POS systems, aim to streamline tax collection further. Minister Hatzidakis hinted that additional pay increases and tax cuts will be announced by Prime Minister Kyriakos Mitsotakis later this year.
The message is clear: Greece is ready to weather global uncertainties while prioritizing its citizens’ prosperity.
