- Greek Economy – Greece’s economy is projected to grow by 2.3% in 2024, according to the latest forecast by the Bank of Greece, well above the eurozone average and in line with the most recent European Commission estimate. Last year, Greece’s real GDP rose 2.0%, also well above the eurozone average, but slightly below government forecasts. Analysis suggests that last year’s heavy floods in central Greece shaved four-tenths of a percentage point off growth, but that reconstruction efforts and rebounding economic activity will likely boost GDP in coming quarters.
- Real Growth – Greece led the European Union in real GDP per capita growth last year, up 2.5% to €19,150, according to new data by the European Commission. Over the period 2019-2023, real per capita purchasing power in Greece grew at more than double the European Union average, up 2.1% versus 1%. In the three years since the pandemic, 2021-2023, the cumulative increase in real per capita income rose 18.6% in Greece, the third highest performance in the European Union and more than double the European average of 9.4%.
- Credit Outlook – International ratings agency Standard & Poor’s raised its outlook for Greece’s credit rating to “positive” from “stable”, suggesting that the agency could further raise its sovereign rating for the country in the year ahead. In October last year, S&P restored Greece’s investment grade designation, assigning it a BBB- rating. In its announcement this month, the agency cited Greece’s fast growing economy and continued fiscal restraint as positive factors for the medium term.
- Tech Visas − Greece is set to introduce new visas for skilled, third country workers in a bid to boost the country’s labor supply of experts in high-tech sectors and promote Greece as a hub for research, development and education. The new law will introduce Talent and Tech Visas that, among other things, will allow foreign students to engage in part-time employment and remain for up to a year after graduation in order to find a job. The law will also facilitate the relocation of foreign teaching staff to Greece, create new special purpose residence permits for companies with large numbers of foreign staff, and increase the durations of residence permits.
- Human Resources − Enterprise Greece sponsored a special, high-level panel at the Delphi Economic Forum focusing on the role that the country’s human resources play in attracting foreign investment. Panel participants included senior executives from major multinationals including international consultancy EY, technology company Hewlett Packard Enterprises and pharmaceutical giant Pfizer, each of which have invested in establishing Greek hubs.
- Our Ocean – The government has announced the creation of two new marine parks in the Aegean and Ionian seas and will impose a ban on trawling in those areas from 2026 – a first in Europe. The announcement came ahead of the ninth international Our Ocean conference that was held in Athens April 16-17. Speaking at the conference, Prime Minister Kyriakos Mitsotakis also announced plans for a €2 billion fund to phase out fossil fuels on the Greek islands and replace them with renewable energy.
- Greek Spirits – Greek exports of spirits hit a record €106 million last year, according to the Greek Federation of Spirits Producers (SEAOP). The total value of spirit exports last year represent a 9.4% increase over 2022 and bucked the weak commercial trend in global markets, the Federation said.
- Enterprise Greece – As part of country’s ongoing efforts to enhance its economic diplomacy, Enterprise Greece convened the fourth meeting of its Extroversion Council. The Council reviewed recent trade missions to Turkey, Serbia and India, as well as steps to enhance commercial relations within the European Union. The review forms part of Greece’s National Extroversion Strategy, which aims to increase Greek exports and boost investment inflow to Greece, among other things.