Greece economy

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.

Central Greece, Western Greece, and the Peloponnese are particularly susceptible to forest fires, while Eastern Macedonia and Thrace are vulnerable due to disparities in per capita GDP. Attica stands out for its extreme vulnerability due to high population density.

More Greeks who left the country during the 2010 economic crisis seeking better conditions are thinking of coming back

According to the OECD, Greece experienced the sharpest decline in real per capita household income, which fell by 1.9%, despite a 0.9% increase in real per capita GDP.

It settled a a 5-month low at 106.8 in July

Three of the four bankers have already announced dividends for 2023's results, the first such distribution of profits after three successive bailouts

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.