Gov’t cuts 2024 economic growth forecast again amid EU stagnation

The government has trimmed its forecast for 2024 economic growth for a second time this year to 2.2%, as stagnation in eurozone countries hits investment and exports, the finance ministry has said.

From projected growth of 2.9% at the beginning of the year, the forecast was cut to 2.5% in April, also because of a wider EU slowdown.

"2024 forecasts are based on data on the weak growth of the European economy in the first two quarters of 2024, especially for the country's major trading partners, such as Germany," said the fiscal council, an advisory body to the government.

More than half of foreign direct investment into Greece comes from northern European countries, while two thirds of the country's exports, such as agricultural goods, fuel and pharmaceutical products, go to the European Union.

The finance ministry also trimmed its growth estimate for...