Economy of the European Union

Following the new upgrades from the rating agencies and the achievement of fiscal stability, Greece will tap the markets in 2025, seeking to raise 11 billion euros.

Greece's presence in the bond markets next year is expected to be more intense compared to this year, due to the increased financing needs of the state budget.

In October, annual harmonized inflation in the European Union increased to 2.3%, with the Eurozone reporting a rate of 2.0%, according to Eurostat data. Inflation rates in both the EU and the Eurozone have risen compared to the previous month, with the September figures at 2.1% and 1.7%, respectively.

In the third quarter of 2024, Bulgaria's economy expanded by 0.5% compared to the previous quarter, placing it among the top five EU member states for economic growth during this period. The European Union's overall economic output grew by 0.3% in the same timeframe, while the eurozone economy saw a slightly stronger increase of 0.4%.

National Economy and Finance Minister Kostis Hatzidakis criticized the Eurogroup resolution on the competitiveness of the European economy in the discussion held in Brussels, saying that "the resolutions we are adopting are in the right direction, but they lack ambition.

Germany's economy unexpectedly grew in the third quarter, avoiding a technical recession, federal statistics office Destatis reported Wednesday.

Gross domestic product expanded 0.2 percent quarter-on-quarter, Destatis said, on the back of rising government spending and household consumption.

Indications are growing that despite outperforming the European Union average in terms of growth and public finances, the Greek economy has not developed the momentum that would allow high performance to be achieved in the medium term. On the contrary, forecasts point to a slowdown after the Recovery and Resilience Fund's resources are exhausted.

The International Monetary Fund has raised its forecast for Cyprus' economic growth in 2024 from 2.7% to 3.3%.

This updated prediction comes from the IMF's October World Economic Outlook report released on Tuesday.

In 2023, around 4.9 percent of residents aged 16 and older in the European Union reported experiencing housing difficulties, defined as lacking a permanent home and relying on temporary accommodation. This data was released by Eurostat, highlighting a significant disparity among those at risk of poverty or social exclusion, with 8.5 percent experiencing similar issues.

Fitch Ratings has confirmed Bulgaria's long-term credit rating at BBB with a positive outlook. The agency highlighted that the rating is bolstered by the country's robust external and fiscal position when compared to similarly rated nations, as well as the stable political framework provided by EU membership and the enduring currency board regime.

More than 7.4 billion euros have been placed on the Athens Stock Exchange since the beginning of 2023, also boosted by the recovery of investment grade by Greece, which has opened the country to a larger pool of investors, while also reducing borrowing costs for businesses.