Economy of Greece

US credit rating agency Standard & Poor's (S&P) reaffirmed Greece's investment-grade rating of BBB- with a "Positive" outlook on Friday night.

The next review of Greece's economy by S&P is expected in spring 2025, and the rating agency may well proceed to an upgrade then, given the "Positive" outlook it maintains for the country.

New data released yesterday highlights the growth in the Greek economy, suggesting more benefits for everyone. Last year, the economy grew by an additional $5 billion, leading to a real growth rate of 2.3% for 2023, compared to the previously estimated 2%. Along with this updated GDP estimate for 2023, several other economic indicators are also being revised upward.

The Greek stock market continued to be “trapped” in a selling mood for the fourth consecutive day, with shares retreating significantly from the 1,420-point level and losing the support of 1,415 points. The share placements and capital increases by listed companies seem to be weighing on the market, at least in the short term.

Turnover in the telecommunications sector showed a small yearly increase in 2023, according to data by the National Telecommunications and Posts Commission (EETT).

The pension raises and the adjustment of the minimum salary are expected to add to state revenue in the 2025 budget, combined with the growth of the Greek economy, according to the first draft the National Economy and Finance Ministry submitted on Monday in Parliament.

Greece plans to repay Support Mechanism loans of nearly 8 billion euros in December, as revealed in the draft state budget for 2025 that National Economy Minister Kostis Hatzidakis tabled in Parliament on Monday.

State revenues to date from the privatizations of the four systemic banks amount to 3.5 billion euros, after this week's sale of 10% of National Bank of Greece, which raked in a total of €690.1 million.

German newspaper Handelsblatt has published an article discussing the performance of the Greek economy and efforts to combat tax evasion.

It notes that Finance Minister Kostis Hatzidakis submits monthly data on budget management, emphasizing that Greek state coffers are full.

Inflation in Greece is proving to be persistent and with a significant deviation from that of the eurozone, as despite the slight slowdown in its growth rate it remained at the level of 3% in September, while at the same time in the eurozone it stood at 1.8%.