Consumption

Greece's 2025 budget includes 2.95 billion euros for interventions related to raising disposable income, exercising social policy and dealing with the low demographic issue.

The Greek economy grew by 2.4% in the third quarter of 2024 compared to the same quarter of 2023, according to the Hellenic Statistical Authority (ELSTAT).

Consumer sentiment improved, even though slightly, in August, after declining in the previous two months, a joint survey conducted by the Central Bank and the Turkish Statistical Institute (TÜİK) has shown.

The consumer confidence index, which fell 2.7 percent in June and 3.1 percent in July, increased by 0.6 percent to 76.4 points in August.

Consumer morale declined for the first time since February in June as households' expectations for the general economic outlook and their financial situation deteriorated.

The Greek economy's growth rate in the year's first quarter proved to be higher than the market expected, coming at 2.1%, and bringing much optimism to the government, since the corresponding rate in the European Union was a meager 0.4%.

In the first quarter of 2024, Bulgaria's GDP grew by 1.8% compared to the same period in 2023, slightly surpassing the initial forecast of 1.7%, according to data from the National Statistical Institute. The GDP produced amounted to BGN 43.279 billion, or BGN 6722 per person.

Despite the calls in the market for the reduction of taxation on consumption, such as value-added tax and Special Consumption Taxes, the government insists consumption is already high in gross domestic product terms and it is investments that should be bolstered instead.

The consumer confidence index inched up 0.1 percent monthly to 80.5 percent in May, after rising 1.4 percent in April, the data from the Turkish Statistical Institute (TÜİK) have shown.

Any figure above the 100-mark indicates optimism among consumers.

According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member. This represents an impressive annual growth rate of 20.4%, marking a significant increase over the past decade, where incomes have more than doubled, growing by 2.3 times.

Consumers in Greece and worldwide feel even more financially stressed, despite the de-escalation of inflation, which, in fact, is expected to continue, pointing to a limited increase in consumption according to the first indications for 2024.