A new bill by the Ministry of National Economy and Finance provides for the creation of a Register for Recording and Monitoring Maintenance and Operation Expenditures of the Public Investments Program (PIP).
Bank of Greece Governor Yannis Stournaras is understood to be concerned about the course of the country’s economy regarding its long-term sustainability and about the convergence of the income of Greeks with that of their European peers.
Last year’s primary surplus in Greece proved significantly higher than the budget estimate for 1.1% of gross domestic product, reaching 1.9% of GDP and making it easier to meet this year’s target of 2.1% of GDP.
The pandemic and the energy crisis gave Greek companies an opportunity to significantly increase their profit margins. The phenomenon of profit inflation or “greedflation” was seen internationally in the period 2021-2022, but it assumed large dimensions in Greece.
Progress in the indexes of the outward-looking side of the Greek economy, such as exports and the attraction of foreign direct investments, is recorded in the bulletin of the Reforms Observatory of the Center for Planning and Economic Research (KEPE).
The poorest 10% of households would have had to increase their spending by more than 16% to keep food and energy consumption constant between 2019 and February 2024.
Tax revenues and the primary result of the budget in January and February exceeded the target, but this is largely counted in the 2023 budget, per the Finance Ministry.