The draft 2024 state budget was submitted to the Greek Parliament. It forecasts a growth rate of 2.3% in 2023 and 3% in 2024. Gross Domestic Product (GDP) in nominal terms is expected to increase from 208 billion euros in 2022 to 224 billion euros in 2023 and 235 billion euros in 2024.
Harmonized inflation is expected at slightly lower levels and stands at 4% compared to 4.5% foreseen in the Stability Program for 2023 and further decelerates to 2.4% for 2024. Investments are expected to increase by 8.3% this year and further to 12.1% in 2024, while unemployment is expected to fall from 11.2% in 2023 to 10.6% in 2024.
The budget has included all the measures announced before the elections to be implemented in 2023 and all the measures announced at the Thessaloniki International Fair (TIF).
The citizens income is expected to be strengthened by policies such as increasing the salaries of public sector employees, lifting the three-year freeze for pay rises, increasing the tax-free threshold for families with children, increasing the minimum guaranteed income, a rise in pensions, but also investment funds of 12.1 billion euros through the Public Investment Program (8.5 billion euros) and the Recovery and Resilience Fund (3.6 billion euros), which are expected to be implemented in 2024.
In addition, the health sector is being strengthened with an increase in the subsidy of hospitals by approximately 15%.
At the same time, the major changes that the country needs are prioritized with a series of measures that have been announced to combat tax evasion. It is worth noting that all of the above will be carried out without deviating the country from its fiscal goals.
