
As Europe nears the three-year mark since the onset of the COVID-19 crisis, Eurostat data reveals a return to pre-pandemic economic levels.
Greece, in particular, has seen a remarkable improvement across most economic indicators, garnering positive assessments from international rating agencies and market entities.
After a steep 13.7% decline in the first half of 2020, GDP growth has stabilized and is now on an upward trajectory. The ratio of public debt to GDP has significantly dropped to 165.5% in the third quarter of 2023, following a surge during the pandemic to 210.3% in the first quarter in 2021.
Greece has also restored fiscal balance, registering surpluses since the second quarter of 2023, with the exception of the second quarter of 2022.
Unemployment has returned to single-digit figures (9.2% in December 2023) for the first time since the crisis emerged.
Eurostat data also confirms a full recovery in tourism, with both inbound flights and overnight stays showing positive growth since January 2023, compared to 2019 levels.
Bank of Greece data for 2023 highlights this recovery, with tourism revenues hitting record highs.
However, the Russia-Ukraine conflict in February 2022 triggered inflation, soaring to 12.1% in September of that year. Despite some moderation, inflation remains elevated at 3.2% in January 2024, above the desired 1.5%-2% range.
Nevertheless, the Economic Sentiment Indicator, reflecting public perception of the economy, has turned positive after the pandemic-induced downturn from March 2020 to April 2021, this positive shift has stabilized consumption, with retail trade gaining momentum since May 2022.
Source: tovima.com


Latest News

Metropolitan Ioannis of Korce New Archbishop of Albania
Following the announcement of the election, church bells rang joyfully in Orthodox churches across Albania

Greece Faces Renewed Fears of Water Crisis Ahead of Summer 2025
Following a prolonged drought that began in 2024, fears of a water crisis highlight the urgent need for infrastructure improvements

Harvard, Yale, Columbia, and More Seek Collaboration with Greek Unis
Greece's former Minister of Education Kyriakos Pierrakakis announces an €82 million funding boost to support the partnerships

Greek Government Reshuffle Brings in More Young Technocrats
Greek PM Mitsotakis has brought in younger leaders and technocrats in a bid to accelerate the government's efforts at modernization and efficiency, according to New Democracy insiders

Greece’s New Government Members Sworn in at Presidential Mansion
Greece's new government members were sworn in on Saturday morning and head straight to work through the first meeting of the new cabinet.

Moody’s Upgrades Greece to Investment Grade, Ending Crisis Era
The rating agency raised Greece’s long-term credit rating to Baa3 from Ba1, with a stable outlook.

EFET on World Consumer Day: Humanity Faces New Challenges
This year’s message emphasizes the need for a transition to sustainable lifestyles while safeguarding consumers’ legally recognized rights. This means ensuring access to essential goods such as food and energy, as well as health and safety.

Athens Hotels Lead Europe in Value Growth for Third Year
Over the entire period from 2015 to 2024, the average annual increase in hotel value was 6.1%.

Unemployment Rate in Greece Down 8.9% in January: IOBE
The unemployment rate in Greece recorded a further decline in January 2025, reaching 8.9%, according to the latest Foundation for Economic & Industrial Research (IOBE) report.

Demand for Short Term Rentals in Greece Surges Ahead of Easter
Among the most popular Easter destinations from Good Friday to Easter Monday are Corfu, Hydra, the Peloponnese, Ioannina, Patmos, Loutra Edipsou, Kavala, Thassos, and Pelion