
Wood & Company, the global investment and financial group, is closely monitoring Greece’s economic outlook amidst concerns over potential wildfires and floods in 2024. Despite maintaining their growth forecast at 2.8%, the firm remains cautious about the impact of these natural disasters.
According to the financial group, Greece has successfully navigated the post-2010 economic adjustment period. They estimate the current potential GDP growth around 3%, supported by robust private sector finances and a stable public sector budget, which helps keep borrowing costs in check.
Eurostat reports a per capita GDP of 20,920 euros in 2023, marking a 7% increase from the previous year but still 2% lower than pre-crisis levels in 2009, while exports accounted for 38.1% of GDP in the first quarter of 2024, a significant improvement from 24% in 2010.
The economy in 2024 benefits from EU funds, substantial foreign direct investment (FDI), and normalized credit conditions for businesses, though Wood & Co. describes it as a transitional period.
Furthermore, corporate deposits are on a modest rise, while lending to non-financial corporations remains robust. Household lending, though declining, shows signs of stabilization compared to previous years.
Household surveys highlight persistent inflation, limiting purchasing power as wage growth remains stagnant. Economic indicators also suggest a somewhat sluggish labor market, with mixed sentiments from businesses.
The housing market continues to show strength, with apartment prices increasing annually by 10.4% in early 2024, down slightly from previous years.
Tourism is a bright spot, with the Bank of Greece data revealing a 22% increase in travel receipts for the year, signaling a strong start to the tourist season.
However, concerns loom over potential natural disasters, with reports of wildfires resurfacing this year following last year’s impactful events, with the company warning that these could once again disrupt economic activity.
Source: tovima.com


Latest News

WTTC: Travel & Tourism to Create 4.5M New Jobs in EU by 2035
This year, international visitor spending is set to reach 573 billion euros, up by more than 11% year-on-year

IMF: US Tariffs Shake Global Economy, Outlook Downbeat
IMF slashes global growth forecast to 2.8% as U.S. tariffs create uncertainty and ‘negative supply shock

First Step Towards New Audiovisual Industry Hub in Drama
The project is set to contribute to the further development of Greece’s film industry and establish Drama as an audiovisual hub in the region

Airbnb Greece – Initial CoS Ruling Deems Tax Circular Unlawful
The case reached the Council of State following annulment applications filed by the Panhellenic Federation of Property Owners (POMIDA)

Mitsotakis Unveils €1 Billion Plan for Housing, Pensioners, Public investments
Greek Prime Minister Kyriakos Mitsotakis has announced a new set of economic support measures, worth 1 billion euros, aiming to provide financial relief to citizens.

Alter Ego Ventures Invests in Pioneering Gaming Company ‘Couch Heroes’
Alter Ego Ventures' participation in the share capital of Couch Heroes marks yet another investment by the Alter Ego Media Group in innovative companies with a focus on technology.

Corruption Still Plagues Greece’s Driving Tests
While traffic accidents continue to claim lives on Greek roads daily, irregularities and under-the-table dealings in the training and testing of new drivers remain disturbingly widespread

Pope Francis Died of Stroke and Heart Failure Vatican Confirms
As news of the official cause of death spread, tributes poured in from across the globe. The 1.4 billion-member Catholic Church is united in grief, remembering a pope who championed inclusion, justice, and compassion

Increase in Both Museum Visits, Revenues for 2024
As expected, the Acropolis was the top archeological site in the country, followed by Sounion, Mycenae, the ancient theater of Epidaurus, and Vergina in northern Greece

Where Greece’s Tourists Come From: A Look at 2025’s Top Visitor Markets
The United Kingdom continues to hold the top spot as the largest source of incoming tourism, with 5.6 million seats booked for Greece this summer — up 2.2% from last year. This accounts for 20% of all international air traffic to Greece