Preliminary 2024 state budget foresees 2.1% primary surplus

The draft state budget for 2024 will be tabled in the Greek Parliament on Monday, with a forecast for a 2.1% primary surplus on GDP for 2024 and a possible primary surplus of 0.7% for 2023, despite the natural catastrophes the country faced.

Essentially, the budget reflects the Greek economy’s return to normalcy after four difficult years marked by the coronavirus pandemic, the Ukraine war, and high prices. Prime Minister Kyriakos Mitsotakis and National Economy & Finance Minister Kostis Hatzidakis asserted that Greece is fully keeping its commitments, and its fiscal performance will be ranging within the framework of the Stability Program.

The draft contains liquidity infusions to nearly 3 million households totalling 2.5 billion euros, which include the first raise in civil servant salaries after 14 years, and raises in pensions for the second consecutive year, as well as the payout of emergency and permanent supplements.

In addition, the government is keeping an eye on the next two ratings by credit agencies S&P Ratings (October 20) and Fitch Ratings (December 2), with the hopes that at least one of the two will provide Greece with the much-sought-after investment grade. [amna]