“We achieved a primary surplus above and beyond what was foreseen in the 2025 budget, close to 3% of GDP”
Greece achieved a primary surplus close to 3% of GDP and a total (fiscal) deficit approaching zero in 2024, the Minister of National Economy and Finance said Kostis Hatzidakisspeaking yesterday at the founding event of the Synergia think tank held in Athens. He also underlined that the additional revenues – as happened in previous years – will return to society with new reductions in direct taxes that will be announced within the year. while he emphasized that in the future further emphasis will be placed on microeconomic policy.
Referring to the results achieved last year, Mr. Hatzidakis emphasized that the government remained on the path of fiscal prudence. “We achieved a primary surplus above and beyond what was foreseen in the 2025 budget, close to 3% of GDP. Which means a deficit approaching zero. This sends a very strong message in times of instability, such as the times we are living in now, that Greece can withstand even strong winds if they arise. That’s what we work for. Because the job of a good householder is to think about the negative scenario and not to take reckless risks. Especially after what happened in the last decade,” said the minister.
Mr. Hatzidakis pointed out that the results of 2024 – which will be certified at the beginning of this year – are due, among other things, to to the additional revenues derived from the reduction of tax evasion, which now reach 2 billion. euros, a performance that has no historical precedent since the post-colonial period but also from the higher – in relation to the budget forecast – growth of the economy.
“Whatever we can and is allowed by the European fiscal rules, goes back to society. We have already reduced more than 70 taxes, while increasing public investment for growth and cohesion actions. The fight against tax evasion has not only an economic sign but also a sign of strengthening social policies”, he underlined.
While, referring to the 2025 planning, he said:
“This year will be a year of significant further tax cuts for the middle class. Barring an unforeseeable, uncontrollable international crisis, continued efforts to tackle tax evasion (with digital waybills and invoices, POS, etc.) will allow us to reduce direct taxes. We insist on direct taxes, because we believe that the reductions in them are not encapsulated by some intermediaries, as happens with indirect taxes, but go directly into the taxpayers’ pockets.”
The minister noted, moreover, that having achieved fiscal stabilization, the government’s effort will turn from macroeconomic in microeconomic policy. “We will give even more importance to issues such as attracting and facilitating investments, encouraging exports, strengthening competition and supporting the competitiveness of the economy. In order to speed up our pace as much as possible and take all the initiatives that will support the Greek economy”.
“We are not miracle workers and no economy is under protective glass,” he said. And he ended by saying that “if things develop normally and maybe even a little worse than normal, as we are always conservative in our forecasts, we will proceed with further salary increases and tax reductions that will be announced by the prime minister in the autumn at TIF”.
