Measures totaling 2.5 billion euros that will boost the citizens’ income are included in the final budget plan for 2024 tabled in Parliament by National Economy and Finance Minister Kostis Hatzidakis.
The measures are focusing on combating tax evasion and reducing imbalances, including an increase in public servants’ salaries, higher pensions, raising the tax-free allowance by 1,000 euros for families with children, raising the minimum guaranteed income by 8%, expanding maternity benefits, continuing the youth pass as well as other benefits.
Moreover, according to the budget, Greece’s economy is expected to grow by 2.9% in 2024 from 2.4% in 2023.
Inflation will fall to 2.6% on average in 2024 versus 3.9%, while the unemployment rate will drop to 10.6% from 11.2%.
Private consumption will grow by 1.3% (2.9% this year) and public consumption will fall by 1.6% (0.4% this year).
Private investments will rise by 15.1% in 2024 from 7.1% in 2023, exports of goods and services will rise by 5.6% (2.7% this year) and imports of goods and services are expected to rise by 4.6% (2.2% in 2023).
Real GDP is expected to reach 233.8 billion euros in 2024 (or more than 200 billion euros in fixed prices) to the highest level since 2010. The Greek economy is expected to surpass the EU average growth rate by 1.7 percentage points, with the domestic labor market expanding to the highest level in 14 years.
The budget plan will be discussed in the Parliamentary Economic Affairs Committee before a parliamentary plenary debate begins on December 13, while a vote is scheduled for December 17.
