“The data confirms the reliability of our economy,” stated Vassilis Korkidis, President of the Piraeus Chamber of Commerce and Industry, commenting on the figures regarding the economic assessment of 2024.

Mr. Korkidis elaborated:

“The National Bank of Greece’s report confirms that the Greek economy progressed in 2024 with encouraging figures. According to The Economist, thanks to the reliability of the government, our country ranks among the top three in the world in terms of economic performance for 2024, a challenging year closing with both old and new uncertainties in our neighborhood. The rise in labor income supports private consumption and combines with strong business performance, maintaining GDP growth close to 2.5% for 2024.

Greek GDP increased by 2.4% annually in the third quarter of 2024, with a 0.3% rise on a seasonally adjusted quarterly basis. Strong private consumption, ongoing inventory accumulation by businesses, and growth in service exports were the key drivers of development. Private consumption grew by 2.1% annually and 1.7% in the first half. A critical factor supporting this growth is the improvement in the labor market, as evidenced by the single-digit unemployment rate of 9% in the third quarter of 2024—the lowest in 15 years—combined with stable employment growth, the highest labor force participation rate, and, most importantly, the increase in real wages. The growing credit momentum also played a significant role, with consumer credit rising by 6.1%, compared to 4.5% in the first quarter of 2024. The improved financial condition of households is inferred from the increased stock of financial savings and the upwardly revised savings rate, which, however, remains negative.

It is encouraging that residential construction activity rebounded in the third quarter of 2024 by 7.2% annually after a sharp contraction over three consecutive quarters, while non-residential construction grew at a steady rate of 3.3% annually. Total exports increased by 3.3% annually in the third quarter compared to a 1.9% decline in the first half of 2024, driven by strong service exports, which rose 5.1% annually at constant prices, up from 2.2%, and resilient goods exports, which grew by 1.2% annually despite adverse external conditions. Inventory accumulation again played a dominant role in performance, contributing 1.9 percentage points to GDP growth. While this contribution was smaller than the 4.9% in the first half, it is expected to add 2.8% to annual GDP growth in 2024, despite a predicted decline in the fourth quarter.

Recent data from a limited set of leading activity indicators and economic sentiment indices published for the fourth quarter of 2024 suggest approximately stable quarterly GDP growth of 0.4%. Combining this estimate with the impact of other supportive factors maintains the previous forecast of annual GDP growth of 2.4% for 2024. These trends generate positive momentum for GDP growth in 2025, with our current estimate standing at 2.3%. The impact of the 2024 growth trend is expected to contribute 1.1 percentage points, combined with a fiscal stimulus of 0.4% of GDP and a credit boost of 0.3% of GDP.

Four significant high-value-added investments approved by the Interministerial Committee for Strategic Investments are particularly noteworthy, as they will create new jobs, particularly in cutting-edge sectors. These investments involve the defense industry, Greece’s self-sufficiency in paper and alcohol production, and the safety of flights and civil protection services. Four Greek companies will carry out these critical investments, proving that Greece can innovate and advance through strategic investments.

A major achievement for our country is the European Commission’s decision to include Greece among the seven EU nations to establish the first “artificial intelligence factories” in Europe, with joint EU and national funding. “Pharos” will be one of the flagship projects proposed by the High-Level Advisory Committee on Artificial Intelligence in the recently published “Plan for Greece’s Transition to the Artificial Intelligence Era.” Supported by the supercomputer “DAEDALUS,” the “Pharos” AI Factory will serve as a hub of research and knowledge for the broader region, positioning Greece as a technological center.

Finally, encouraging measures are being taken to bridge the gap between production and the research community. The new legislation allows for the establishment of spin-off companies in universities and research centers, with tax exemptions provided by the new law for businesses investing in research and development, ranging from 200% to 315%. The goal is to create an environment where research knowledge can be transformed into innovative products or services. Our country now has the groundwork to test new technologies and continuously seek new solutions. Of course, the private sector’s contribution is crucial to create more jobs and make our country an attractive investment destination.

Let us hope that 2025 will bring better economic and social conditions for Greece and all Greeks.”