Greece has achieved a primary surplus of close to 3% of GDP and a total (fiscal) deficit approaching zero in 2024, said Economy Minister Kostis Hatzidakis, speaking yesterday at the founding event of the Synergia think tank in Athens.
He also stressed that the extra revenue - as has been the case in previous years - will be returned to society through new direct tax cuts to be announced later this year, while he stressed that further emphasis will be placed on microeconomic policy in the future.
Referring to the results achieved in 2024, Hatzidakis stressed that the government remained on the path of fiscal prudence. "We achieved a primary surplus above and beyond what the 2025 budget predicted, close to 3% of GDP. Which means a deficit that is close to zero. This sends a very strong message in times of instability, as these are the times we are living in now, that Greece can withstand strong winds if they arise. That is what we are working for. Because the job of a good landlord is to think about the negative scenario and not to take reckless risks. Especially after what has transpired in the past decade," the minister said.
Hatzidakis pointed out that the 2024 results - which will be certified at the beginning of this year - are due, among other things, to the additional revenue from the reduction of tax evasion, which now reaches 2 billion euros, a performance that has no historical precedent since the post-independence period, but also to the higher - compared to the budget forecast - growth of the economy.
"Whatever more we can and is allowed by European fiscal rules is returned to society. We have already cut more than 70 taxes and increased public investment for growth and cohesion actions. Tackling tax evasion has not only an economic sign but also a sign of strengthening social policies," the minister underlined. While referring to the 2025 programming he said:
"This year will be a year of significant further tax cuts for the middle class. Barring an unforeseen, uncontrollable international crisis, continuing the effort to tackle tax evasion (with digital delivery notes and invoices, POS, etc.) will allow us to reduce direct taxes. We insist on direct taxes because we believe that reductions in them are not encapsulated by some intermediaries, as is the case with indirect taxes, but go directly into the pockets of taxpayers."
The Minister of Economy and Finance also noted that having achieved fiscal stabilization, the government's effort will shift from macroeconomic to microeconomic policy. "We will pay even more attention to issues such as attracting and facilitating investment, encouraging exports, enhancing competition and supporting the competitiveness of the economy. In order to accelerate 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 in a protective bowl," Hatzidakis concluded. "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 pay increases and tax cuts to be announced by the Prime Minister in the autumn at the Thessaloniki International Trade Fair."
