“The evidence confirms its credibility economy. us” said the president of the Piraeus Chamber of Commerce and Industry Vassilis Korkidis commenting on the figures for the 2024 financial valuation.

In detail Mr. Korkidis said:

“The report of the National Bank of Greece confirms that the Greek economy developed in 2024 with encouraging data. In fact, according to the Economist, thanks to the credibility of the government, our country is in the top three in the world in terms of economic performance in 2024, in a difficult year that closes with old and new uncertainties in our neighborhood. Rising labor incomes support private consumption and combine with strong business performance, keeping GDP growth close to 2.5% in 2024.

Greek GDP grew by 2.4% annually in the third quarter of 2024 with +0.3% on a seasonally adjusted quarterly basis. Strong private consumption, continued stockpiling by businesses and rising services exports were the main pillars of growth. Private consumption rose by 2.1% year-on-year and by 1.7% in the first half. A key factor supporting this increase is the improving labor market, as reflected in the single-digit unemployment rate of 9% in the third quarter of 2024, for the first time in the last 15 years, combined with steady employment growth, the highest participation rate in workforce and, above all, strengthening real wages. A growing credit boost also played an important role, with consumer credit growing by 6.1% from 4.5% in the first quarter of 2024. The improved financial position of households is inferred from the increased stock of financial savings and the upwardly revised savings rate , which however remains negative.

Encouragingly, residential construction activity rebounded in 3Q2024 by 7.2% y-o-y after contracting sharply for 3 consecutive quarters, while non-residential construction strengthened at a steady +3.3% y-o-y rate. Total exports rose 3.3% y/y in the third quarter versus a 1.9% decline in the first half of 2024, driven by strong services exports at +5.1% y/y at constant prices from +2.2% y/y and resilient of goods exports by +1.2% y/y amid unfavorable external conditions. Stockpiling again played a dominant role in performance, contributing 1.9 percentage points to GDP growth, although it was comparatively smaller than 4.9 in the first half and, despite its expected decline in the fourth quarter, is forecast to contribute 2 .8% in annual GDP growth in 2024.

Recent data from a limited number of leading indicators of activity and indicators of economic sentiment, released for the fourth quarter of 2024, point to roughly flat quarterly GDP growth of 0.4%. Combining the above estimate with the effect of other supporting factors, the previous forecast for GDP growth in 2024 by 2.4% annually remains unchanged. These trends create positive momentum for GDP growth in 2025 with our current estimate at 2.3% as the impact from the 2024 growth trend is estimated at 1.1 percentage points and is expected to be combined with a positive fiscal boost from of 0.4% of GDP and a credit boost of 0.3% of GDP.

Important are the four emblematic investments of high added value approved by the Interministerial Committee for Strategic Investments, which will create new jobs and indeed in cutting-edge sectors. These investments concern the defense industry, the self-sufficiency of our country in paper and alcohol, and the safety of flights and civil protection services. Four Greek companies undertake to implement these important investments, proving that Greece can innovate and progress with strategic investments.

A great achievement for our country is the fact that the European Commission chose Greece as one of the 7 EU countries to create the first artificial intelligence “factories” on our continent, with community 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 Age of Artificial Intelligence”. With the support of the “DAEDALUS” supercomputer, the “Pharos” Artificial Intelligence Factory will be a hub of research and knowledge for the wider geographical area, highlighting Greece as a technological hub.

Finally, encouraging are the measures aimed at bridging the gap between production and the research community. The new legislation has made it possible to establish spin-off companies in universities and research centers with tax breaks provided by the new law for companies investing in research and development, starting at 200% and reaching up to 315%. The aim is to create the appropriate environment so that research knowledge can be transformed into an innovative product or service. In our country we now have the right ground to test new technologies and constantly look for new solutions. The contribution of the private sector is certainly necessary to create more jobs and make our country an attractive investment destination.

Let’s hope that in 2025 everything will be better economically and socially for Greece and all Greeks”.