The Greek government drafts the 2025 budget - It is expected to be voted on in the parliament on Sunday, December 15
The Greek government has submitted the 2025 draft budget for discussion in Parliament, which is expected to be approved on Sunday, December 15. This document predicts more tax revenue, higher growth and a further drop in unemployment, as well as a larger-than-expected primary surplus for this year.
Therefore, next year's budget includes permanent support measures in the amount of 1.1 billion euros, while it is predicted that this year's primary surplus will be greater than the initial forecasts and will reach 2.5% of the gross domestic product.
The new fiscal interventions, accompanied by a series of institutional measures, focus mainly on supporting households' disposable income and addressing the issue of housing.
The budget predicts that inflation will slow from 2.7% in 2024 to 2.4% in 2025 and economic growth will increase from 2.2% in 2024 to 2.3% in 2025. In terms of the primary balance, it will increase and possibly exceed 2.5% of GDP in 2024, and the following year is estimated at 2.4%.
Also important is the reduction of the fiscal deficit to 0.7% of GDP this year and 0.6% of GDP in 2025. The initial forecast in the draft budget was for the deficit to decrease to 1% in 2024 and to 0.6% next year. .
Among other things, this document defines some interventions in the tax system.
It is intended to reduce social security contributions by 1% from January 1. The reduction concerns the 0.5% contributions of employees and 0.5% of employers in the health sector. Waiver of the registration fee for freelancers and in general all natural persons.
Pensions are set to increase by 2.45%, based on the forecast for an increase of 2.2% and inflation of 2.7% this year. The increase will take effect from January 1, 2025.
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