Greece Economic Growth Continues to Impress in Q2 2024
September 30, 2024 · Greece · 11 min read
Once seen as the EU’s “headache” because of a sovereign debt crisis that shook global markets, Greece is now one of Europe’s fastest-growing economies — something few would have predicted.
Greece, a country known for its rich history and culture, has faced many economic challenges over the past decade. The debt crisis of the late 2000s raised concerns about the country’s economic stability and its future within the European Union. Yet in a rapidly changing global economy, Greece has made significant strides, as recent Greece economic growth figures show.
Has the Greek economy truly turned the corner?
From 2008 onward, Greece was gripped by an economic crisis that left the country deeply in debt. Yet it has rewritten its economic story in a way that even the most optimistic observers could hardly have imagined. Once weighed down by enormous debts and at risk of leaving the euro area, Greece is now emerging as one of the bright spots of the European economy.
After a prolonged debt crisis, Greece adopted strict austerity measures and received international financial assistance. Although unemployment and recession persisted for some time, by 2018 Greece had emerged from the harshest period and begun to recover. Today, Greece is one of Europe’s fastest-growing economies, with strong growth in investment and tourism.
Greece’s transformation is reflected not only in its GDP growth rate but also in concrete factors such as rising international investment, a strong tourism recovery, and the expansion of renewable energy. Economic reforms, a sovereign credit rating upgrade, and stimulus measures have laid a solid foundation for sustainable development. Although public debt remains a challenge and some households are still feeling the effects of austerity, the current economic outlook suggests that Greece’s transformation is still under way, opening up new opportunities for investment and development.
Greece GDP growth: one of Europe’s fastest-growing economies
In Q2 2024, Greece’s GDP growth accelerated to 2.3% year on year, far above the euro area average of just 0.6%. The main drivers were domestic consumption, exports, and above all tourism — the backbone of the Greek economy.
In 2024, Greek tourism is on track to set a new revenue record. According to estimates by the National Bank of Greece, tourism revenue could exceed €22 billion, up about 10% from 2023. International arrivals are expected to reach 35 million, up 7% from the previous year. This is supported by tourism stimulus measures and growing arrivals from major markets such as Germany, where travel companies report advance bookings well above 2019, the last year before the pandemic. In fact, tourism revenue in the first half of 2024 was up more than 24% year on year, giving momentum to the services and aviation sectors.
Beyond tourism, Greece’s goods exports have also grown impressively, with food products, electronics, and agricultural goods making key contributions. The development of renewable energy, especially solar and wind, has helped Greece become a significant regional energy hub. In addition, a steady flow of international investment — supported by attractive tax policies and a sovereign credit rating upgrade to investment grade — has played a key role in helping the Greek economy outpace the countries that traditionally led growth in Europe.
On the fiscal side, Greece’s public debt, once the heaviest burden left by the financial crisis, is falling sharply. By the end of 2024, public debt is forecast to fall to nearly 150% of GDP, a major improvement from 205% of GDP in 2020, thanks to tight budget management and tax reform. The country also plans to make an early repayment this year of €8 billion in bailout loans that reach maturity in 2026–2028. Unemployment has fallen to 10.8%, the lowest level in more than a decade.
“Positive outlook” is perhaps the phrase heard most often about the Greek economy today. With its strong recovery and impressive growth rate, Greece is becoming an attractive destination for global investors.
Greece Golden Visa: real estate investment from €250,000 for a Greek residence permit
The strong growth of the Greek economy has reinforced international investors’ confidence, encouraging them to invest and settle in the country.
One residency by investment program that continues to attract foreign investors is the Greece Golden Visa. With a real estate investment starting from €250,000 (approximately US$280,000) in qualifying properties, investors and their families can live and study in Greece and access many of the benefits that come with legal residence. They can also travel freely within the 29 countries of the Schengen Area for up to 90 days in any 180-day period.
According to recent figures from the Greek Ministry of Migration and Asylum, the Golden Visa program has brought about €5.54 billion into the real estate market over the past decade, and that figure continues to rise, reflecting the program’s lasting appeal.
| See full details of the Greece Golden Visa program here.
If you are considering residency by investment in Greece, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects of your application. We keep your personal data confidential and use the information you provide only to advise on your family’s case.
IMM Group
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