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Economy

Rising Greek Economy Got €11.2 billion in Public Investments in 2023

ATHENS – It hasn’t helped working-class households struggling with high supermarket prices and soaring rents, but Greece’s economic recovery accelerated in 2023 as the COVID-19 pandemic neared its end and continues to grow.

The economy was boosted by an €11.2 billion ($12.25 billion) Public Investment Program, an increase of €176 million ($192.46 million) over the previous year, according to the Finance Ministry.

Simultaneously, the European Union allocated €3.6 billion ($3.94 billion) from its recovery fund in loans and subsidies for essential projects, while the New Democracy government provided aid for businesses affected by wildfires and floods.

The initial budget of the Public Investment Program for 2023 was augmented by €800 million ($876.8 million) through supplementary budgets to address increased needs for disaster restoration and co-funded projects.

Payment demands to the European Commission totaled €4.074 billion ($4.45 billion), fully covering its annual target, and the ministry reported that co-funded projects totaling €23.4 billion ($25.59 billion) from 2014-20 were completed.

National Economy and Finance Alternate Minister Nikos Papathanasis stated that for 2024, the economy is projected to experience even greater growth, aided by the utilization of European funds and the Recovery Fund. “We continue dynamically towards a sustainable and resilient economy, supporting investments and creating new job positions,” he affirmed.

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