May 25, 2024

Athens News

News in English from Greece

Greece ranks last in the EU in terms of investment as a percentage of GDP in 2023

“Slap” by Moody’s government of Mitsotakis for not issuing an investment rating received an explanation, since it turned out that Greece ranks last in EU for 2023 according to this indicator.

According to Eurostat, in 2023, investment in Greece amounted to 13.9% of GDP, which is 8.3% lower than the average of EU member states or in monetary terms of 16.1 billion, with a total investment of 27.8 billion (60%)! Let us remember that in 2022-23, investments will be only 46% of the 2007-08 level.

The government has presented supposed economic gains backed by Recovery Fund loans, but the numbers tell a different story. At the same time, tax evasion has reached 45 billion euros, despite many controls, meaning that they exist for the “little people” while they do not apply to others.

A false narrative has been created that the economy is booming, GDP is growing, debt to GDP is falling, banks are making windfall profits, but none of this reflects the truth. Since Greece relies on temporary high-yield mechanisms through the sale of bonds, which will have to be paid back over time.

And, as we already said, the Recovery Fund is running out, and Euribor is running out too…

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