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News about the Economy:
- Electronic payments increased by €8.3 billion in 2024, with €7.5 billion attributed to transactions in the tertiary sector (trade and services). This shift from cash payments (€5.785 billion replaced) contributed an additional €388 million in VAT revenue, driven by improved tax compliance. A reduction in bank commission charges imposed by the Greek government in January significantly boosted electronic transactions.
- Investor interest remains strong with AXA still under evaluation for potential FTSE Russell and S&P DJI reclassification to a developed market. In March 2025, the General Price Index gained over 8%, marking its best monthly performance since May 2023 (+12.3%). The Greek market also saw an average daily trading volume of €260 million, a level last recorded in November 2009 (€270 million).
- On March 6, 2025, the European Central Bank (ECB) reduced interest rates by 0.25%, bringing the basic deposit acceptance rate to 2.5%. The decision follows market tensions caused by fiscal easing in Germany and trade conflicts initiated by U.S. tariffs. The ECB projects inflation to decline to 2.3% in 2025, 1.9% in 2026, and 2% in 2027, while Eurozone GDP growth is expected to be 0.9% in 2025, 1.2% in 2026, and 1.3% in 2027.
Changes in the economy and the labor market:
- The minimum wage will increase to €880 starting April 1, 2025, representing a 6.02% rise. For full-time employees, this equates to an increase of €50, up from €830. Similarly, artisans' daily wages will rise from €37.07 to €39.30. Since 2019, the cumulative minimum wage increases amounts to €230 per month or €3,220 per year.
- Employers will benefit from a reduction in social contributions applied to overtime, night shifts, and work on Sundays and holidays. Contributions will now be calculated based on the standard salary, rather than the increased rate for these work conditions.
- The government has introduced a new Stock Exchange Manual to encourage households to convert idle deposits into productive investments. The updated regulations aim to restore the prestige of the Greek Stock Exchange by implementing modern safeguards against insider trading, market manipulation, money laundering, and investor deception. Additionally, benchmark indicators will be established to measure investment fund performance.
Reference/ Citation
CNN Greece https://www.cnn.gr/
Capital.gr https://www.capital.gr/
Οικονομικός Ταχυδρόμος https://www.ot.gr/
ΑΘΗΝΑΪΚΟ - ΜΑΚΕΔΟΝΙΚΟ https://www.amna.gr/
In.gr https://www.in.gr/
