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Prime Minister Kyriakos Mitsotakis announced financial relief for house tenants and pensioners after Greece reported a stronger-than-expected primary surplus of 4.8% of GDP in 2024. The surplus, driven by robust economic growth and improved tax compliance, exceeded earlier projections and created fiscal room for targeted support. The government will fund one month's rent for eligible tenants and grant a EUR 250 annual allowance to low-income pensioners. Mitsotakis also pledged to boost public investments by EUR 500 million each year. As debt levels decline and fiscal stability strengthens, Greece continues to balance economic recovery with direct support for vulnerable citizens.
Greek Prime Minister Kyriakos Mitsotakis announced targeted financial support for house tenants and pensioners, drawing from unexpected fiscal gains in 2024. The initiative follows a stronger-than-projected primary budget surplus, reflecting disciplined economic management and strategic reforms. According to preliminary data from the Greek statistics office, the country achieved a primary surplus of 4.8% of GDP in 2024, amounting to EUR 11.4 billion. Advertisement
The recorded surplus of 4.8% significantly exceeded the government's earlier forecast of 2.5%, highlighting the effect of sustained revenue growth and well-executed structural reforms. The surplus figure excludes debt servicing, social security, and local administration budgets. Driven by sustained economic expansion and intensified efforts to curb tax evasion, Greece generated higher-than-expected revenues. Mitsotakis credited these outcomes to a focused policy approach, which now enables the state to reallocate a portion of the surplus to social welfare without breaching stringent European fiscal constraints.
Under the newly unveiled plan, the government will cover one month's rent for eligible tenants and issue an annual EUR 250 allowance to low-income pensioners starting this year. This measure aims to ease pressure on households struggling with elevated housing and food costs while remaining within responsible fiscal boundaries. Greece's economic turnaround follows a decade-long debt crisis that severely contracted its economy. Since emerging from the crisis in 2018, the country has outpaced many of its eurozone counterparts, lifting its minimum monthly wage by 35% to EUR 880 since 2019.
However, the persistent surge in living expenses continues to burden households, sparking intensified demands for wage adjustments and expanded social support. The government also plans to allocate an additional EUR 500 million annually to public investment. This funding will accelerate infrastructure projects, stimulate job creation, and reinforce long-term economic resilience. Greece has reduced its public debt by more than 40 percentage points since 2021, reaching 153.6% of GDP in 2024. Officials expect this ratio to decline further, reflecting strong fiscal discipline and strategic use of surplus funds to balance growth and stability.
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