Greece's parliament passes 2024 budget, predicts higher growth

Greece approved its 2024 budget on Sunday, forecasting a rise in economic growth to 2.9 per cent, from 2.4 per cent this year as a result of robust tourist revenues and EU funds helping investment.

The jump in projection is four times quicker than the Eurozone average, according to media reports.

The budget for the southeastern European nation was approved with 158 votes in favour, which is the majority of the conservative government of Prime Minister Kyriakos Mitsotakis, in the 300-seat house.

Athens will target a primary budget surplus - which excludes debt-servicing costs - of 2.1 per cent of gross domestic product (GDP) next year, up from a surplus of 1.1 per cent this year.

Greece, the eurozone's most indebted nation, has recovered strongly since it exited international bailouts worth above 260 billion euros in 2018, marking the end of a decade-long debt crisis.

The country, which regained its investment-grade status in 2023 after 13 years, needs to maintain primary budget surpluses to make sure its debt is sustainable.

About 1.4 billion euros in spending is earmarked to boost income, including pay rises for civil servants for the first time since 2010.