The Greek Ministry of National Economy and Finance (YPEO) has entered into a full rebuttal of claims made by the Hellenic Federation of Enterprises (ELAS) regarding the trajectory of the Greek economy. In a point-by-point response to 20 assertions, YPEO addresses misconceptions about economic growth, taxation, public and private debt, wages, pensions, and support for vulnerable households.
Myth 1: Growth Has No Social Impact
ELAS claims that Greece’s economy remains at roughly the same level as in 2019—and that growth has failed to translate into broader societal benefits. YPEO counters that between 2015 and 2018, Greece averaged just 0.8% annual GDP growth—well below the Eurozone’s 2.1%. By contrast, from 2019 through 2025, Greece recorded cumulative growth of 10.8%, outpacing the Eurozone’s 6.5%. The ministry also highlights nearly 600,000 new jobs created, unemployment falling from 17.3% to 8.9%, gross earnings per worker rising by 32%, and the minimum wage increasing by 41.5%.
Myth 2: Greece’s Competitiveness Is Declining
ELAS links the widening trade deficit to eroding competitiveness. YPEO disagrees, citing improvements in major international rankings: Greece rose from 61st to 34th in the Economist Intelligence Unit’s Business Environment Index between 2019 and 2025, and improved from 58th to 50th in the IMD World Competitiveness Ranking. Regarding the trade gap, YPEO attributes its increase largely to higher imports of capital goods—reflecting a surge in investment activity.
Myth 3: Primary Surpluses Are Built on Cost-of-Living Pressures
ELAS argues that primary surpluses stem from higher taxes and inflation. YPEO refutes this, stating today’s surpluses result from growth, rising employment, lower borrowing costs, and reduced tax evasion. It notes 83 tax cuts since 2019 and outlines a planned reduction in the primary surplus—from 4.9% of GDP in 2025 to 3.2% in 2026—following further tax relief and social support measures.
Myth 4: Rising VAT Revenues Prove Households Are Paying More
YPEO explains that increased VAT receipts reflect not only price increases but also stronger GDP, higher consumption, booming tourism, and a shrinking VAT gap—from 24% down to 9%. Real household consumption rose by 15.1%, while tourism revenues jumped 30%.
Myth 5: Taxes Are Rising Despite Promised Cuts
ELAS points to higher income and property tax revenues as evidence of increased tax pressure. YPEO responds that revenue growth does not equate to higher rates—it reflects improved compliance, a broader tax base, and stronger economic activity.