What the Bank of Greece Report Reveals About Energy Costs in Our Country

The cost in Greece remained last year at levels higher than what we were accustomed to before 2020. This is reflected in the annual report of the Bank of Greece, published yesterday (8.4.2025). Specifically, the energy price index fell by 9.8% in 2020 (the pandemic year), while in 2021 and 2022 it surged at rates of 12.4% and 41%, respectively, during the energy crisis, according to the data from the Bank of Greece. Following were two consecutive declining years with -13.4% in 2023 and -1.4% in 2024, which clearly were not enough to restore prices to their previous levels. Last year, cheap oil offset the more expensive gas and electricity. During last year, international oil prices remained relatively low, especially in the second half. Thus, the negative inflation of fuels for motion and heating outweighed the upward trend of electricity and natural gas prices, keeping average energy inflation in negative territory. Tax revenues remained stable. In the tax field, the state collected 4.21 billion euros last year from Special Consumption Taxes on energy products, an amount increased by 3.2% annually. Conversely, revenues from VAT on petroleum products reached 2.22 billion euros, with a decrease of 2% compared to 2023. Crucial is the use of the Recovery Fund. Finally, the Bank of Greece emphasizes the importance of effectively utilizing the resources of the Recovery and Resilience Mechanism to strengthen the economy’s resilience in today’s volatile environment. As highlighted, timely absorption of available European funds is a decisive factor in mobilizing private investments, particularly in strategic sectors such as clean energy, environmental protection, digital technologies, and artificial intelligence.