ATHENS: The Greek parliament has approved the 2024 state budget, which foresees 2.9 per cent gross domestic product (GDP) growth in the new year up from 2.4 per cent in 2023, according to data released by the National Economy and Finance Ministry, .

The budget passed with the votes of 158 lawmakers in the 300-member strong plenary, Xinhua news agency quoted national broadcaster ERT as saying in a report.

"This is the first budget after 14 years with Greece having acquired the investment grade credit rating," Prime Minister Kyriakos Mitsotakis said, addressing the plenary shortly before the roll-call vote on Sunday.

Greece has left far behind the economic adventure it experienced for a decade, the debt crisis that brought the country to the brink of collapse, as it was shut out of international bond markets, and is now focusing on policies to ensure that everyone benefits from the economic recovery, the Prime Minister said.

Growth rates are translated into better wages, unemployment is steadily declining, foreign direct investments are increasing, and public debt is further reduced giving space for more measures to support inflation-stricken households, Mitsotakis told Parliament.

Greek inflation rate is expected to decline to 2.6 per cent on average in 2024 from 3.9 per cent this year. Mitsotakis acknowledged that inflation remains a challenge.

He added that the worst seems to be over, as last year amid the international energy crisis it had hit a 30-year record high at over 12 per cent.

The government's response to increased living costs is an improved disposable income for citizens to boost social cohesion, which is a key goal in coming months, he said.