GDP per capita in Greece
Greece - GDP per capita (Euros)
Economy surges in Q3, grows at fastest pace since Q1 2008
Greece’s economy returned to growth in the third quarter and recorded the best result in over five years. According to more complete data released on 29 November by the Hellenic Statistical Authority (EL.STAT), GDP expanded 1.6% over the same period last year, beating a 1.2% flash estimate released on 14 November (Q2: -0.4% year-on-year). The turnaround was driven by an almost across-the-board improvement, with only fixed investment growth deteriorating from Q2.
Domestic conditions improved notably in the third quarter as private consumption growth surged to the best result since Q1 2007. Despite an environment of austerity, a gradual improvement in the labor market and low basis of comparison fueled household consumption, which expanded 5.7% in Q3, a notable improvement from Q2’s 0.8% contraction. Government spending continued to fall as the government tries to return to a sustainable fiscal stance and fulfill creditor demands. Government consumption contracted 0.6% (Q2: -0.9% yoy). Fixed investment continued to grow at double-digit rates and expanded 14.8%, although this was a slightly slower pace than Q2’s 17.2%.
The external sector’s contribution to overall economic growth improved as exports rebounded into positive territory. Exports grew 8.5%, contrasting the 2.4% contraction in Q2. Greece exports a number of refined oil products and the recent stabilization in oil prices is helping to support their value. In addition, strong tourism earnings this year have boosted services exports. Import growth also gained steam, rising from 4.9% to 12.2% in Q3. Overall, the external sector contributed minus 1.0 percentage points to growth in the third quarter of 2016, which contrasted the plus 0.1 percentage points recorded in Q2.
On a quarterly basis, the economy grew 0.8% in Q3 in seasonally-adjusted terms, which followed the 0.4% increase in the second quarter and was better than the 0.5% increase reported in the preliminary estimate. The positive GDP figure suggests that the economy has embarked on a recovery phase and should return to growth next year. However, a number of structural issues still persist along with the country’s unsustainable high debt load.
Analysts see the economy contracting 0.4% in 2016, which is up 0.1 percentage points over last month’s forecast. For 2017, the panel expects growth of 1.3%, which is also up 0.1 percentage points from last month’s projection.
Greece - GDP per capita (EUR) Data
|GDP per capita (EUR)||18,613||17,190||16,306||16,152||16,028|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||7.04||0.0 %||Jan 20|
|Exchange Rate||1.07||0.63 %||Jan 20|
|Stock Market||639||-0.52 %||Jan 20|
Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.
January 12, 2017
The number of unemployed decreased by 8,200 in October, according to the Hellenic Statistical Authority (EL.STAT.).
January 10, 2017
Industrial production expanded a working-day adjusted 2.3% in November compared to the same month of the previous year, which was a deceleration from October’s revised 7.0% rise (previously reported: +6.8% year-on-year).
January 3, 2017
The Markit manufacturing Purchasing Managers’ Index (PMI) rose in December, after falling to a one-year low in November.
December 20, 2016
Following months of calm and relative compliance with creditor demands, tensions spiked in December between the Greek government and its lenders.
December 9, 2016
Industrial production in Greece expanded a working-day adjusted 6.8% in October compared to the same month last year, which was a large improvement from September’s 0.1% rise.