Greece Economic Outlook
October 27, 2020Following a record GDP contraction in Q2, available data points to a gradual recovery in Q3. The unemployment rate, which had been rising since the outbreak of the crisis in March, dropped in July, while retail sales declined at a softer pace in August, boding well for household consumption. Additionally, the manufacturing PMI rose in August and again in September to a seven-month high, on the back of stabilizing output. Less positively, tourism revenues in the peak July–August months were down by over 75% compared to 2019, while consumer sentiment deteriorated for the third month running in September. This, together with a surge in new Covid-19 cases, should weigh on the recovery in Q4. Lastly, on 5 October, the government unveiled a EUR 63.9 billion 2021 draft budget—slightly smaller than last year—based on a 7.5% GDP growth rate and envisioning a primary fiscal deficit of 1.0% of GDP.
Greece Economic GrowthThe economy is seen rebounding strongly in 2021, supported by reviving private and capital spending and incoming EU funding. Moreover, the gradual easing of Covid-19 restrictions globally should bolster the crucial tourism industry. That said, the banking sector’s high ratio of non-performing loans and the country’s massive public debt pose key downside risks. FocusEconomics panelists see GDP growing 5.1% in 2021, which is down 0.1 percentage points from last month’s projection. In 2022 the panel sees the economy expanding 4.0%.
Greece Economy Data
5 years of Greece economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Bond Yield||1.91||0.76 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Greece Economic News
February 11, 2021
The number of unemployed workers decreased by 15,849 in November 2020 compared to October, while the seasonally-adjusted unemployment dropped to 16.2% from October’s downwardly revised 16.4% (previously reported: 16.7%).
February 9, 2021
Industrial production grew 3.3% on an annual basis in December 2020, easing notably from November’s 8.9% jump.
January 15, 2021
The number of unemployed workers increased by 287 in October 2020 compared to September, while the seasonally-adjusted unemployment rate came in at 16.7%, matching September´s upwardly revised reading (previously reported: 16.1%), as well as October 2019’s result of 16.7%.
January 8, 2021
Industrial production rebounded solidly in November, expanding 8.6% in annual terms (October: -3.5% yoy) and logging the sharpest growth in nearly four years.
January 4, 2021
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) increased to 46.9 in December from November’s 42.3.