Greece Economic Outlook
October 27, 2020
Following 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 Growth
The 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
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Greece Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.91 | 0.76 % | Jan 01 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Greece Economic News
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Greece: Unemployment rate edges down in November
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%).
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Greece: Industrial output growth moderates in December
February 9, 2021
Industrial production grew 3.3% on an annual basis in December 2020, easing notably from November’s 8.9% jump.
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Greece: Unemployment rate remains steady in October
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%.
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Greece: Industrial output rebounds jumping to nearly four-year high in November
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.
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Greece: Manufacturing PMI increases in December
January 4, 2021
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) increased to 46.9 in December from November’s 42.3.
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