The coast of Greece

Greece Economy

Greece's economy in numbers:

Nominal GDP of USD 217 billion in 2022.

GDP per capita of USD 20,763 compared to the global average of USD 10,589.

Average real GDP growth of 0.1% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 80% of overall GDP, manufacturing 9%, other industrial activity 7%, and agriculture 4%. Looking at GDP by expenditure, private consumption accounted for 69% of GDP in 2021, government consumption 21%, fixed investment 18%, and net exports -8%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 39% of total merchandise exports, mineral fuels 28%, food 19%, ores and metals 9% and agricultural raw materials 2%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 54% of total merchandise imports, mineral fuels 26%, food 12%, ores and metals 5% and agricultural raw materials 1%, with other goods accounting for 2% of the total. Total exports were worth USD 57 billion in 2022, while total imports were USD 98 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual stagnation in the decade to 2022. To read more about GDP growth in Greece, go to our dedicated page.

Fiscal policy:

Greece's fiscal deficit averaged 4.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 21.1% in the decade to 2022. For more information on Greece's unemployment click here.

Inflation:

Inflation averaged 0.8% in the decade to 2022. Go to our Greece inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Greece monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
After rebounding mildy in sequential terms in Q4, the economy likely gathered further steam in Q1. Economic sentiment strengthened in the quarter on the back of healthier sentiment in the construction and industrial sectors; in line with this, industrial output expanded month on month in January–February, and the manufacturing PMI rose to an over two-year high in March—pointing to a strong closing of the quarter. Morover, tourist arrivals rose at a robust annual clip in January–February, hinting at resilient external demand. Less positively, retail sales plummeted in January and the unemployment rate was higher in January–February than in Q4. In other news, in mid-April, S&P Global Ratings affirmed the country’s ‘BBB-’ rating and upgraded the outlook to positive, stating that the current tight fiscal stance will translate into a further reduction in public debt.
Projections out to 2033.

50 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 23 expert analysts.

Want to get insight on the economic outlook for Greece in the coming years? FocusEconomics collects projections out to 2033 on 50 economic indicators for Greece from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Greece economy. To download a sample report on the Greece's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Greece Economic Data

2018 2019 2020 2021 2022
Population (million) 10.7 10.7 10.7 10.7 10.5
GDP (EUR bn) 180 183 165 182 207
GDP per capita (EUR) 16,717 17,095 15,395 16,996 19,753
Economic Growth (Nominal GDP, ann. var. %) 1.5 2.1 -10.0 10.0 13.8
Economic Growth (GDP, ann. var. %) 1.6 1.8 -9.0 8.1 5.7
Domestic Demand (ann. var. %) 1.4 0.8 -3.6 7.4 6.1
Private Consumption (ann. var. %) 1.5 1.5 -7.4 6.4 7.6
Government Consumption (ann. var. %) -3.1 2.0 2.8 2.1 2.3
Fixed Investment (ann. var. %) -4.2 -2.3 2.0 19.1 11.6
Exports (G&S, ann. var. %) 9.1 4.9 -21.5 24.2 6.2
Imports (G&S, ann. var. %) 7.5 2.9 -7.4 18.1 7.7
Industrial Production (ann. var. %) 1.6 -0.7 -2.0 10.1 2.4
Retail Sales (ann. var. %) 1.4 0.8 -4.0 10.2 3.3
Disposable Income (ann. var. %) 0.0 2.4 -8.7 6.5 4.1
Unemployment (% of active population, eop) 18.9 17.0 16.8 13.0 11.9
Unemployment (% of active population, aop) 19.8 17.9 17.6 14.8 12.4
Fiscal Balance (% of GDP) 0.9 0.8 -9.8 -7.0 -2.5
Public Debt (% of GDP) 186 181 207 195 173
Inflation (CPI, ann. var. %, eop) 0.6 0.8 -2.3 5.1 7.2
Inflation (HICP, ann. var. %, eop) 0.6 1.1 -2.4 4.4 7.6
Inflation (HICP, ann. var. %, aop) 0.8 0.5 -1.3 0.6 9.3
Inflation (PPI, ann. var. %, aop) 4.3 0.4 -7.3 13.8 35.1
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 0.00 2.50
ECB Overnight Deposit Rate (%, eop) -0.40 -0.50 -0.50 -0.50 2.00
3-Month EURIBOR (%, eop) -0.31 -0.38 -0.55 -0.57 2.13
10-Year Bond Yield (%, eop) 4.40 1.46 0.63 1.31 4.57
Stock Market (var. of ASE %) -23.6 49.5 -11.7 10.4 4.1
Exchange Rate (USD per EUR, eop) 1.14 1.12 1.22 1.14 1.07
Exchange Rate (USD per EUR, aop) 1.18 1.12 1.14 1.18 1.05
Current Account Balance (EUR bn) -5.2 -2.7 -11.0 -12.3 -21.2
Current Account Balance (% of GDP) -2.9 -1.5 -6.6 -6.8 -10.3
Merchandise Trade Balance (EUR bn) -22.5 -22.8 -18.5 -26.7 -39.6
Foreign Direct Investment (EUR bn) 3.5 4.5 2.6 5.6 7.1

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