The coast of Greece

Greece Economic Forecast

Greece Economic Outlook

Annual economic growth accelerated to 2.7% in Q2 from 2.0% in Q1. The improvement was chiefly driven by stronger private consumption growth amid falling inflation and a resilient labor market. Turning to Q3, available data paints a mixed picture. In July, industrial output declined in annual terms, while merchandise exports continued to plummet. On the flip side, economic sentiment strengthened in July–August, buttressed by improvements in the retail and services sectors. In other news, after Scope Ratings restored Greece’s investment-grade rating in August, this month DBRS followed suit, upgrading the country’s rating to ‘BBB-‘. Meanwhile, Moody’s raised its rating to ‘Ba1’, still within the non-investment-grade class. The upgrades were driven by robust economic growth, a strong commitment to fiscal prudence and declining public debt.

Greece Inflation

Harmonized inflation was stable at 3.5% in August, as softer price pressures for food, as well as housing and utilities, offset a rebound in transportation inflation. Our panelists see inflation averaging below current levels over remainder of the year amid tight monetary policy. Commodity price spikes pose an upside risk to the outlook.

This chart displays Economic Growth (GDP, annual variation in %) for Greece from 2013 to 2022.

Greece Economic Data

2018 2019 2020 2021 2022
Population (million) 10.7 10.7 10.7 10.7 10.6
GDP (EUR bn) 180 183 165 182 208
GDP per capita (EUR) 16,717 17,096 15,431 17,012 19,561
Economic Growth (Nominal GDP, ann. var. %) 1.5 2.1 -9.8 9.8 14.5
Economic Growth (GDP, ann. var. %) 1.6 1.8 -8.7 8.1 5.9
Domestic Demand (ann. var. %) 1.4 0.9 -3.2 7.3 8.2
Private Consumption (ann. var. %) 1.7 1.6 -7.5 6.1 7.8
Government Consumption (ann. var. %) -3.1 1.7 2.4 2.5 -1.5
Fixed Investment (ann. var. %) -4.2 -2.3 1.0 19.8 11.6
Exports (G&S, ann. var. %) 9.1 4.9 -21.5 24.1 4.9
Imports (G&S, ann. var. %) 7.5 2.9 -7.4 17.9 10.7
Industrial Production (ann. var. %) 1.6 -0.7 -2.0 10.1 2.3
Retail Sales (ann. var. %) 1.4 0.8 -4.0 10.3 3.3
Disposable Income (ann. var. %) 0.0 2.4 -8.5 7.0 -
Unemployment (% of active population, eop) 19.1 17.0 16.8 13.0 11.6
Unemployment (% of active population, aop) 19.8 17.9 17.6 14.8 12.4
Fiscal Balance (% of GDP) 0.9 0.9 -9.7 -7.1 -2.3
Public Debt (% of GDP) 186 181 206 195 171
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 -10.2
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

Free Sample Report

Interested in Greece economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest