Greece GDP


Greece: Economy grows less than expected in fourth quarter

January 27, 2015

In the fourth quarter, the economy expanded 1.2% over the same period of the previous year, according to more detailed data released by the Hellenic Statistical Authority (EL.STAT) on 27 February. Q4’s reading marked a deceleration from the 2.0% increase tallied in Q3 and came in below the flash estimate of a 1.5% expansion. Q4’s slowdown came on the back of a deterioration in the external sector.

On the domestic side of the economy, growth in private consumption slowed from the 3.3% increase in Q3 to a 1.7% expansion in Q4. Government consumption improved slightly contracting 2.6% in Q4, which was above the 3.6% contraction in Q3. Fixed investment accelerated 29.3% in Q4, which notably contrasted Q3’s 21.2% decline and marked an almost 9-year high.

Exports of goods and services rose 10.8% in the fourth quarter (Q3: +6.9% year-on-year), while imports increased 17.3% in Q4 (Q3: +3.0% yoy). Since imports outpaced exports, the external sector’s net contribution to overall economic growth swung from plus 1.6 percentage points in the third quarter to minus 2.7 percentage points in the third quarter.

The economy fell 0.4% over the previous quarter in seasonally-adjusted terms in Q4, which contrasted the 0.7% expansion tallied in Q3.

The government expects the economy to grow 2.9% in 2015. FocusEconomics Consensus Forecast panelists see the economy growing 2.0% in 2015, which is up 0.1 percentage points over last month’s forecast. For 2016, the panel expects growth of 2.5%.

Author: Angela Bouzanis, Senior Economist

Sample Report

Looking for forecasts related to GDP in Greece? Download a sample report now.


Greece GDP Chart

Greece GDP Q4 2014

Note: Year-on-year changes of GDP in %
Source: Hellenic Statistical Authority (EL.STAT) and FocusEconomics Consensus Forecast.

Greece Economic News

  • Greece: Unemployment rate ticks down in December

    March 8, 2018

    The number of unemployed people dropped by 6,978 in December from the previous month and by 127,352 compared with December 2016, according to recent data released by the Hellenic Statistical Authority (EL.STAT). The unemployment rate ticked down marginally in December, coming in at 20.8%, from November’s revised 21.0% (previously reported: 20.9%).

    Read more

  • Greece: GDP grows at near one-decade high in Q4

    March 5, 2018

    According to a provisional dataset released by the Hellenic Statistical Authority (EL.STAT), the Greek economy accelerated in the final quarter of 2017, ending the year on more solid footing.

    Read more

  • Greece: PMI jumps to multi-year high

    March 1, 2018

    The IHS Markit manufacturing Purchasing Managers’ Index (PMI) pointed to sustained momentum in the Greek economy in February, jumping to 56.1 points, up from 55.2 points in January.

    Read more

  • Greece: Industrial production growth slides in December

    February 16, 2018

    Industrial production expanded a working-day-adjusted 0.2% in December compared to the same month of the previous year, which was notably below November’s revised 2.0% growth (previously reported: +0.8% year-on-year).

    Read more

  • Greece: Unemployment rate unchanged in November

    February 8, 2018

    The number of unemployed fell by 103 in November from the previous month and by 119,363 compared with November 2016, according to recent data released by the Hellenic Statistical Authority (EL.STAT). The unemployment rate was unchanged from October’s revised 20.9% (previously reported: 20.8%).

    Read more

More news