Economic Growth in Greece
Greece's economy recorded an average growth rate of 0.9% in the decade to 2024, compared to the % average for . In 2024, real GDP growth was 2.3%. For more GDP information, visit our dedicated page.
Greece GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Greece from 2014 to 2024.
Source: Macrobond.
Greece GDP Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | -9.0 | 8.3 | 5.8 | 2.3 | 2.3 |
GDP (EUR bn) | 168 | 185 | 208 | 225 | 238 |
Economic Growth (Nominal GDP, ann. var. %) | -9.5 | 10.2 | 12.6 | 8.3 | 5.5 |
Economy grinds to a halt in Q1
GDP flatlines in Q1: The economy stagnated on seasonally adjusted quarter-on-quarter terms in Q1, contrasting the 0.8% expansion recorded in Q4 and marking the worst reading since Q2 2020. On an annual basis, GDP growth lost steam, cooling to 2.2% in Q1 compared to the previous period's 2.5% expansion and posting the worst result since Q2 2024.
A broad-based deterioration: Domestically, government spending shrank 1.1% in sequential terms in Q1 (Q4 2024: +1.1% s.a. qoq). Moreover, fixed investment contracted 6.1% in Q1, marking the worst result since Q3 2018 (Q4 2024: +3.7% s.a. qoq). That said, private consumption increased 1.3% in the first quarter, which contrasted the fourth quarter's 0.1% contraction, likely supported by the lowest unemployment rate since the 2008 financial crisis. On the external front, exports of goods and services fell 0.9% on a seasonally adjusted quarterly basis in the first quarter, which contrasted the fourth quarter's 0.3% expansion. Conversely, imports of goods and services rebounded, growing 0.7% in Q1 (Q4 2024: -1.7% s.a. qoq).
GDP growth to remain firm this year: Our Consensus is for the economy to regain some momentum in the coming quarters, bolstered by the ECB’s monetary policy easing, EU funds and looser fiscal policy. Over 2025 as a whole, GDP growth will remain upbeat by historical standards but will moderate slightly relative to 2025 as household consumption loses some steam. Global trade policies and conflict in the Middle East disrupting global maritime trade are key factors to track as Greece is one of the largest ship-owning nations in the world.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Greek GDP projections for the next ten years from a panel of 24 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Greek GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Greek GDP projections.
Want to get access to the full dataset of Greek GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
Canada: Economy dips in April GDP reading: GDP dropped 0.1% month-on-month in seasonally adjusted terms in April (March: +0.2% mom). On an annual basis, monthly... -
Argentina: GDP grows at robust pace in the first quarter Economy remains strong despite slowdown: GDP growth slowed markedly to 0.8% on a seasonally adjusted quarter on quarter basis in... -
New Zealand: GDP growth records fastest upturn since Q2 2023 in the first quarter GDP reading: GDP growth accelerated to 0.8% on a seasonally adjusted quarter on quarter basis in the first quarter, up... -
Russia: War fatigue pushes economic growth to a two-year low in Q1 War fatigue pushes economic growth to a two-year low in Q1 Second release reveals steeper slowdown: Second release reveals steeper... -
Ghana: GDP growth improves in Q1 The economy starts the year on a stronger footing: GDP growth rose to 5.3% year on year in the first... -
Uruguay: GDP growth inches down in the first quarter Economy remains robust: GDP growth waned to 3.4% year on year in the first quarter from 3.5% in the fourth... -
United Kingdom: Economic activity falls at sharpest pace since October 2023 in April GDP reading: GDP decreased 0.3% in month-on-month seasonally adjusted terms in April, which contrasted March’s 0.2% increase and undershot market...