GDP in Greece
Greece - GDP
Gross Domestic Product (GDP) is the most important measure for evaluating the performance of Greece’s economy (Economic Growth, GDP). The Hellenic Statistical Authority (EL.STAT) publishes GDP figures on an annual and quarterly basis. FocusEconomics publishes news on GDP on its website (GDP News). The table below shows the change of price-adjusted GDP for Greece, typically referred to as Greece’s economic growth rate. A more complete assessment of Greece’s GDP can be found below the table.
Greece - GDP Data
|Economic Growth (GDP, annual variation in %)||-3.2||0.7||-0.3||-0.2||1.4|
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Greece GDP Chart
Source: National Statistical Service and FocusEconomics calculations.
OverviewGross domestic product (GDP) measures the economic performance of a country over a given period, typically a year or a quarter. It is therefore the most important economic indicator to evaluate the country’s economy (see our GDP page for more information on this indicator).
Greece’s GDP data (National Accounts, NA) is produced by EL.STAT based on the European System of National Accounts (ESA 2010). The office’s data reach back to 1995.
Greece GDP Growth Performance
In the 10 years before the economic crisis, from 1998 to 2007, Greece’s GDP grew 4.0% on average per year driven by strong domestic demand. During this period, government spending increased notably, and the Greek government recorded persistent deficits greater than the 3.0% agreed upon in the Maastricht Treaty. In 2008, Greece’s economy fell into a prolonged recession. Increasingly large fiscal deficits led to a large acceleration in Greece’s public debt and resulted in borrowing costs skyrocketing as confidence levels nosedived. Despite receiving large international bailout package in 2010, Greece’s economy remained in recession and contracted 6.6% in 2012 and 3.9% in 2013.
Structure of Greece Gross Domestic Product
Private consumption has historically been the driver of economic growth in Greece and contributes the largest amount to GDP. Since 2008, private consumption has recorded significant contractions along with Greece’s economy, decreasing on average 6.9% between 2010 and 2013. Prior to 2009, investment was the second-largest component of Greece’s economy. However, investment was hit the hardest by the economic crisis and fixed investment contracted by an average of 18.5% from 2009 to 2013. As a result, government consumption has taken over as the second-largest component of Greece’s GDP. Additionally, Greece is a net importer, although its trade deficit has narrowed since the debt crisis.
Currently, services are the main contributor to Greece’s economy, with over 80% of GDP stemming from this sector. Significant subdivisions of services include tourism, public administration and telecommunications. Manufacturing accounts for just over 10% of Greece’s GDP, with significant products including foodstuff, textiles, shipping and chemicals. While the mining industry is relatively small, Greece has a large amount of mineral resources. In contrast, Greece has a relatively small amount of cultivatable land and agriculture only accounts for around 3% of GDP.
When are Greek GDP Data Released?
EL.STAT publishes GDP data on both a quarterly and an annual basis. The quarterly and annual data are consistently linked. Quarterly data is released in two forms. First, the preliminary figures are released no later than 45 days after the end of the quarter. The second form, which includes the detailed figures, is issued 60 days after the end of the quarter and provides updates to the preliminary estimate. A detailed release calendar is available on EL.STAT’s website.
How are Greece’s GDP Figures Computed?
EL.STAT calculates GDP by applying all three methods: production, expenditure and income approaches. Nominal and real results are all available for the expenditure and production approach, however only nominal results are available for the income approach. In addition, data is disseminated in seasonally- and non-seasonally adjusted values. The production approach determines the value added of all producers as the difference between the value of goods and services produced (output) and intermediate consumption, adding the taxes on products (such as tobacco, mineral oil and value added tax), and subtracting the subsidies on products. In addition, the statistical office measures the gross domestic product through the demand side. The expenditure approach calculates the expenditure for the final use of goods and services, i.e., final consumption expenditure of households and government final consumption expenditure, capital formation and the balance of exports and imports (net exports). Finally, Greece calculates national income through compiling labor income, rental income, interest income and profits. Once reliable annual estimates are available, statistical discrepancies are removed.
How Accurate are Greek’s GDP numbers?
EL.STAT publishes the first release of GDP data to meet users’ needs for up-to-date results. However, EL.STAT acknowledges that the database is not complete at the release of the preliminary figures. These figures are revised several times as more statistical information becomes available. The national accounts are compiled following the European System of Accounts (ESA 2010) to ensure reliability. In addition, EL.STAT officials have worked closely with Eurostat and the UK Statistics Authority who have conducted workshops and assisted in the development of a methodological framework.
Why is Greece GDP Data Important?
GDP growth is generally considered the most important indicator for measuring the economic performance of a country. The rate of change of real GDP is referred to as economic growth and is the best gauge of an economy’s ups and downs. It is particularly useful for short-term analysis. Next to the headline GDP growth figure, the GDP report is packed with important information that provides an in-depth view on the state of the Greek economy.
Where Can I Get Forecasts for Greece’s GDP?
Forecasts for Greece GDP growth are elaborated by many sources. The government, banks, consultancies and think tanks closely watch the Greek economy and regularly update their projections for Greece GDP growth. FocusEconomics collects more than 30 different forecasts for Greece GDP and provides an average (Consensus Forecast) from the economists surveyed. Together with the minimum and the maximum projections for Greece GDP growth, you receive a comprehensive overview on Greece’s future GDP growth rates.
Forecasts for Greece’s GDP growth are included in the monthly FocusEconomics Consensus Forecast for Greece and the monthly FocusEconomics Consensus Forecast for the Euro area. All reports are available both on an ad-hoc basis and via an annual subscription (including optional Excel support). Download a free sample or purchase the report directly via Online Store. The report is available immediately after purchase.
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June 25, 2019
After suffering a resounding defeat to the conservative opposition New Democracy (ND) party in the European and local elections last month, Prime Minister Alexis Tsipras, head of the ruling left-wing Syriza party, called snap general elections for 7 July, nearly four months before the end of his term.
June 10, 2019
Industrial production dropped 0.8% year-on-year in working-day adjusted terms in April, following March’s revised 2.8% decline (previously reported: -2.7% year-on-year), which had marked the sharpest fall in three years.
June 6, 2019
The number of unemployed workers declined by 14,766 in March compared to February while the seasonally-adjusted unemployment rate dipped to 18.1% from 18.4% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT).
June 4, 2019
The economy lost further momentum at the outset of 2019, according to provisional data released by the Greek Statistical Institute (ELSTAT).
June 3, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) dipped to 54.2 in May from 56.6 in April, which had marked the highest reading in nearly two decades.