Economic Growth in Greece
Greece's economy recorded an average growth rate of 1.5% in the decade to 2024, compared to the 0.8% average for Euro Area. 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 |
GDP growth accelerates in Q2
Momentum strengthens: GDP growth gained traction to 0.6% on a seasonally adjusted quarter-on-quarter basis in the second quarter, up from 0.1% in the first quarter. On an annual basis, economic growth waned to 1.7% in Q2 from the previous period's 2.2% expansion, marking the softest growth since Q1 2021.
Improvement in external sector supports GDP growth: The acceleration was driven by rebounds in public spending, fixed investment and exports of goods and services. Government consumption returned to growth, expanding 2.4% in Q2 (Q1: -1.8% s.a. qoq). Fixed investment also bounced back, growing 7.4% in Q2, supported by recent interest rate cuts and contrasting with the 5.0% contraction logged in the previous quarter. Less positively, household spending shrank 0.2% in Q2, marking the worst result since Q3 2023 (Q1: +1.2% s.a. qoq). This downturn came despite the unemployment rate declining to levels unseen since the 2008 financial crisis, which suggests Greek households may have recently increased their precautionary savings amid sustained trade turmoil. On the external front, exports of goods and services rose 1.3% on a seasonally adjusted quarterly basis in the second quarter, contrasting the first quarter's 0.6% slowdown. Conversely, imports of goods and services deteriorated, contracting 0.9% in Q2 (Q1: +0.4% s.a. qoq).
GDP growth to cool this year: In 2025, the economy is expected to post its weakest expansion since the pandemic due to a slowdown in fixed investment. However, a rebound in public spending and robust tourism activity will underpin momentum.
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 21 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.
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