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 |
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
-
Brazil: Economic growth taps on the brakes in Q2 Near 20-year high interest rates take a toll on GDP growth: As projected by our Consensus, sequential GDP growth lost... -
Hungary: GDP ticks up in the second quarter Economy remains subdued: According to a second release, annual GDP growth edged up to 0.1% in the second quarter, above... -
Lithuania: Economic growth remains resilient in Q2 Growth slows but remains among Euro area’s fastest: The economy grew 3.1% year on year in the second quarter, down... -
Canada: Economy records sharpest contraction since Q2 2020 in Q2 GDP reading: GDP contracted 1.6% in seasonally adjusted annualized rate terms (SAAR) in the second quarter, contrasting the 2.0% expansion... -
Australia: GDP growth accelerates in Q2 GDP reading: GDP growth improved to 0.6% on a seasonally adjusted quarter on quarter basis in the second quarter from... -
India: GDP growth records bumper reading in April–June GDP reading: Annual GDP growth accelerated for the third consecutive quarter to 7.8% in April–June, up from 7.4% in the... -
Czech Republic: GDP growth decelerates but remains solid in Q2 GDP growth revised upward: GDP growth declined to 0.5% on a seasonally and calendar-adjusted quarter-on-quarter basis in the second quarter...