Economic Growth in Greece
In the decade leading up to 2022, Greece's economy recorded an average real GDP growth rate of 0.7%. This is below the Euro Area’s average of 1.4%. In 2022, real GDP growth was 5.9%. For more GDP information, visit our dedicated page.
Greece GDP Chart
Greece GDP Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 1.6 | 1.8 | -9.0 | 8.1 | 5.7 |
GDP (EUR bn) | 180 | 183 | 165 | 182 | 207 |
Economic Growth (Nominal GDP, ann. var. %) | 1.5 | 2.1 | -10.0 | 10.0 | 13.8 |
Economy stagnates in Q3
GDP growth flatlined on a seasonally adjusted quarter-on-quarter basis in Q3, below the 1.1% expansion tallied in the second quarter. Q3's reading marked the worst result since Q2 2020. On a seasonally adjusted year-on-year basis, economic growth moderated to 2.1% in Q3 from the previous quarter's 2.6% expansion.
Domestic demand weakened in the quarter, dented by higher interest rates. Household spending contracted 0.7% in Q3, marking the worst result since Q4 2020 (Q2: +0.4% s.a. qoq). Government spending dropped at the sharpest pace since Q4 2020, contracting 1.2% (Q2: -0.3% s.a. qoq). Meanwhile, fixed investment decreased 1.8% in Q3, marking the worst reading since Q4 2020 (Q2: -0.3% s.a. qoq). Looking at the external sector, exports of goods and services declined at a slower rate of 0.7% in Q3 (Q2: -1.7% s.a. qoq). In addition, growth in imports of goods and services picked up to 2.0% in Q3 (Q2: +1.0% s.a. qoq), marking the best reading since Q4 2022. Both domestic and external demand detracted from growth, with only stockbuilding making a positive contribution to the reading, adding 3.7 percentage points.
Following Q3’s slump, our panelists see the economy expanding again in Q4 amid a stronger industrial sector. In 2024, growth is seen slowing relative to this year’s projected expansion, with both private and public consumption set to lose steam. On the flip side, fixed investment is set to remain strong, buoyed by EU funds. ECB monetary policy and the conflict in the Middle East are key factors to monitor.
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 23 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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