Government Consumption in Greece
The Greek economy recorded average government consumption growth of -0.4% in the decade to 2022, below the 1.5% average for the Euro Area. In 2022, government consumption growth was -1.5%.
Greece Government Consumption Chart
Note: This chart displays Government Consumption (ann. var. %) for Greece from 2014 to 2024.
Source: Macrobond.
Greece Government Consumption Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Government Consumption (ann. var. %) | 3.0 | 1.9 | 0.1 | 2.5 | -4.1 |
GDP growth accelerates in the fourth quarter
GDP growth picks up: GDP growth gathered traction to 0.9% on a seasonally adjusted quarter-on-quarter basis in the fourth quarter from 0.4% in the third quarter. On an annual basis, economic growth improved to 2.6% in Q4, following the previous period's 2.3% increase and marking the best result since Q2 2023. As a result, over 2024 as a whole, the economy expanded 2.3%, matching 2023’s outturn and exceeding the prior 10-year average of 1.4%.
Government spending, investment and exports drive the improvement: On the domestic front, public consumption bounced back in sequential terms, growing 1.1% in Q4 (Q3: -1.2% qoq s.a.). Moreover, fixed investment rebounded, growing 5.3% in Q4 (Q3: -0.2% qoq s.a.) and posting a two-year high, likely buttressed by ECB rate cuts. That said, private consumption contracted 0.3% in Q4, marking the worst result since Q4 2020 (Q3: +0.2% qoq s.a.). On the external front, exports of goods and services growth improved to 0.9% in Q4 (Q3: +0.7% qoq s.a.). Moreover, imports of goods and services fell at a sharper rate of 1.7% in Q4 (Q3: -0.8% qoq s.a.), marking the fastest decline since Q1 2023.
GDP growth to remain above trend: Our panel sees the economy losing some traction in Q1 but expects 2025 GDP growth to broadly match that of 2024, remaining elevated by historical standards. Exports are expected to strengthen amid healthier EU demand, while public spending should rebound as the government slows the pace of fiscal consolidation. Moreover, fixed investment will pick up thanks to ECB rate cuts. That said, private consumption, which makes up for around two-thirds of Greece’s GDP, is expected to cool. Conflict in the Middle East and global trade policies are key factors to monitor.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Greek government consumption projections for the next ten years from a panel of 10 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 government consumption forecast available for Greek government consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Greek government consumption projections.
Want to get access to the full dataset of Greek government consumption forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
Chile: GDP growth improves in Q1 GDP reading: GDP growth gathered steam to 0.7% on a seasonally adjusted quarter on quarter basis in the first quarter,... -
Israel: Economic growth gains traction in Q1 GDP reading: GDP growth gathered pace to 3.4% in seasonally adjusted annualized rate terms (SAAR) in the first quarter from... -
Russia: Economic growth plunges to a two-year low in Q1 War fatigue drives below-trend expansion: According to a preliminary reading, at the outset of 2025, the economy felt the strain... -
United Kingdom: GDP growth records best result since Q1 2024 in the first quarter Underlying picture less positive than headline reading: GDP growth improved to 0.7% on a seasonally adjusted quarter on quarter basis... -
Bulgaria: GDP growth edges down in the first quarter but remains robust by regional standards GDP reading: According to a preliminary reading, GDP growth waned to 3.1% year on year in the first quarter from... -
Colombia: Economy expands at the fastest pace in over two years in Q1 Faster-than-expected expansion remains below trend: The economy started the year with a spring in its step, with GDP growth accelerating... -
Kazakhstan: Economy posts best first-quarter reading in over a decade in Q1 GDP growth flies past trend: The economy rallied at the outset of 2025, expanding 5.6% in the first quarter and...