The coast of Greece

Greece Government Consumption

Greece Government Consumption

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 2023.
Source: Macrobond.

Greece Government Consumption Data

2019 2020 2021 2022 2023
Government Consumption (ann. var. %) 2.0 2.8 2.1 2.1 1.4

GDP growth records best result in one-and-a-half years in Q2

GDP reading: GDP growth picked up to 1.1% on a seasonally adjusted quarter-on-quarter basis in the second quarter from 0.8% in the first quarter, marking the best result since Q4 2022. On an annual basis, economic growth edged up to 2.3% in Q2, following the previous period's 2.1% expansion and marking the strongest increase since Q2 2023.

Drivers: The quarterly improvement was driven by stronger momentum in both private and public spending as well as exports. Private consumption growth picked up to 0.6% seasonally adjusted quarter-on-quarter in Q2 from a 0.2% expansion in Q1, aided by a tighter labor market and softer price pressures. Government spending rebounded, growing 0.7% in Q2 (Q1: -3.4% s.a. qoq). Nonetheless, fixed investment growth plummeted to 0.8% in Q2 from 7.2% in the prior quarter. On the external front, exports of goods and services bounced back, growing 2.5% seasonally adjusted quarter on quarter in the second quarter (Q1: -1.0% s.a. qoq), which marked the best reading since Q1 2023. That said, imports of goods and services rebounded, growing 6.1% in Q2 (Q1: -0.5% s.a. qoq), marking the strongest reading since Q3 2021.

GDP outlook: Our Consensus is for the economy to lose some steam in H2, a prediction supported by softer economic sentiment in July–September, and a lower manufacturing PMI in July–August compared to Q2.

Consensus Forecasts and Projections for the next ten years

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

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen