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
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.
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
-
GDP reading: Economic activity grew 0.1% on a seasonally adjusted quarter on quarter basis in the third quarter, contrasting the...
-
China: GDP grows at softest pace since Q1 2023 in Q3
GDP reading: GDP growth moderated to 4.6% year on year in the third quarter from 4.7% in the second quarter,... -
United Kingdom: Economic activity speeds up in August
GDP reading: GDP grew 0.2% in month-on-month seasonally adjusted terms in August, following July’s flat reading and in line with... -
Singapore: GDP growth records best result in two years in the third quarter
GDP reading: According to a preliminary estimate, GDP growth accelerated to 4.1% year on year in the third quarter from... -
Kazakhstan: GDP growth slows in the second quarter
Softer H2 growth this year compared to last: A second national accounts release confirmed that the Kazakh economy lost traction... -
Guatemala: GDP growth accelerated in Q2
Economy posts near one-year high expansion: The economy kept its foot on the gas in the second quarter, expanding 3.7%... -
Vietnam: GDP growth records quickest expansion in two years in Q3
GDP growth beats market expectations: Growth gained traction in the third quarter, with GDP expanding 7.4% on an annual basis...