Greece's economy shrank 1.6 percent on quarter in the first three months of 2020, following a 0.7 percent decline in the previous period. It was the sharpest contraction since the third quarter of 2015, as the coronavirus pandemic started to hit the economy. Household consumption shrank 0.9 percent, after growing 0.4 percent in the prior quarter; and gross fixed capital formation plunged 8.4 percent, following a 5.7 percent expansion. On the other hand, government spending grew 2.3 percent, faster than a 0.2 percent rise in the last quarter of 2019. Exports increased 0.1 percent (vs -3.8 percent in Q4 2019) while imports advanced at a faster 5.4 percent (vs -4.9 percent in Q4 2019). On a yearly basis, the GDP contracted 0.9 percent, the most since the second quarter of 2016, after a 1 percent expansion in the prior period.
GDP Growth Rate in Greece averaged 0.21 percent from 1995 until 2020, reaching an all time high of 3.30 percent in the first quarter of 2006 and a record low of -4.70 percent in the first quarter of 2009. This page provides the latest reported value for - Greece GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Greece GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020.
GDP Growth Rate in Greece is expected to be 3.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Greece to stand at 1.50 in 12 months time. In the long-term, the Greece GDP Growth Rate is projected to trend around 1.10 percent in 2021 and 0.50 percent in 2022, according to our econometric models.