Greece’s gross domestic product shrank 0.1 percent on quarter in the three months to December of 2018, after a 1 percent expansion in the previous period. It was the first contraction in GDP since the second quarter of 2016, as household consumption fell (-0.2 percent from 0.1 percent in Q3). Also, fixed investment continued to decline (-3.6 percent from -14.5 percent) and government spending slowed (1.5 percent from 1.7 percent). Meanwhile, net trade contributed positively to growth, as exports rose 1.8 percent (from 2.6 percent in Q3) while imports slumped 7.8 percent (from 7.5 percent in Q3). On a yearly basis, the economy expanded 1.6 percent, slowing from a downwardly revised 2.1 percent growth in Q3. GDP Growth Rate in Greece averaged 0.22 percent from 1995 until 2018, reaching an all time high of 3.20 percent in the first quarter of 2006 and a record low of -4.80 percent in the first quarter of 2009.
GDP Growth Rate in Greece is expected to be 0.60 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 0.40 in 12 months time. In the long-term, the Greece GDP Growth Rate is projected to trend around 0.40 percent in 2020, according to our econometric models.