Greeceā€™s economy grew by 1.4% quarter-on-quarter in the final three months of 2022, extending the revised 0.4% growth in the previous period to book its fastest expansion since the first quarter of the year. Final consumption expenditure rebounded (1.2% vs -0.9% in Q3), as solid growth for household consumption (1.8% vs -0.4%) offset continued contraction for government expenditure (-0.3% vs -1.2%). In the meantime, gross fixed capital formation rose by 8.5% after the slower 0.9% increase in the third quarter, marking the sharpest increase since the first quarter of 2021. On the other hand, exports fell by 0.8% while imports jumped by 6.3%, having a negative effect on GDP growth. Considering the full 2022, the Greek economy expanded by 5.9%. The European Commission expects growth to slow to 1.2% this year amid deteriorating global economic conditions, while higher interest rates pressure Greece due to its large debt. source: National Statistical Service of Greece

GDP Growth Rate in Greece averaged 0.25 percent from 1995 until 2022, reaching an all time high of 5.30 percent in the third quarter of 2020 and a record low of -13.40 percent in the second quarter of 2020. 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 March of 2023.

GDP Growth Rate in Greece is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Greece GDP Growth Rate is projected to trend around 0.70 percent in 2024 and 0.50 percent in 2025, according to our econometric models.

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Greece GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-12-07 10:00 AM Q3 -0.5% 0.6% -0.6%
2023-03-07 10:00 AM Q4 1.4% 0.4% -0.3%
2023-06-07 09:00 AM Q1 1.4% 0.3%


Related Last Previous Unit Reference
GDP Growth Rate 1.40 0.40 percent Dec 2022
GDP Annual Growth Rate 5.20 4.40 percent Dec 2022
GDP Constant Prices 48557.30 52267.60 EUR Million Dec 2022
Gross Fixed Capital Formation 7139.47 6578.93 EUR Million Dec 2022
GDP from Services 9398.70 13527.13 EUR Million Dec 2022
GDP from Public Administration 7865.75 7469.72 EUR Million Dec 2022
GDP from Mining 6629.65 7467.85 EUR Million Dec 2022
GDP from Construction 1368.99 905.83 EUR Million Dec 2022
GDP from Agriculture 1724.22 1700.89 EUR Million Dec 2022

Greece GDP Growth Rate
Greece has a service based economy and is one of the top tourist destinations in the world. Following the entry to the European Union in 1980 and the Euro Area in 2000, the Greek economy had been recording high rates of growth. Yet, as this expansion had been fueled mainly by the access to cheap credit and growth of public sector, in 2008 the budget deficit and sovereign debt reached unsustainable levels. As a result, Greece faced the worst crisis since 1974 and tough reforms enforced by the IMF and the European Commission as part of the bailout programme are taking place.
Actual Previous Highest Lowest Dates Unit Frequency
1.40 0.40 5.30 -13.40 1995 - 2022 percent Quarterly
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News Stream
Greek Economy Expands 1.4% in Q4
Greeceā€™s economy grew by 1.4% quarter-on-quarter in the final three months of 2022, extending the revised 0.4% growth in the previous period to book its fastest expansion since the first quarter of the year. Final consumption expenditure rebounded (1.2% vs -0.9% in Q3), as solid growth for household consumption (1.8% vs -0.4%) offset continued contraction for government expenditure (-0.3% vs -1.2%). In the meantime, gross fixed capital formation rose by 8.5% after the slower 0.9% increase in the third quarter, marking the sharpest increase since the first quarter of 2021. On the other hand, exports fell by 0.8% while imports jumped by 6.3%, having a negative effect on GDP growth. Considering the full 2022, the Greek economy expanded by 5.9%. The European Commission expects growth to slow to 1.2% this year amid deteriorating global economic conditions, while higher interest rates pressure Greece due to its large debt.
2023-03-07
Greece GDP Contracts for 1st Time Since 2020
Greece's economy shrank by 0.5% on quarter in the third quarter of 2022, following a downwardly revised 0.6% rise in the previous period. This was the first contraction since the second quarter of 2020, amid deteriorating global economic conditions. Both household consumption (-0.1% vs 0.2% in Q2) and government spending (-0.6% vs 0.2%) decreased while fixed investment remained subdued (0.1% vs -0.1%). In the meantime, net external demand contributed negatively to the GDP, as exports (-3.3% vs 0.4%in Q2) declined more than imports (-0.3% vs 5.6% in Q2). Year-on-year, the GDP advanced 2.8%, the least in six quarters, following a downwardly revised 7.1% growth in the previous period. The government has projected economy will grow by 5.6% this year thanks to higher-than-expected tourism receipts and strong consumer spending. However, it estimates output will slow to 1.8% in 2023, as soaring energy costs and inflation are seen hurting domestic demand and exports.
2022-12-07
Greek GDP Growth Slows to 1.2% in Q2
Greece's economy advanced by 1.2% on quarter in the second quarter of 2022, decelerating from an upwardly revised 2.9% expansion in the previous period. Household consumption slowed (2.2% vs 2.7% in Q1) and fixed investment decreased (-1% vs 3.7%). Additionally, net external demand contributed negatively to the GDP, as exports (2.5% vs -2%) rose less than imports (5.8% vs -4.9%). Meanwhile, government spending increased faster (1.4% vs 0.7%). Year-on-year, the GDP rose 7.7%, following an upwardly revised 8% growth in the previous period. The Bank of Greece has recently revised up growth predictions for 2022 to 4.2% from an earlier estimate of 3.2% on the back of higher tourism revenue, but lowered projections for 2023 to 3.1% from 4.1%.
2022-09-07