This page has economic forecasts for Greece including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Greece economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.20 0.5 0.6 0.5 0.5 0.6 percent
Unemployment Rate 18.90 17.9 17.5 17.1 16.5 15.1 percent
Inflation Rate 1.80 1 1.4 1.4 1.5 1.7 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -1872.40 -1700 -2110 -1470 -1380 -1630 EUR Million
Government Debt to GDP 178.60 176 174 174 174 172 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.14
1.15 1.14 1.13 1.13 1.1
Stock Market 625.69
points
681 671 660 651 612
Government Bond 10Y 4.57
percent
4.31 4.43 4.55 4.68 5.22
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.20
percent
0.5 0.6 0.5 0.5 0.6
GDP Annual Growth Rate 1.80
percent
2 1.8 1.9 2 2.1
GDP 200.29
USD Billion
207 215 215 215 222
GDP Constant Prices 48178.40
EUR Million
47734 45036 49094 49142 49857
Gross Fixed Capital Formation 5143.23
EUR Million
7286 5234 5241 5246 7610
GDP per capita 23027.41
USD
23400 23800 23800 23800 24500
GDP per capita PPP 24574.38
USD
25600 25900 25900 25900 26200
GDP From Agriculture 1703.71
EUR Million
1640 1768 1736 1738 1713
GDP From Construction 1061.00
EUR Million
1947 802 1081 1082 2033
GDP From Mining 5679.63
EUR Million
5306 5303 5788 5793 5543
GDP From Public Administration 9197.30
EUR Million
9234 9361 9372 9381 9645
GDP From Services 9353.98
EUR Million
7924 7390 9532 9541 8276
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 18.90
percent
17.9 17.5 17.1 16.5 15.1
Employed Persons 3860.66
Thousand
4010 4100 4150 4200 4400
Unemployed Persons 895.87
Thousand
850 810 750 780 710
Part Time Employment 362.50
Thousand
385 386 388 355 396
Full Time Employment 3497.90
Thousand
3600 3610 3620 3551 3700
Employment Rate 81.17
percent
82 82.4 82.7 82.9 83.6
Long Term Unemployment Rate 13.70
percent
13.2 12.7 12.5 12 9.5
Youth Unemployment Rate 36.80
percent
37.6 37.2 36.4 32.61 30.6
Labour Costs 90.00
Index Points
95.9 89.1 90.2 81.63 96.6
Job Vacancies 14466.00
12500 18900 15100 9887 16300
Minimum Wages 683.76
EUR/Month
684 684 684 684 684
Population 10.74
Million
10.74 10.69 10.69 10.69 10.64
Retirement Age Women 67.00
67 67 67 67 67
Retirement Age Men 67.00
67 67 67 67 67
Labor Force Participation Rate 52.10
percent
52.7 52.7 52.8 51.63 53.2
Living Wage Family 1070.00
EUR/Month
1050 1070 1070 1070 1200
Living Wage Individual 595.00
EUR/Month
580 620 620 620 650
Productivity 93.20
Index Points
94.4 94.6 94.2 97.02 95.6
Wages 1060.45
EUR/Month
1065 1095 1055 1057 1200
Wages High Skilled 1510.00
EUR/Month
1700 1750 1750 1750 1750
Wages Low Skilled 717.00
EUR/Month
800 850 850 850 850
Employment Change 0.80
percent
0.5 0.4 0.4 0.1 0.5
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 1.80
percent
1 1.4 1.4 1.5 1.7
Harmonised Consumer Prices 103.59
Index Points
102 103 105 105 105
Consumer Price Index CPI 108.44
Index Points
107 108 109 109 111
Core Consumer Prices 100.00
Index Points
100 100 102 101 103
Core Inflation Rate 0.10
percent
0.7 0.7 1.1 1.2 1.7
GDP Deflator 95.00
Index Points
96 98 98 98 102
Producer Prices 108.60
Index Points
108 106 110 111 113
Producer Prices Change 6.80
percent
4 3.2 2.5 2.5 2.3
Import Prices 106.28
Index Points
105 105 106 106 109
Inflation Rate Mom 2.00
percent
0.6 0.4 0.4 0.12 0.5
CPI Housing Utilities 122.86
Index Points
120 120 121 121 124
CPI Transportation 127.16
Index Points
122 124 130 127 126
Food Inflation 1.40
percent
1.5 1.6 1.8 1.84 2
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Interbank Rate -0.32
percent
-0.32 -0.32 -0.32 -0.07 0.43
Money Supply M0 30859.00
EUR Million
33100 33700 34200 32246 39900
Money Supply M1 120192.00
EUR Million
125000 129000 132000 123178 145000
Money Supply M2 174920.00
EUR Million
180000 182000 184000 178835 199000
Money Supply M3 175668.00
EUR Million
181000 185000 191000 179834 214000
Foreign Exchange Reserves 6520.00
EUR Million
7400 6699 6708 6703 8900
Banks Balance Sheet 291280.64
EUR Million
312000 316000 318000 275575 342000
Loans to Private Sector 85190.54
EUR Million
89600 90100 91500 81973 101000
Loan Growth -1.80
percent
-0.7 0.2 0.5 1.1 1.8
Private Debt to GDP 131.90
percent
130 125 125 125 119
Central Bank Balance Sheet 108397.00
EUR Million
115000 119000 125000 107038 151000
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -1872.40
EUR Million
-1700 -2110 -1470 -1380 -1630
Exports 2655.30
EUR Million
2750 2810 2770 2870 3050
Imports 4527.70
EUR Million
4450 4920 4240 4250 4680
Current Account 1564.40
EUR Million
-1100 -1200 950 1550 -780
Current Account to GDP -0.80
percent
-1 -0.5 -0.5 -0.5 -0.2
External Debt 395304.50
EUR Million
419000 424000 428000 375123 445000
Capital Flows 1325.60
EUR Million
-280 -820 750 1240 -360
Remittances 70.80
EUR Million
79 85 87 76.05 89
Gold Reserves 113.00
Tonnes
113 113 113 113 113
Terrorism Index 4.14
4.14 4.14 4.14 4.14 4.14
Tourism Revenues 3603.60
EUR Million
250 228 2450 2850 320
Tourist Arrivals 3024440.00
persons
401000 372000 2791000 1848800 465000
Crude Oil Production 4.00
BBL/D/1K
4 4 4 3.94 4
Foreign Direct Investment 126.70
EUR Million
290 750 690 300 400
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 178.60
percent
176 174 174 174 172
Government Budget 0.80
percent of GDP
1.1 1.5 1.5 1.5 0.5
Government Budget Value 1498.50
EUR Million
250 410 -700 -210 390
Government Spending 9680.90
EUR Million
11188 9419 9865 9875 11685
Government Spending to GDP 48.00
percent
47.5 46 46 46 44
Government Revenues 42436.00
EUR Million
55510 12620 24100 36410 55730
Government Debt 345379.43
EUR Million
346000 349000 350000 348133 362000
Fiscal Expenditure 40786.00
EUR Million
55260 12210 24800 36620 55340
Military Expenditure 4959.43
USD Million
4910 4908 4905 4902 4910
Asylum Applications 5585.00
persons
5400 2800 4200 5150 2500
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 101.00
Index Points
105 101 104 103 109
Manufacturing PMI 53.10
53.8 50.4 53.6 52.5 54
Industrial Production 2.00
percent
1.9 2.5 2.4 1.5 2.2
Industrial Production Mom -0.90
percent
1.6 -0.8 1.8 -2 1.2
Manufacturing Production 1.30
percent
2.8 2.5 2.2 1.7 2.1
Capacity Utilization 70.70
percent
71.1 71.4 71.7 70.59 74
New Orders -15.00
percent
-8 -7 -10 -9 -4
Car Registrations 7115.00
6650 10100 10900 7500 8650
Internet Speed 7862.25
KBps
7602 7796 7500 7347 7668
IP Addresses 3133476.00
IP
3062881 3057048 3052179 3049548 3019259
Mining Production -14.70
percent
3.2 1.5 1.7 2 1.4
Steel Production 145.00
Thousand Tonnes
120 95 130 122 136
Changes In Inventories 33.68
EUR Million
-133 -208 -284 -254 -269
Competitiveness Index 62.10
Points
62.6 62.6 62.6 62.6 65.1
Competitiveness Rank 57.00
57 57 57 57 57
Ease of Doing Business 72.00
66 65 65 65 64
Electricity Production 3890.00
Gigawatt-hour
5100 3870 4400 4134 5150
Corruption Index 48.00
Points
48 48 48 48 48
Corruption Rank 59.00
59 59 59 59 59
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence -38.30
Index Points
-43 -40 -37 -36 -27
Retail Sales MoM -0.90
percent
1.5 -0.4 0.8 0.14 0.9
Retail Sales YoY 3.20
percent
1.5 1.5 1.7 1.77 2
Consumer Spending 32618.90
EUR Million
32649 31606 33239 33271 34101
Private Sector Credit 176689.82
EUR Million
191000 195000 197000 168813 215000
Bank Lending Rate 4.45
percent
4.71 4.71 4.71 4.96 5.46
Consumer Credit 20768.55
EUR Million
26100 26900 27200 19437 39100
Gasoline Prices 1.86
USD/Liter
1.83 1.8 1.77 1.73 1.61
Households Debt To GDP 55.70
percent of GDP
54.9 52.5 52.5 52.5 51.9
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 60.30
Index Points
62 62.5 63 64 66
Building Permits 1015.00
units
1320 1400 1290 1150 2740
Home Ownership Rate 73.30
percent
73.2 72.7 72.7 72.7 72
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 29.00
percent
29 29 29 29 29
Personal Income Tax Rate 45.00
percent
45 45 45 45 45
Sales Tax Rate 24.00
percent
24 24 24 24 24
Social Security Rate 40.06
percent
40.06 40.06 40.06 40.06 40.06
Social Security Rate For Companies 24.06
percent
24.06 24.06 24.06 24.06 24.06
Social Security Rate For Employees 16.00
percent
16 16 16 16 16
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 5.93
celsius
11.38 7.1 21.47 17.68 15.13
Precipitation 8.87
mm
89.87 71.83 54.23 54.23 57.76



Greece - Economic Forecasts - 2018-2020 Outlook