Greece's economy shrank 14 percent on quarter in the three months to June of 2020, following a 0.7 percent decline in the previous period. This was the deepest quarterly GDP contraction on record, induced by efforts to contain the rapid spread of COVID-19. Household consumption slumped 11.3 percent, compared to a 0.9 percent decrease in Q1; and gross capital formation fell 4.5 percent, down from a 1.1 percent rise. At the same time, exports plummeted 32.1 percent (vs a flat reading percent in Q1), while imports fell at a softer 16.7 percent (vs 4.1 percent in Q1). Also, government expenditure slowed to 1.5 percent from 1.7 percent. On a yearly basis, the GDP shrank at a record 15.2 percent, and following a 0.5 percent contraction in Q1, when it fell back into recession.
GDP Growth Rate in Greece averaged 0.07 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 -14 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 October 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.