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.

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Greece GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-14.00 -0.70 3.30 -14.00 1995 - 2020 percent Quarterly
Constant Prices 2010, SA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-05 10:00 AM Q3 0.6% 1.3% 0.4%
2020-03-06 10:00 AM Q4 -0.7% 0.4% 0.5%
2020-06-04 09:00 AM Q1 -1.6% -0.7% -2.6%
2020-09-03 09:00 AM Q2 -14% -0.7% -16%
2020-12-04 10:00 AM Q3 -14% 7.8%


News Stream
Greek Economy Contracts at Record Pace
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.
2020-09-03
Greek Economy Contracts the Most in Over 4 Years
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.
2020-06-04
Greek Economy Shrinks in Q4
Greece's economy contracted by 0.7 percent on quarter in the final three months of 2019, reversing a revised 0.4 percent expansion in the previous period, due to a 9.7 percent slump in gross capital formation. Meanwhile, fixed investment and public spending rebounded while household consumption increased at a slightly faster pace. Net external demand also contributed positively to the GDP, as imports fell more than exports. On a yearly basis, the GDP growth slowed to 1 percent, the weakest since the first quarter of 2017. Considering 2019 full year, the economy expanded 1.9 percent, the same pace as in 2018.
2020-03-06
Greek GDP Growth Slows to 0.6% in Q3
Greece's economy grew by 0.6 percent on quarter in the three months of September 2019, easing from an upwardly revised 1.3 percent expansion in the previous period. Both general government spending (-6.9 percent vs 6.5 percent in Q2) and gross fixed capital formation (-5.0 percent vs 1.9 percent) contracted. In contrast, household consumption rebounded (0.4 percent vs -0.2 percent). Regarding net trade, exports went up 4.5 percent (vs 3.8 percent in Q2) while imports advanced 0.6 percent (vs -0.8 percent in Q2). Year-on-year, the economy grew by 2.3 percent, after a revised 2.8 percent advance in the previous quarter.
2019-12-05

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.