Greece’s gross domestic product expanded 0.2 percent on quarter in the first quarter of 2019, recovering from a 0.1 percent contraction in the previous three-month period. Both household consumption (0.2 percent from -0.2 percent in Q4) and gross fixed capital formation (8.1 percent from -2.2 percent) rebounded whereas government spending declined 5 percent, after a 1.2 percent rise in the prior period. Also, net foreign demand contributed negatively to growth, as exports slumped 2.1 percent (from 1.4 percent in Q4) and imports surged 5 percent (from -7.6 percent in Q4). On a yearly basis, the economy advanced 1.3 percent, slowing from a downwardly revised 1.5 percent growth in the last quarter of 2018. GDP Growth Rate in Greece averaged 0.22 percent from 1995 until 2019, 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 0.50 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 0.50 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.