The coast of Greece

Greece Economic Data & Projections

Greece's Macroeconomic Analysis:

Nominal GDP of USD 238 billion in 2023.

Nominal GDP of USD 217 billion in 2022.

GDP per capita of USD 20,763 compared to the global average of USD 10,589.

GDP per capita of USD 22,797 compared to the global average of USD 10,589.

Average real GDP growth of 0.8% over the last decade.

Average real GDP growth of 0.1% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 80% of overall GDP, manufacturing 9%, other industrial activity 7%, and agriculture 4%. Looking at GDP by expenditure, private consumption accounted for 69% of GDP in 2021, government consumption 21%, fixed investment 18%, and net exports -8%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2021, manufactured products made up 39% of total merchandise exports, mineral fuels 28%, food 19%, ores and metals 9% and agricultural raw materials 2%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 54% of total merchandise imports, mineral fuels 26%, food 12%, ores and metals 5% and agricultural raw materials 1%, with other goods accounting for 2% of the total. Total exports were worth USD 57 billion in 2022, while total imports were USD 98 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual stagnation in the decade to 2022. To read more about GDP growth in Greece, go to our dedicated page.

Fiscal policy

Greece's fiscal deficit averaged 4.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 21.1% in the decade to 2022. For more information on Greece's unemployment click here.

Inflation

Inflation averaged 0.8% in the decade to 2022. Go to our Greece inflation page for extra insight.

Monetary Policy

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Greece monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.

Economic situation in Greece

Our panel expects quarter-on-quarter GDP growth to have slowed to a near halt in Q3, and the data at hand backs this forecast. Industrial production fell from Q2, dented by declines in manufacturing and energy output. Moreover, retail sales swung into decline and goods exports remained in contraction in July–August. In a further testament to weakening external demand, tourist arrivals grew at a slower annual pace over the same two-month period compared with Q2. Turning to Q4, GDP growth is expected to remain around Q3’s projection, and survey data for October calls for caution: Economic sentiment in the month fell below Q3’s average on falling optimism in the retail and services sectors. In other news, in early October, the government presented its 2025 budget, which envisages a fiscal deficit of 0.6% of GDP, down from 2024’s projection of 1.0% and broadly in line with our Consensus of 0.8%.

Greece Economic Forecasts

Projections out to 2034.

49 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 26 expert analysts.

Want to get insight on the economic outlook for Greece in the coming years? FocusEconomics collects projections out to 2034 on 49 economic indicators for Greece from a panel of 26 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Greece economy. To download a sample report on the Greece's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Greece Economic Indicators

2019 2020 2021 2022 2023
Population (million) 10.7 10.7 10.7 10.5 10.4
GDP (EUR bn) 183 165 182 207 220
GDP per capita (EUR) 17,095 15,395 16,996 19,753 21,154
Economic Growth (Nominal GDP, ann. var. %) 2.1 -10.0 10.0 13.8 6.6
Economic Growth (GDP, ann. var. %) 1.8 -9.0 8.1 5.7 2.0
Domestic Demand (ann. var. %) 0.8 -3.6 7.4 6.1 1.2
Private Consumption (ann. var. %) 1.5 -7.4 6.4 7.6 1.6
Government Consumption (ann. var. %) 2.0 2.8 2.1 2.1 1.4
Fixed Investment (ann. var. %) -2.2 2.0 19.1 11.7 4.0
Exports (G&S, ann. var. %) 4.9 -21.5 24.2 6.2 3.7
Imports (G&S, ann. var. %) 2.9 -7.5 18.1 7.7 2.1
Industrial Production (ann. var. %) -0.7 -2.0 10.1 2.4 2.3
Retail Sales (ann. var. %) 0.8 -4.0 10.2 3.3 -3.3
Disposable Income (ann. var. %) 2.3 -9.0 6.3 6.6 -
Unemployment (% of active population, eop) 17.0 16.9 12.7 12.0 10.4
Unemployment (% of active population, aop) 17.8 17.6 14.8 12.5 11.1
Fiscal Balance (% of GDP) 0.8 -9.6 -6.9 -2.5 -1.3
Public Debt (% of GDP) 183 209 197 177 164
Inflation (CPI, ann. var. %, eop) 0.8 -2.3 5.1 7.2 3.5
Inflation (HICP, ann. var. %, eop) 1.1 -2.4 4.4 7.6 3.7
Inflation (HICP, ann. var. %, aop) 0.5 -1.3 0.6 9.3 4.2
Inflation (PPI, ann. var. %, aop) 0.6 -4.6 11.9 33.5 -6.5
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 2.50 4.50
ECB Overnight Deposit Rate (%, eop) -0.50 -0.50 -0.50 2.00 4.00
3-Month EURIBOR (%, eop) -0.38 -0.55 -0.57 2.13 3.91
10-Year Bond Yield (%, eop) 1.46 0.63 1.31 4.57 3.08
Stock Market (var. of ASE %) 49.5 -11.7 10.4 4.1 39.1
Exchange Rate (USD per EUR, eop) 1.12 1.22 1.14 1.07 1.10
Exchange Rate (USD per EUR, aop) 1.12 1.14 1.18 1.05 1.08
Current Account Balance (EUR bn) -2.7 -11.0 -12.3 -21.2 -13.9
Current Account Balance (% of GDP) -1.5 -6.6 -6.8 -10.3 -6.3
Merchandise Trade Balance (EUR bn) -22.8 -18.5 -26.7 -39.6 -33.0
Foreign Direct Investment (EUR bn) 4.5 2.6 5.6 7.9 4.9
Free Sample Report

Interested in Greece economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen