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

Quarter-on-quarter economic growth slowed to 0.3% in Q3 from Q2’s 1.2%. The slowdown was broad-based, with private spending and exports posting weaker expansions and public consumption and fixed investment swinging into contraction. Shifting to Q4, our Consensus is for GDP growth to tick down from Q3’s level. Economic sentiment moderated in October–November from Q3, due to deteriorations in the construction, retail and services sectors. Additionally, average industrial output came in below Q3’s level in October. In other news, in late November, workers went on a one-day general strike to protest against the rising cost of living, hampering shipping and transportation. Shortly afterward, in December, the government announced a new round of power bill subsidies to protect households from rising energy costs.

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) 185 168 185 208 225
GDP per capita (EUR) 17,266 15,630 17,284 19,871 21,624
Economic Growth (Nominal GDP, ann. var. %) 2.5 -9.5 10.2 12.6 8.3
Economic Growth (GDP, ann. var. %) 2.2 -9.0 8.3 5.8 2.3
Domestic Demand (ann. var. %) 1.3 -3.6 7.4 7.8 1.7
Private Consumption (ann. var. %) 2.3 -6.1 5.4 8.8 1.7
Government Consumption (ann. var. %) 1.9 3.0 1.9 0.1 2.5
Fixed Investment (ann. var. %) -0.8 1.6 20.8 16.2 7.0
Exports (G&S, ann. var. %) 4.8 -21.5 24.4 6.6 1.9
Imports (G&S, ann. var. %) 2.8 -7.4 17.3 11.9 1.0
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 12.1 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 -6.5 -6.6 -10.2 -6.2
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
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