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.
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%.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.Main Economic Indicators
Economic growthThe 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.