Greece Economic Statistics

Explore Greece’s economic statistics, including economic indicators, time series data for property prices, historical charts, and more.

The latest macroeconomic forecast for Greece.

After a solid yet slightly reduced economic performance in 2023, it’s anticipated that GDP growth will see a slight increase in both 2024 and 2025.

This boost is likely to be propelled by exports, investments, and private consumption. Inflation is forecasted to ease, with headline inflation expected to decrease to 2.1% by 2025.

Moreover, the general government deficit is projected to diminish further due to restrained expenditure growth, while the public debt ratio is forecasted to continue declining.

Greece’s economy demonstrated remarkable resilience and vitality in 2023, marked by a robust post-pandemic recovery. With a real GDP growth rate of 2%, significantly outpacing both its long-term growth potential and the euro area average, Greece showcased its capacity for sustained economic expansion.

With pent-up demand largely exhausted, private consumption is now mainly supported by rising real income and it is set to increase at a slightly lower rate in 2024. The projected gradual easing of financing conditions and the accelerated implementation of RRP-related projects are forecast to stimulate gross fixed capital formation, which is expected to pick up from 4.0% in 2023 to 6.7% in 2024.

Greece Economic Indicators

It sounds like Greece experienced a robust economic rebound post-pandemic, with real GDP growth remaining strong at 2% in 2023. This growth rate surpasses Greece’s long-term growth potential as well as the average growth rate of the euro area, indicating a period of economic vitality. Several factors seem to have contributed to this growth:

  1. Private Consumption: Increased real disposable incomes likely fueled higher private consumption, indicating growing consumer confidence and spending power among Greeks.
  2. Investment in Construction: The investment in construction suggests confidence in the real estate sector and infrastructure development, which often plays a significant role in economic growth.
  3. Net Exports: Positive contributions from net exports indicate that Greece’s exports exceeded its imports, contributing positively to economic activity. This could be due to increased competitiveness or external demand for Greek goods and services.
  4. Inventories: The drag on growth from inventories suggests that businesses may have reduced their inventories, possibly due to cautious inventory management strategies or shifts in demand patterns.

Overall, the combination of strong private consumption, investment in construction, and positive contributions from net exports indicates a broad-based recovery for the Greek economy in 2023.

Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP.

GDP Reference Last Previous Units Frequency
Real Private Consumption 2023 Q4 34,407 33,935 Mil. Ch. 2010/2015 EUR, SA Quarterly
Private Consumption 2023 Q4 38,390 37,767 Mil. EUR, SA Quarterly
Government Consumption 2023 Q4 11,058 10,805 Mil. EUR, SA Quarterly
Nominal Gross Domestic Product 2023 Q4 55,666 55,457 Mil. EUR, SA Quarterly
Real Government Consumption 2023 Q4 9,808 9,594 Mil. Ch. 2010/2015 EUR, SA Quarterly
Investment 2023 Q4 7,628 7,989 Mil. EUR, SA Quarterly
Real Investment 2023 Q4 6,740 6,920 Mil. Ch. 2010/2015 EUR, SA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2023 Q4 7,628 7,989 Mil. EUR, SA Quarterly
Real Gross Domestic Product 2023 Q4 48,756 48,680 Mil. Ch. 2010/2015 EUR, SA Quarterly
Real Fixed Investment (gross fixed capital formation) 2023 Q4 6,740 6,920 Mil. Ch. 2010/2015 EUR, SA Quarterly

Data Source: Moody’s Analytics –

Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Apr 2024 117.96 117.39 Index 2020=100, NSA Monthly
Producer Price Index (PPI) Mar 2024 134.98 137.35 Index 2015=100, NSA Monthly
Wholesale Price Index Dec 2004 110.42 109.93 Index 2005=100 Monthly
Labor Reference Last Previous Units Frequency
Total Employment Non-Ag Mar 2024 4,325 4,292 Thousands, SA Monthly
Primary Industries Employment 2023 Q4 491.9 481.3 Ths. #, NSA Quarterly
Tertiary Industries Employment 2023 Q4 3,008 3,095 Ths. #, NSA Quarterly
Labor Force Employment 2023 Q4 4,183 4,256 Ths. #, NSA Quarterly
Total Employment 2023 Q4 4,183 4,256 Ths. #, NSA Quarterly
Unemployment Rate 2023 Q4 10.5 10.8 %, NSA Quarterly
Secondary Industries Employment 2023 Q4 678.8 677.3 Ths. #, NSA Quarterly
Labor Force 2023 Q4 4,671 4,770 Ths. #, NSA Quarterly
Unemployment 2023 Q4 488.7 514.6 Ths. #, NSA Quarterly
Wage & Salaries 2023 Q4 19,354 19,228 Mil. EUR, SA Quarterly
Agriculture Employment 2017 591,868 607,088 # Annual

Data Source: Moody’s Analytics –

Real Estate Reference Last Previous Units Frequency
Building Permits Jan 2024 2,112 2,533 #, NSA Monthly
Building Completions Jan 2024 871 981 #, NSA Monthly
Residential Building Completions Jan 2024 3,114 3,355 #, NSA Monthly
House Price Index 2023 Q4 245.4 240.3 Index 1997=100, NSA Quarterly
Consumer Reference Last Previous Units Frequency
Consumer Confidence Apr 2024 -41.7 -44.7 SA Monthly
Retail Sales Feb 2024 104.8 101.1 Index 2021=100, NSA Monthly
Real Retail Sales Feb 2024 88.8 85.5 Vol. Index 2021=100, NSA Monthly
Personal Income 2021 10,832 9,952 EUR Annual

Data Source: Moody’s Analytics –

Summary of latest developments.

In the third quarter of 2023, there was a 2.1% year-on-year decrease in global house prices adjusted for consumer prices, slightly less than the 2.3% decline observed in the second quarter. This change in real terms signaled the first increase in nominal prices (2.5%, up from 2.3%), ending a prolonged period of nominal price deceleration since early 2022. Additionally, there was a stabilization in consumer price index (CPI) inflation during this period.

Greece recorded a capital and financial account deficit of 2478.80 EUR Million in March of 2024. Capital Flows in Greece averaged -576.06 EUR Million from 2000 until 2024, reaching an all time high of 6037.71 EUR Million in July of 2013 and a record low of -3705.44 EUR Million in October of 2008. source: Bank of Greece
Greece Economic Statistics - Building Permits

Everything you need to know about the property transaction and home buying process in Chania, Crete.

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Greek Real Estate Data Sources and Research (REDS)
REDS - Real Estate Data Sources and Information for the Greek Real Estate Sector by ARENCORES, Chania Real Estate Experts.

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