Greece GDP Growth Rate

Last Release

Dec 31, 2022

Actual

1.4

Units In

-0.5

Frequency

Quarterly

Next Release

Jun 06, 2025

Time to Release

2 Months 27 Days 2 Hours

Highest	Lowest	Average	Date Range	Source
5.6 Sep 2020	-14.2 Jun 2020	0.26 %	1995-2022	National Statistical Service of Greece

Greece has a service based economy and is one of the top tourist destinations in the world. Following the entry to the European Union in 1980 and the Euro Area in 2000, the Greek economy had been recording high rates of growth. Yet, as this expansion had been fueled mainly by the access to cheap credit and growth of public sector, in 2008 the budget deficit and sovereign debt reached unsustainable levels. As a result, Greece faced the worst crisis since 1974 and tough reforms enforced by the IMF and the European Commission as part of the bailout programme are taking place.

Latest Updates

Greece’s economy expanded by 0.9% quarter-on-quarter in the fourth quarter of 2024 from an upwardly revised 0.4% gain in the previous three-month period. The growth was primarily driven by a notable increase in gross capital formation (6.2% vs 4.9% in Q3). In addition, government spending (1.1% vs -1.2%) rebounded. However, household consumption (-0.4% vs 0.1%) slipped. On net external demand, exports of goods and services grew by 0.9% (vs 0.7%) while imports of goods and services dropped by 1.7% (vs -0.8%). On a yearly basis, Greece's GDP expanded by 2.6% in the fourth quarter of 2024, following a downwardly revised 2.3% growth in the preceding three-month period.