Greece | Economic Forecasts | 2017-2020 Outlook

This page has economic forecasts for Greece including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Greece economy.


Overview Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 0.50 0.4 0.3 0.2 0.3 0.6 percent [+]
Unemployment Rate 21.00 20.3 20 19.7 19.5 16.5 percent [+]
Inflation Rate 1.00 1.4 1.5 1.4 1.5 2 percent [+]
Interest Rate 0.00 0 0 0 0.25 0.75 percent [+]
Balance of Trade -1633.40 -1438 -1501 -1490 -1778 -1295 EUR Million [+]
Government Debt to GDP 179.00 178 177 177 177 174 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Currency 1.18 1.16 1.15 1.13 1.12 0.99 [+]
Stock Market 734.52 741 733 726 718 636 points [+]
Government Bond 10Y 5.57 5.68 5.73 5.79 5.84 6.46 percent [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 0.50 0.4 0.3 0.2 0.3 0.6 percent [+]
GDP Annual Growth Rate 0.80 1 1.2 1.5 1.8 2.1 percent [+]
GDP 194.56 198 202 202 192 212 USD Billion [+]
GDP Constant Prices 47122.00 47100 47300 47500 48491 49100 EUR Million [+]
Gross Fixed Capital Formation 5127.90 5860 5417 5593 5734 6430 EUR Million [+]
GDP per capita 22736.46 23400 23700 23700 23700 28500 USD [+]
GDP per capita PPP 24263.88 25500 25600 25700 24643 26600 USD [+]
GDP From Agriculture 1687.65 1760 1647 1675 1674 1890 EUR Million [+]
GDP From Construction 867.76 1170 1007 1055 1094 2230 EUR Million [+]
GDP From Mining 5163.09 4250 4828 5019 5033 4505 EUR Million [+]
GDP From Public Administration 9041.65 9340 9104 9106 9112 9410 EUR Million [+]
GDP From Services 9663.65 9720 7690 9629 10837 10500 EUR Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 21.00 20.3 20 19.7 19.5 16.5 percent [+]
Employed Persons 3843.19 3680 3700 3720 3873 3990 Thousand [+]
Unemployed Persons 965.98 1040 1020 1000 949 950 Thousand [+]
Part Time Employment 374.30 378 380 382 369 396 Thousand [+]
Full Time Employment 3417.10 3380 3400 3420 3436 3550 Thousand [+]
Employment Rate 79.91 79.2 79.4 79.5 80.3 81.2 percent [+]
Long Term Unemployment Rate 16.30 16 15.8 15.6 13.5 12.9 percent [+]
Youth Unemployment Rate 42.80 44.8 44.4 44 35.15 38 percent [+]
Labour Costs 89.50 95.6 89 88.8 82.63 96.6 Index Points [+]
Job Vacancies 6315.00 9500 13242 14055 14149 16300 [+]
Minimum Wages 683.76 684 684 684 680 684 EUR/Month [+]
Population 10.76 10.76 10.67 10.67 10.67 10.56 Million [+]
Retirement Age Women 67.00 67 67 67 66.38 67 [+]
Retirement Age Men 67.00 67 67 67 65.71 67 [+]
Employment Change 0.80 0.4 0.4 0.4 0.21 0.5 percent [+]
Wages 1092.01 1115 1118 1120 1102 1145 EUR/Month [+]
Wages High Skilled 1370.00 1370 1418 1418 1418 1540 EUR/Month [+]
Wages Low Skilled 786.00 770 810 810 810 950 EUR/Month [+]
Productivity 93.10 93.8 91.2 93.8 95.91 95.6 Index Points [+]
Labor Force Participation Rate 52.40 52.2 52.2 52.5 52.42 53.2 percent [+]
Living Wage Family 623.00 750 800 800 612 1250 EUR/Month [+]
Living Wage Individual 474.60 490 468 467 467 690 EUR/Month [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 1.00 1.4 1.5 1.4 1.5 2 percent [+]
Harmonised Consumer Prices 101.93 107 109 111 102 124 Index Points [+]
Consumer Price Index CPI 106.45 112 114 116 106 127 Index Points [+]
Core Consumer Prices 98.50 103 105 107 100 123 Index Points [+]
Core Inflation Rate 0.50 1 1.2 1.5 1.9 2.4 percent [+]
GDP Deflator 95.34 95.7 96.2 96.2 94.63 101 Index Points [+]
Producer Prices 100.40 110 112 112 99.87 125 Index Points [+]
Producer Prices Change 4.10 4.2 3.6 3.6 3.3 2 percent [+]
Import Prices 95.53 98 99 99 95.21 111 Index Points [+]
CPI Housing Utilities 119.03 119 118 118 118 117 Index Points [+]
CPI Transportation 120.64 126 128 129 119 142 Index Points [+]
Food Inflation -1.10 -0.2 0.6 1.1 1.5 2.4 percent [+]
Inflation Rate Mom 1.90 0.4 0.3 0.5 0.72 0.5 percent [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Interest Rate 0.00 0 0 0 0.25 0.75 percent [+]
Interbank Rate -0.33 -0.16 -0.04 0.06 0.76 0.75 percent [+]
Money Supply M0 29539.00 31400 32000 32700 29513 39900 EUR Million [+]
Money Supply M1 112432.00 119000 122000 125000 111745 155000 EUR Million [+]
Money Supply M2 162673.00 172000 175000 178000 164937 199000 EUR Million [+]
Money Supply M3 163562.00 173000 178000 182000 165761 214000 EUR Million [+]
Foreign Exchange Reserves 6563.00 7110 6531 6445 6362 8900 EUR Million [+]
Banks Balance Sheet 319671.17 332000 329000 328000 311697 371000 EUR Million [+]
Loans to Private Sector 89595.43 89400 88800 88400 88153 101000 EUR Million [+]
Central Bank Balance Sheet 132893.00 134000 132000 132000 122420 175000 EUR Million [+]
Private Debt to GDP 136.61 131 130 129 127 112 percent [+]
Loan Growth -1.80 -0.2 0.2 0.4 -0.76 1.5 percent [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade -1633.40 -1438 -1501 -1490 -1778 -1295 EUR Million [+]
Exports 2016.30 2314 2121 2215 2111 2561 EUR Million [+]
Imports 3649.70 3752 3622 3705 3902 3856 EUR Million [+]
Current Account 1826.60 -950 -780 1210 -1050 -450 EUR Million [+]
Current Account to GDP -0.60 -1.5 -1 -1 -1 -0.2 percent [+]
External Debt 432179.88 456000 459000 462000 424252 489000 EUR Million [+]
Capital Flows 1906.62 -300 -116 -331 -455 -360 EUR Million [+]
Remittances 83.60 67.2 92.98 95.98 98.73 89.3 EUR Million [+]
Gold Reserves 112.87 113 113 114 114 115 Tonnes [+]
Crude Oil Production 2.00 2 2 2 2.52 2 BBL/D/1K [+]
Foreign Direct Investment 377.90 122 146 147 147 150 EUR Million [+]
Terrorism Index 4.22 4.22 4.22 4.22 4.23 4.22 [+]
Tourism Revenues 3521.50 217 222 1950 1264 275 EUR Million [+]
Tourist Arrivals 1922299.00 355000 366000 2611000 978100 465000 persons [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 179.00 178 177 177 177 174 percent [+]
Government Budget 0.70 1 0.5 0.5 0.5 0.6 percent of GDP [+]
Government Budget Value 80.50 -3680 200 -890 -5288 -1610 EUR Million [+]
Government Spending 10203.10 11600 9644 10264 9620 12200 EUR Million [+]
Government Spending to GDP 49.00 48.5 48 48 51.08 44 percent [+]
Government Revenues 31439.00 51560 12520 23320 23717 53730 EUR Million [+]
Government Debt 325388.97 336000 338000 340000 318844 362000 EUR Million [+]
Fiscal Expenditure 32703.00 55240 12320 24210 29154 55340 EUR Million [+]
Asylum Applications 4040.00 6500 2950 4800 3401 2500 persons [+]
Military Expenditure 4986.10 5342 5474 5605 5737 6469 USD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Business Confidence 100.60 98 98.8 99 101 105 [+]
Manufacturing PMI 52.80 50.2 51 51.5 47.77 53.2 [+]
Industrial Production 5.60 3.8 3.6 3.2 0.88 2.2 percent [+]
Industrial Production Mom -0.70 1.8 -0.4 2 -0.09 1.2 percent [+]
Manufacturing Production 1.30 3.6 3.4 3.2 0.17 1.9 percent [+]
Capacity Utilization 71.50 68.2 68.5 68.8 72.01 73.6 percent [+]
New Orders -15.00 -16 -14 -12 -18.22 -4 percent [+]
Car Registrations 5937.00 7230 8429 9333 10111 8650 Cars [+]
Changes In Inventories -494.39 -36.12 27.24 120 169 227 EUR Million [+]
Competitiveness Index 4.02 4 4.08 4.08 4.02 4.16 Points [+]
Competitiveness Rank 87.00 86 85 85 86 83 [+]
Ease of Doing Business 61.00 60 59 59 65 57 [+]
Electricity Production 5182.00 4400 4453 4420 4417 4460 Gigawatt-hour [+]
Corruption Index 44.00 45 46 46 43 48 Points [+]
Corruption Rank 69.00 68 67 67 66 65 [+]
Steel Production 135.00 98 128 125 126 110 Thousand Tonnes [+]
Mining Production 2.50 -0.8 0.5 0.8 -2.81 1.4 percent [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence -53.70 -59 -54 -50 -50.7 -32 [+]
Retail Sales MoM 1.60 1.2 -0.6 0.7 0.04 1.4 percent [+]
Retail Sales YoY 2.30 0.6 0.8 1 0.83 2 percent [+]
Consumer Spending 32873.20 32400 32013 32434 32659 37600 EUR Million [+]
Private Sector Credit 187238.34 182000 178000 179000 182910 215000 EUR Million [+]
Bank Lending Rate 5.03 4.5 4.2 4 5.51 2.5 percent [+]
Consumer Credit 23815.12 22300 21800 21300 11341 39100 EUR Million [+]
Gasoline Prices 1.83 1.68 1.69 1.68 1.81 1.7 USD/Liter [+]
Households Debt To Gdp 59.50 58 57.6 57.2 54.55 51.9 percent of GDP [+]
HOUSING Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Housing Index 59.60 61.2 61.4 61.9 64.33 73 Index Points [+]
Building Permits 1359.00 1290 850 1170 2199 2740 units [+]
Home Ownership Rate 73.90 73.6 73.2 73.2 75.35 72 percent [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 29.00 29 29 29 29.73 29 percent [+]
Personal Income Tax Rate 48.00 48 48 48 46.44 48 percent [+]
Sales Tax Rate 24.00 23.77 23.76 23.76 23.75 23.26 percent [+]
Social Security Rate 40.06 40.06 40.06 40.06 40.31 40.06 percent [+]
Social Security Rate For Companies 24.56 24.56 24.56 24.56 24.72 24.56 percent [+]
Social Security Rate For Employees 15.50 15.5 15.5 15.5 15.61 15.5 percent [+]