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 0.30 0.4 0.3 0.2 0.3 0.6 percent [+]
Unemployment Rate 20.50 20.3 20 19.7 19.5 16.5 percent [+]
Inflation Rate 1.10 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 -2175.00 -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 738.47 741 733 726 718 636 points [+]
Government Bond 10Y 5.07 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 0.30 0.4 0.3 0.2 0.3 0.6 percent [+]
GDP Annual Growth Rate 1.30 1 1.2 1.5 1.8 2.1 percent [+]
GDP 194.56 198 202 202 192 212 USD Billion [+]
GDP Constant Prices 49772.20 47100 47300 47500 48914 49100 EUR Million [+]
Gross Fixed Capital Formation 5106.05 5860 5341 5353 5550 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 1479.70 1760 1601 1621 1580 1890 EUR Million [+]
GDP From Construction 1201.77 1170 1213 1252 1288 2230 EUR Million [+]
GDP From Mining 5651.08 4250 5203 5343 5508 4505 EUR Million [+]
GDP From Public Administration 8903.98 9340 8953 8963 8968 9410 EUR Million [+]
GDP From Services 11105.16 9720 7023 9112 10796 10500 EUR Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 20.50 20.3 20 19.7 19.5 16.5 percent [+]
Employed Persons 3848.81 3680 3700 3720 3874 3990 Thousand [+]
Unemployed Persons 947.41 1040 1020 1000 935 950 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 80.25 79.2 79.4 79.5 80.3 81.2 percent [+]
Long Term Unemployment Rate 15.70 16 15.8 15.6 13.29 12.9 percent [+]
Youth Unemployment Rate 40.20 44.8 44.4 44 35.15 38 percent [+]
Labour Costs 79.10 95.6 89 88.8 82.63 96.6 Index Points [+]
Job Vacancies 14630.00 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 67 [+]
Retirement Age Men 67.00 67 67 67 66 67 [+]
Labor Force Participation Rate 52.40 52.2 52.2 52.5 52.42 53.2 percent [+]
Living Wage Family 1020.00 750 800 800 1017 1250 EUR/Month [+]
Living Wage Individual 580.00 490 572 572 572 690 EUR/Month [+]
Productivity 98.20 93.8 91.2 93.8 95.91 95.6 Index Points [+]
Wages 1092.01 1115 1118 1120 1102 1145 EUR/Month [+]
Wages High Skilled 1600.00 1370 2092 2049 2006 1540 EUR/Month [+]
Wages Low Skilled 747.00 770 956 948 939 950 EUR/Month [+]
Employment Change 0.80 0.4 0.4 0.4 0.21 0.5 percent [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 1.10 1.4 1.5 1.4 1.5 2 percent [+]
Harmonised Consumer Prices 100.90 107 109 111 101 124 Index Points [+]
Consumer Price Index CPI 105.77 112 114 116 106 127 Index Points [+]
Core Consumer Prices 99.90 103 105 107 100 123 Index Points [+]
Core Inflation Rate 0.00 1 1.2 1.5 1.9 2.4 percent [+]
GDP Deflator 94.42 95.7 96.2 96.2 91.51 101 Index Points [+]
Producer Prices 102.00 110 112 112 101 125 Index Points [+]
Producer Prices Change 3.20 4.2 3.6 3.6 2.59 2 percent [+]
Import Prices 96.99 98 99 99 95.21 111 Index Points [+]
Inflation Rate Mom -0.70 0.4 0.3 0.5 0.72 0.5 percent [+]
CPI Housing Utilities 119.16 119 119 119 119 117 Index Points [+]
CPI Transportation 121.08 126 128 129 120 142 Index Points [+]
Food Inflation 0.70 -0.2 0.6 1.1 1.5 2.4 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 29761.00 31400 32000 32700 29707 39900 EUR Million [+]
Money Supply M1 113498.00 119000 122000 125000 112880 155000 EUR Million [+]
Money Supply M2 164599.00 172000 175000 178000 165839 199000 EUR Million [+]
Money Supply M3 165499.00 173000 178000 182000 167025 214000 EUR Million [+]
Foreign Exchange Reserves 6471.00 7110 6279 6205 6127 8900 EUR Million [+]
Banks Balance Sheet 313805.03 332000 329000 328000 308051 371000 EUR Million [+]
Loans to Private Sector 89161.03 89400 88800 88400 88508 101000 EUR Million [+]
Loan Growth -1.50 -0.2 0.2 0.4 -0.62 1.5 percent [+]
Private Debt to GDP 136.61 131 130 129 127 112 percent [+]
Central Bank Balance Sheet 130633.00 134000 132000 132000 122420 175000 EUR Million [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade -2175.00 -1438 -1501 -1490 -1778 -1295 EUR Million [+]
Exports 2491.90 2314 2121 2215 2111 2561 EUR Million [+]
Imports 4666.90 3752 3622 3705 3902 3856 EUR Million [+]
Current Account 1213.00 -950 -780 1210 -1050 -450 EUR Million [+]
Current Account to GDP -0.60 -1.5 -1 -1 -1 -0.2 percent [+]
External Debt 429079.33 456000 459000 462000 421723 489000 EUR Million [+]
Capital Flows 667.30 -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 [+]
Terrorism Index 4.14 4.14 4.14 4.14 4.14 4.14 [+]
Tourism Revenues 3521.50 217 222 1950 1264 275 EUR Million [+]
Tourist Arrivals 2743210.00 355000 366000 2611000 1507500 465000 persons [+]
Crude Oil Production 2.00 2 2 2 2.52 2 BBL/D/1K [+]
Foreign Direct Investment 304.90 122 146 147 147 150 EUR Million [+]
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 471.60 -3680 200 -890 -5226 -1610 EUR Million [+]
Government Spending 9750.70 11600 9647 10011 9686 12200 EUR Million [+]
Government Spending to GDP 49.00 48.5 48 48 51.08 44 percent [+]
Government Revenues 40597.00 51560 12520 23320 23946 53730 EUR Million [+]
Government Debt 326113.75 336000 338000 340000 320582 362000 EUR Million [+]
Fiscal Expenditure 40428.00 55240 12320 24210 29230 55340 EUR Million [+]
Military Expenditure 4986.10 5342 5474 5605 5737 6469 USD Million [+]
Asylum Applications 3980.00 6500 2950 4800 2629 2500 persons [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Business Confidence 98.40 98 98.8 99 99.32 105 [+]
Manufacturing PMI 52.20 50.2 51 51.5 48.19 53.2 [+]
Industrial Production 0.50 3.8 3.6 3.2 0.93 2.2 percent [+]
Industrial Production Mom 1.10 1.8 -0.4 2 -0.1 1.2 percent [+]
Manufacturing Production -0.30 3.6 3.4 3.2 0.42 1.9 percent [+]
Capacity Utilization 70.60 68.2 68.5 68.8 72.01 73.6 percent [+]
New Orders -16.00 -16 -14 -12 -18.22 -4 percent [+]
Car Registrations 6508.00 7230 8429 9333 10111 8650 Cars [+]
Internet Speed 7862.25 7669 7544 7390 7458 7080 KBps [+]
IP Addresses 3133476.00 3164129 3162366 3158626 3170941 3076852 IP [+]
Mining Production 12.10 -0.8 0.5 0.8 -2.66 1.4 percent [+]
Steel Production 130.00 98 115 114 103 110 Thousand Tonnes [+]
Changes In Inventories -87.15 40.67 128 152 189 234 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 67.00 60 59 59 69 57 [+]
Electricity Production 3972.00 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 [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence -53.80 -59 -54 -50 -50.85 -32 [+]
Retail Sales MoM -0.10 1.2 -0.6 0.7 0.04 1.4 percent [+]
Retail Sales YoY -0.80 0.6 0.8 1 -0.12 2 percent [+]
Consumer Spending 31993.30 32400 31585 32040 32025 37600 EUR Million [+]
Private Sector Credit 186226.21 182000 178000 179000 183992 215000 EUR Million [+]
Bank Lending Rate 5.16 4.5 4.2 4 5.51 2.5 percent [+]
Consumer Credit 23700.27 22300 21800 21300 11395 39100 EUR Million [+]
Gasoline Prices 1.89 1.68 1.69 1.68 1.91 1.7 USD/Liter [+]
Households Debt To Gdp 58.90 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 58.90 61.2 61.4 61.9 64.33 73 Index Points [+]
Building Permits 864.00 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 30 29 percent [+]
Personal Income Tax Rate 48.00 48 48 48 46 48 percent [+]
Sales Tax Rate 24.00 24 24 24 24 23 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 [+]
CLIMATE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Temperature 5.00 7.12 9.35 19.81 17.38 9.06 celsius [+]
Precipitation 8.00 51.95 51.95 51.94 51.94 51.94 mm [+]