Greece - Economic Forecasts - 2018-2020 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 Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Growth Rate 0.10 0.2 0.3 0.5 0.4 0.6 percent
Unemployment Rate 20.60 20.3 20 19.1 18.2 16 percent
Inflation Rate -0.20 0.1 0.3 0.5 1.3 2 percent
Interest Rate 0.00 0 0 0.25 0.25 0.75 percent
Balance of Trade -1719.40 -1600 -1370 -1600 -2110 -1630 EUR Million
Government Debt to GDP 179.00 177 177 177 176 174 percent
MARKETS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Currency 1.24
1.21 1.19 1.17 1.15 1.08
Stock Market 842.45
points
747 716 686 658 555
Government Bond 10Y 4.01
percent
4.37 4.65 4.95 5.27 6.77
GDP Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Growth Rate 0.10
percent
0.2 0.3 0.5 0.4 0.6
GDP Annual Growth Rate 1.90
percent
1.5 1.8 2 1.5 2.1
GDP 194.56
USD Billion
202 202 202 207 212
GDP Constant Prices 46797.60
EUR Million
47674 50305 47734 43762 49662
Gross Fixed Capital Formation 6857.30
EUR Million
5582 5414 6994 5770 7277
GDP per capita 22736.46
USD
23700 23700 23700 24100 25500
GDP per capita PPP 24263.88
USD
25600 25600 25600 25900 26200
GDP From Agriculture 1608.08
EUR Million
1649 1493 1640 1700 1707
GDP From Construction 1908.43
EUR Million
973 1213 1947 738 2025
GDP From Mining 5202.44
EUR Million
5481 5722 5306 5147 5521
GDP From Public Administration 9052.77
EUR Million
9067 9048 9234 9255 9607
GDP From Services 7768.25
EUR Million
9085 11208 7924 7143 8244
LABOUR Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Unemployment Rate 20.60
percent
20.3 20 19.1 18.2 16
Employed Persons 3756.60
Thousand
3720 3740 3780 3800 3990
Unemployed Persons 993.40
Thousand
1000 1000 990 980 950
Part Time Employment 356.40
Thousand
382 383 385 386 396
Full Time Employment 3380.00
Thousand
3540 3580 3600 3610 3700
Employment Rate 79.09
percent
79.5 79.6 79.8 79.9 81.2
Long Term Unemployment Rate 15.30
percent
14.6 14.2 13.8 13.6 12.5
Youth Unemployment Rate 45.00
percent
42 41.6 41.2 41 36
Labour Costs 94.10
Index Points
89.9 80.1 95.9 89.1 96.6
Job Vacancies 2825.00
14700 11200 12500 18900 16300
Minimum Wages 683.76
EUR/Month
684 684 684 684 684
Population 10.76
Million
10.67 10.67 10.67 10.6 10.56
Retirement Age Women 67.00
67 67 67 67 67
Retirement Age Men 67.00
67 67 67 67 67
Labor Force Participation Rate 51.80
percent
52.5 52.6 52.7 52.7 53.2
Living Wage Family 1020.00
EUR/Month
1050 1050 1050 1070 1250
Living Wage Individual 580.00
EUR/Month
580 580 580 620 690
Productivity 93.00
Index Points
93.8 94 94.4 94.6 95.6
Wages High Skilled 1600.00
EUR/Month
1700 1700 1700 1650 1700
Wages Low Skilled 747.00
EUR/Month
800 800 800 780 820
Employment Change -0.10
percent
0.4 0.5 0.5 0.4 0.5
PRICES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Inflation Rate -0.20
percent
0.1 0.3 0.5 1.3 2
Harmonised Consumer Prices 101.26
Index Points
103 103 102 103 106
Consumer Price Index CPI 106.08
Index Points
107 107 108 108 112
Core Consumer Prices 97.30
Index Points
102 101 101 98.86 105
Core Inflation Rate -0.10
percent
1.2 1.5 1.4 1.6 1.9
GDP Deflator 95.00
Index Points
96 96 96 98 102
Producer Prices 102.90
Index Points
102 105 106 108 110
Producer Prices Change -0.40
percent
2.2 1.9 2.1 2.3 2
Import Prices 100.32
Index Points
101 102 101 103 111
Inflation Rate Mom 1.50
percent
0.5 0.3 0.6 0.4 0.5
CPI Housing Utilities 118.71
Index Points
121 120 121 123 125
CPI Transportation 122.62
Index Points
124 121 123 123 127
Food Inflation -0.80
percent
1.1 1.5 1.7 1.8 2.4
MONEY Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Interest Rate 0.00
percent
0 0 0.25 0.25 0.75
Interbank Rate -0.33
percent
-0.33 -0.33 -0.08 -0.08 0.43
Money Supply M0 29857.00
EUR Million
32700 32800 33100 33700 39900
Money Supply M1 113702.00
EUR Million
125000 127000 129000 132000 155000
Money Supply M2 165838.00
EUR Million
178000 179000 180000 182000 199000
Money Supply M3 166642.00
EUR Million
182000 184000 187000 191000 214000
Foreign Exchange Reserves 6631.00
EUR Million
6411 6421 7400 6418 8900
Banks Balance Sheet 299209.78
EUR Million
302000 306000 312000 316000 342000
Loans to Private Sector 87850.17
EUR Million
88400 89500 89600 90100 101000
Loan Growth -1.60
percent
-0.4 0.5 0.9 1 1.5
Private Debt to GDP 136.61
percent
130 130 130 125 119
Central Bank Balance Sheet 119335.00
EUR Million
126000 128000 132000 136000 155000
TRADE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Balance of Trade -1719.40
EUR Million
-1600 -1370 -1600 -2110 -1630
Exports 2416.40
EUR Million
2420 2450 2650 2710 2750
Imports 4135.80
EUR Million
4020 3820 4250 4820 4380
Current Account -585.82
EUR Million
820 1340 -1100 -1200 -780
Current Account to GDP -0.80
percent
-1 -1 -1 -0.5 -0.2
External Debt 404994.61
EUR Million
432000 436000 441000 444000 465000
Capital Flows -18.76
EUR Million
650 1450 -280 -820 -360
Remittances 87.80
EUR Million
82 62 79 85 89
Gold Reserves 112.90
Tonnes
113 113 113 113 113
Terrorism Index 4.14
4.14 4.14 4.14 4.14 4.14
Tourism Revenues 153.10
EUR Million
2150 2680 230 228 275
Tourist Arrivals 307050.00
persons
2611000 2851000 401000 372000 465000
Crude Oil Production 4.00
BBL/D/1K
2 2 2 2 2
Foreign Direct Investment 171.20
EUR Million
252 246 133 277 150
GOVERNMENT Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Government Debt to GDP 179.00
percent
177 177 177 176 174
Government Budget 0.70
percent of GDP
0.5 0.5 0.5 0.4 0.6
Government Budget Value -35.30
EUR Million
-890 530 250 410 390
Government Spending 10968.40
EUR Million
9949 9952 11188 9379 11640
Government Spending to GDP 49.00
percent
48 48 48 46 44
Government Revenues 8976.00
EUR Million
23320 37250 55510 12620 55730
Government Debt 328703.84
EUR Million
340000 342000 346000 349000 362000
Fiscal Expenditure 7433.00
EUR Million
24210 36720 55260 12210 55340
Military Expenditure 4986.10
USD Million
5022 4982 4942 4929 4915
Asylum Applications 4635.00
persons
4800 4500 5400 2800 2500
BUSINESS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Business Confidence 99.80
Index Points
104 105 107 106 105
Manufacturing PMI 55.00
53.4 53.4 53.8 53.4 54
Industrial Production -2.00
percent
2 2.2 1.9 2.5 2.2
Industrial Production Mom -2.00
percent
2 -0.7 1.6 -0.8 1.2
Manufacturing Production 0.20
percent
3.2 3 2.8 2.5 2.1
Capacity Utilization 71.60
percent
70.7 70.9 71.1 71.4 74
New Orders -5.00
percent
-12 -10 -8 -7 -4
Car Registrations 11049.00
10200 6100 6650 10100 8650
Internet Speed 7862.25
KBps
7483 7229 7602 7796 7668
IP Addresses 3133476.00
IP
3064921 3062959 3062881 3057048 3019259
Mining Production -12.60
percent
-0.6 0.5 1 1.5 1.4
Steel Production 115.00
Thousand Tonnes
125 50 120 95 136
Changes In Inventories -1084.11
EUR Million
-542 -368 -443 -411 -420
Competitiveness Index 4.02
Points
4.02 4.02 4.02 4.07 4.11
Competitiveness Rank 87.00
87 87 87 86 85
Ease of Doing Business 67.00
66 66 66 65 64
Electricity Production 4034.00
Gigawatt-hour
4300 4000 5100 3870 5150
Corruption Index 48.00
Points
46 46 46 47 48
Corruption Rank 59.00
67 67 67 66 65
CONSUMER Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Consumer Confidence -52.80
Index Points
-50 -49 -47 -44 -32
Retail Sales MoM -0.10
percent
0.7 -0.8 1.5 -0.4 1.4
Retail Sales YoY 1.50
percent
1 1.2 1.5 1.5 2
Consumer Spending 32008.80
EUR Million
32740 32258 32649 31117 33968
Private Sector Credit 182428.25
EUR Million
179000 184000 191000 195000 215000
Bank Lending Rate 4.64
percent
4.7 4.9 4.9 5 4.5
Consumer Credit 22173.71
EUR Million
21300 22400 26100 26900 39100
Gasoline Prices 1.94
USD/Liter
1.77 1.66 1.55 1.78 1.04
Households Debt To Gdp 58.30
percent of GDP
58 58 58 54.9 51.9
HOUSING Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Housing Index 59.20
Index Points
61.1 61.5 62 62.5 66
Building Permits 926.00
units
1250 1140 1320 1400 2740
Home Ownership Rate 73.90
percent
73.2 73.2 73.2 72.7 72
TAXES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Corporate Tax Rate 29.00
percent
29 29 29 29 29
Personal Income Tax Rate 45.00
percent
45 45 45 45 45
Sales Tax Rate 24.00
percent
24 24 24 24 24
Social Security Rate 40.06
percent
40.06 40.06 40.06 40.06 40.06
Social Security Rate For Companies 24.06
percent
24.06 24.06 24.06 24.06 24.06
Social Security Rate For Employees 16.00
percent
16 16 16 16 16
CLIMATE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Temperature 5.93
celsius
17.57 23.19 11.38 7.1 15.13
Precipitation 8.87
mm
40.96 23.49 89.87 71.83 57.76