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 Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Growth Rate 0.30 0.3 0.2 0.3 0.5 0.6 percent
Unemployment Rate 20.90 20.5 19.7 19.5 19.2 16.5 percent
Inflation Rate -0.20 0.4 0.9 1.1 1.2 2 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -1603.70 -2110 -1600 -1370 -1600 -1630 EUR Million
Government Debt to GDP 179.00 177 177 177 177 174 percent
MARKETS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Currency 1.23
1.21 1.19 1.17 1.15 1.07
Stock Market 844.12
points
815 780 747 715 505
Government Bond 10Y 4.40
percent
3.9 4.14 4.4 4.68 5.97
GDP Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Growth Rate 0.30
percent
0.3 0.2 0.3 0.5 0.6
GDP Annual Growth Rate 1.30
percent
1.2 1.5 1.8 2 2.1
GDP 194.56
USD Billion
202 202 202 202 212
GDP Constant Prices 49772.20
EUR Million
50100 50500 51100 51700 57600
Gross Fixed Capital Formation 5106.05
EUR Million
5150 5200 5250 5300 5910
GDP per capita 22736.46
USD
23700 23700 23700 23700 25500
GDP per capita PPP 24263.88
USD
25600 25600 25600 25600 26200
GDP From Agriculture 1479.70
EUR Million
1710 1750 1520 1580 1690
GDP From Construction 1201.77
EUR Million
750 990 1250 1820 2230
GDP From Mining 5651.08
EUR Million
5100 5490 5690 5200 5600
GDP From Public Administration 8903.98
EUR Million
9050 8980 8850 8920 8990
GDP From Services 11105.16
EUR Million
7100 9100 11550 8550 9900
LABOUR Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Unemployment Rate 20.90
percent
20.5 19.7 19.5 19.2 16.5
Employed Persons 3675.30
Thousand
3700 3720 3740 3780 3990
Unemployed Persons 1026.80
Thousand
1020 1000 1000 990 950
Part Time Employment 361.20
Thousand
380 382 383 385 396
Full Time Employment 3462.50
Thousand
3500 3540 3580 3600 3700
Employment Rate 78.16
percent
79.4 79.5 79.6 79.8 81.2
Long Term Unemployment Rate 15.30
percent
15 14.6 14.2 13.8 12.5
Youth Unemployment Rate 43.70
percent
42.4 42 41.6 41.2 36
Labour Costs 79.10
Index Points
89 89.9 80.1 95.9 96.6
Job Vacancies 11188.00
18500 14700 11200 12500 16300
Minimum Wages 683.76
EUR/Month
684 684 684 684 684
Population 10.76
Million
10.67 10.67 10.67 10.67 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 52.30
percent
52.2 52.5 52.6 52.7 53.2
Living Wage Family 1020.00
EUR/Month
1050 1050 1050 1050 1250
Living Wage Individual 580.00
EUR/Month
580 580 580 580 690
Productivity 98.20
Index Points
91.2 93.8 94 94.4 95.6
Wages 1092.01
EUR/Month
1150 1150 1170 1170 1250
Wages High Skilled 1600.00
EUR/Month
1650 1700 1700 1700 1700
Wages Low Skilled 747.00
EUR/Month
800 800 800 800 820
Employment Change 0.10
percent
0.4 0.4 0.5 0.5 0.5
PRICES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Inflation Rate -0.20
percent
0.4 0.9 1.1 1.2 2
Harmonised Consumer Prices 100.00
Index Points
101 102 103 105 115
Consumer Price Index CPI 104.55
Index Points
105 106 107 109 119
Core Consumer Prices 99.00
Index Points
100 101 102 104 115
Core Inflation Rate 0.40
percent
0.5 1.2 1.5 1.4 1.9
GDP Deflator 94.42
Index Points
96 96 96 96 102
Producer Prices 103.40
Index Points
104 105 107 109 120
Producer Prices Change 2.10
percent
2 2.2 1.9 2.1 2
Import Prices 100.55
Index Points
100 101 102 101 111
Inflation Rate Mom -1.60
percent
0.3 0.5 0.3 0.6 0.5
CPI Housing Utilities 119.20
Index Points
120 121 122 124 132
CPI Transportation 119.96
Index Points
120 121 122 124 136
Food Inflation -1.20
percent
0.6 1.1 1.5 1.7 2.4
MONEY Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Interbank Rate -0.33
percent
-0.2 -0.1 0.2 0.25 0.75
Money Supply M0 30070.00
EUR Million
32000 32700 32800 33100 39900
Money Supply M1 118918.00
EUR Million
122000 125000 127000 129000 155000
Money Supply M2 170305.00
EUR Million
175000 178000 179000 180000 199000
Money Supply M3 171039.00
EUR Million
178000 182000 184000 187000 214000
Foreign Exchange Reserves 6529.00
EUR Million
6512 6424 6341 7400 8900
Banks Balance Sheet 301452.74
EUR Million
299000 302000 306000 312000 342000
Loans to Private Sector 88766.70
EUR Million
88800 88400 89500 89600 101000
Loan Growth -1.60
percent
-1.2 -0.4 0.5 0.9 1.5
Private Debt to GDP 136.61
percent
130 130 130 130 119
Central Bank Balance Sheet 124566.00
EUR Million
122000 126000 128000 132000 155000
TRADE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Balance of Trade -1603.70
EUR Million
-2110 -1600 -1370 -1600 -1630
Exports 2613.30
EUR Million
2680 2420 2450 2650 2750
Imports 4217.00
EUR Million
4790 4020 3820 4250 4380
Current Account -1241.44
EUR Million
-780 1210 1320 -840 -450
Current Account to GDP -1.10
percent
-1 -1 -1 -1 -0.2
External Debt 415919.49
EUR Million
425000 432000 436000 441000 465000
Capital Flows -200.99
EUR Million
-1020 650 1450 -280 -360
Remittances 89.70
EUR Million
81 82 62 79 89
Gold Reserves 112.94
Tonnes
113 113 113 114 115
Terrorism Index 4.14
4.14 4.14 4.14 4.14 4.14
Tourism Revenues 182.20
EUR Million
222 2150 2680 230 275
Tourist Arrivals 347476.00
persons
366000 2611000 2851000 401000 465000
Crude Oil Production 2.00
BBL/D/1K
2 2 2 2 2
Foreign Direct Investment 286.10
EUR Million
151 149 148 133 150
GOVERNMENT Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Government Debt to GDP 179.00
percent
177 177 177 177 174
Government Budget 0.70
percent of GDP
0.5 0.5 0.5 0.5 0.6
Government Budget Value -3493.20
EUR Million
200 -890 530 250 390
Government Spending 9750.70
EUR Million
9150 9750 9680 10500 11500
Government Spending to GDP 49.00
percent
48 48 48 48 44
Government Revenues 4784.00
EUR Million
12520 23320 37250 55510 55730
Government Debt 328703.84
EUR Million
338000 340000 342000 346000 362000
Fiscal Expenditure 3176.00
EUR Million
12320 24210 36720 55260 55340
Military Expenditure 4986.10
USD Million
5421 5395 5369 5342 6469
Asylum Applications 6205.00
persons
2950 4800 4500 5400 2500
BUSINESS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Business Confidence 101.90
Index Points
102 104 105 107 105
Manufacturing PMI 55.20
54.5 54.4 54 53.8 54
Industrial Production 0.20
percent
1.5 2 2.2 1.9 2.2
Industrial Production Mom 0.80
percent
-0.4 2 -0.7 1.6 1.2
Manufacturing Production 6.30
percent
3.4 3.2 3 2.8 2.1
Capacity Utilization 70.50
percent
70.5 70.7 70.9 71.1 74
New Orders -11.00
percent
-14 -12 -10 -8 -4
Car Registrations 8876.00
9500 10200 6100 6650 8650
Internet Speed 7862.25
KBps
7544 7390 7458 7452 6931
IP Addresses 3133476.00
IP
3162366 3158626 3170941 3169369 3005727
Mining Production -8.80
percent
-4.2 -0.6 0.5 1 1.4
Steel Production 110.00
Thousand Tonnes
90 125 50 120 136
Changes In Inventories -87.15
EUR Million
128 152 189 210 234
Competitiveness Index 4.02
Points
4.02 4.02 4.02 4.02 4.11
Competitiveness Rank 87.00
87 87 87 87 85
Ease of Doing Business 67.00
66 66 66 66 64
Electricity Production 4260.00
Gigawatt-hour
3800 4300 4000 5100 5150
Corruption Index 44.00
Points
46 46 46 46 48
Corruption Rank 69.00
67 67 67 67 65
CONSUMER Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Consumer Confidence -51.00
Index Points
-54 -50 -49 -47 -32
Retail Sales MoM -1.10
percent
-0.6 0.7 -0.8 1.5 1.4
Retail Sales YoY -2.90
percent
0.8 1 1.2 1.5 2
Consumer Spending 31993.30
EUR Million
32200 32400 32600 33600 37600
Private Sector Credit 183848.00
EUR Million
178000 179000 184000 191000 215000
Bank Lending Rate 4.69
percent
4.7 4.7 4.9 4.9 4.5
Consumer Credit 22249.44
EUR Million
21800 21300 22400 26100 39100
Gasoline Prices 1.98
USD/Liter
1.95 1.97 1.96 1.99 1.94
Households Debt To Gdp 58.90
percent of GDP
58 58 58 58 51.9
HOUSING Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Housing Index 58.90
Index Points
61.4 61.9 62.6 64 73
Building Permits 1302.00
units
1380 1250 1140 1320 2740
Home Ownership Rate 73.90
percent
73.2 73.2 73.2 73.2 72
TAXES Actual Q1/18 Q2/18 Q3/18 Q4/18 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 Q1/18 Q2/18 Q3/18 Q4/18 2020
Temperature 5.93
celsius
7.09 17.57 23.19 11.38 15.13
Precipitation 8.87
mm
71.69 40.96 23.49 89.87 57.76