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 Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.40 0.1 0.3 0.4 0.3 0.6 percent [+]
Unemployment Rate 22.50 22 21.6 21.3 21 18.8 percent [+]
Inflation Rate 1.20 1 1.1 1.4 1.5 2 percent [+]
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Balance of Trade -1799.40 -1411 -1389 -1438 -1501 -1295 EUR Million [+]
Government Debt to GDP 179.00 178 178 178 177 174 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1.13 1.1 1.09 1.08 1.07 0.89 [+]
Stock Market 819.77 793 785 761 769 641 points [+]
Government Bond 10Y 5.51 5.94 6 6.06 6.12 7.06 percent [+]
2 Year Note Yield 3.94 7.84 7.92 7.99 8.07 9.31 [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.40 0.1 0.3 0.4 0.3 0.6 percent [+]
GDP Annual Growth Rate 0.40 0.5 0.9 1 1.2 2.1 percent [+]
GDP 194.85 198 198 198 202 212 USD Billion [+]
GDP Constant Prices 42827.30 46800 47000 47100 47300 49100 EUR Million [+]
Gross Fixed Capital Formation 5415.31 5860 5580 5860 5285 6430 EUR Million [+]
GDP per capita 22579.40 23400 23400 23400 23700 28500 USD [+]
GDP per capita PPP 24094.79 25200 25300 25500 25600 26600 USD [+]
GDP From Agriculture 1584.73 1870 1880 1760 1606 1890 EUR Million [+]
GDP From Construction 603.93 910 960 1170 853 2230 EUR Million [+]
GDP From Mining 4763.76 4550 4230 4250 4918 4505 EUR Million [+]
GDP From Public Administration 9266.54 9250 8990 9340 9256 9410 EUR Million [+]
GDP From Services 7545.09 10540 11280 9720 7644 10500 EUR Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 22.50 22 21.6 21.3 21 18.8 percent [+]
Employed Persons 3669.20 3640 3670 3680 3700 3990 Thousand [+]
Unemployed Persons 1079.72 1080 1060 1040 1020 950 Thousand [+]
Part Time Employment 385.20 376 377 378 380 396 Thousand [+]
Full Time Employment 3274.10 3330 3360 3380 3400 3550 Thousand [+]
Employment Rate 77.26 78.8 79 79.2 79.4 81.2 percent [+]
Long Term Unemployment Rate 16.90 16.5 16.2 16 15.8 12.9 percent [+]
Youth Unemployment Rate 46.60 45.8 45.2 44.8 44.4 38 percent [+]
Labour Costs 88.80 88.6 79.5 95.6 89 96.6 Index Points [+]
Job Vacancies 6315.00 15400 12700 9500 11076 16300 [+]
Minimum Wages 683.76 684 684 684 684 684 EUR/Month [+]
Population 10.78 10.74 10.74 10.74 10.67 10.56 Million [+]
Retirement Age Women 67.00 67 67 67 67 67 [+]
Retirement Age Men 67.00 67 67 67 67 67 [+]
Employment Change 1.00 0.3 0.3 0.4 0.4 0.5 percent [+]
Wages 1092.01 1107 1110 1115 1118 1145 EUR/Month [+]
Wages High Skilled 1370.00 1320 1370 1370 1418 1540 EUR/Month [+]
Wages Low Skilled 786.00 720 770 770 810 950 EUR/Month [+]
Productivity 90.20 93.6 99.8 93.8 91.2 95.6 Index Points [+]
Labor Force Participation Rate 51.90 52 52 52.2 52.2 53.2 percent [+]
Living Wage Family 623.00 700 750 750 800 1250 EUR/Month [+]
Living Wage Individual 474.60 475 490 490 471 690 EUR/Month [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 1.20 1 1.1 1.4 1.5 2 percent [+]
Harmonised Consumer Prices 101.56 103 105 107 109 124 Index Points [+]
Consumer Price Index CPI 106.06 108 110 112 114 127 Index Points [+]
Core Consumer Prices 99.50 99 101 103 105 123 Index Points [+]
Core Inflation Rate 0.10 -0.2 0.3 0.5 0.7 2.4 percent [+]
GDP Deflator 95.34 95.7 95.7 95.7 96.2 101 Index Points [+]
Producer Prices 102.70 106 108 110 112 125 Index Points [+]
Producer Prices Change 7.90 9.5 7.2 4.2 3.6 2 percent [+]
Import Prices 96.19 95 96 98 99 111 Index Points [+]
Cpi Housing Utilities 120.31 120 120 120 120 120 Index Points [+]
Cpi Transportation 122.17 123 125 126 128 142 Index Points [+]
Food Inflation -0.10 1.8 2 2.2 2.1 2.4 percent [+]
Inflation Rate Mom -0.90 0.3 0.4 0.4 0.3 0.5 percent [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Interbank Rate -0.33 -0.32 -0.23 -0.16 -0.04 0.75 percent [+]
Money Supply M0 29015.00 29200 29600 31400 32000 39900 EUR Million [+]
Money Supply M1 107902.00 112000 115000 119000 122000 155000 EUR Million [+]
Money Supply M2 157503.00 164000 169000 172000 175000 199000 EUR Million [+]
Money Supply M3 158995.00 163000 168000 173000 178000 214000 EUR Million [+]
Foreign Exchange Reserves 6259.00 6890 6179 7110 6185 8900 EUR Million [+]
Banks Balance Sheet 339872.50 342000 337000 332000 329000 371000 EUR Million [+]
Loans to Private Sector 93829.76 91500 90700 89400 88800 101000 EUR Million [+]
Central Bank Balance Sheet 142263.00 139000 137000 134000 132000 175000 EUR Million [+]
Private Debt to GDP 136.61 136 136 136 135 131 percent [+]
Loan Growth -1.70 -1 -0.6 -0.2 0.2 1.5 percent [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -1799.40 -1411 -1389 -1438 -1501 -1295 EUR Million [+]
Exports 2321.10 2187 2296 2314 2121 2561 EUR Million [+]
Imports 4120.50 3598 3685 3752 3622 3856 EUR Million [+]
Current Account -461.70 1200 980 -950 -780 -450 EUR Million [+]
Current Account to GDP -0.60 -1.5 -1.5 -1.5 -1 -0.2 percent [+]
External Debt 432392.38 442000 447000 456000 459000 489000 EUR Million [+]
Capital Flows -872.19 580 180 -300 -194 -360 EUR Million [+]
Remittances 73.40 71.5 64.8 67.2 79.28 89.3 EUR Million [+]
Gold Reserves 112.84 113 113 113 113 113 Tonnes [+]
Crude Oil Production 3.00 2 2 2 2 2 BBL/D/1K [+]
Foreign Direct Investment 264.10 110 -75.2 122 142 150 EUR Million [+]
Terrorism Index 4.22 4.22 4.22 4.22 4.22 4.22 [+]
Tourism Revenues 483.70 1912 2242 217 222 275 EUR Million [+]
Tourist Arrivals 360461.00 2568000 2625000 355000 366000 465000 persons [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 179.00 178 178 178 177 174 percent [+]
Government Budget 0.70 1 1 1 0.5 0.6 percent of GDP [+]
Government Budget Value 222.60 -1010 -1890 -3680 200 -1610 EUR Million [+]
Government Spending 9413.40 9900 9800 11600 9468 12200 EUR Million [+]
Government Spending to GDP 49.00 48.5 48.5 48.5 48 44 percent [+]
Government Revenues 18684.00 23140 34380 51560 12520 53730 EUR Million [+]
Government Debt 326528.89 329000 332000 336000 338000 362000 EUR Million [+]
Fiscal Expenditure 19924.00 24150 36270 55240 12320 55340 EUR Million [+]
Asylum Applications 4755.00 4900 5100 6500 2950 2500 persons [+]
Military Expenditure 4986.10 5346 5317 5288 5404 6324 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence 93.20 95.2 97.1 98 98.8 105 [+]
Manufacturing PMI 49.60 48.2 49.7 50.2 51 53.2 [+]
Industrial Production 1.00 6.5 4.2 3.8 3.6 2.2 percent [+]
Industrial Production Mom -2.60 2.6 -0.4 1.8 -0.4 1.2 percent [+]
Manufacturing Production 0.10 4.2 3.8 3.6 3.4 1.9 percent [+]
Capacity Utilization 68.50 67.7 67.9 68.2 68.5 73.6 percent [+]
New Orders -27.00 -22 -18 -16 -14 -4 percent [+]
Car Registrations 10660.00 9120 6680 7230 10529 8650 Cars [+]
Changes In Inventories -517.26 -620 -451 -353 -375 -358 EUR Million [+]
Competitiveness Index 4.00 4 4 4 4.08 4.16 Points [+]
Competitiveness Rank 86.00 86 86 86 85 83 [+]
Ease of Doing Business 61.00 60 60 60 59 57 [+]
Electricity Production 3275.00 4170 4010 4400 4026 4460 Gigawatt-hour [+]
Corruption Index 44.00 45 45 45 46 48 Points [+]
Corruption Rank 69.00 68 68 68 67 65 [+]
Steel Production 130.00 93 89 98 111 110 Thousand Tonnes [+]
Mining Production 13.20 -3.9 -1.2 -0.8 0.5 1.4 percent [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Confidence -69.70 -68 -64 -59 -54 -32 [+]
Retail Sales MoM -3.70 0.8 -0.7 1.2 -0.6 1.4 percent [+]
Retail Sales YoY -1.00 0.3 0.4 0.6 0.8 2 percent [+]
Consumer Spending 30812.00 33100 32200 32400 31222 37600 EUR Million [+]
Private Sector Credit 193151.99 189000 186000 182000 178000 215000 EUR Million [+]
Consumer Credit 24271.98 23200 22900 22300 21800 39100 EUR Million [+]
Bank Lending Rate 4.57 5 4.8 4.5 4.2 2.5 percent [+]
Gasoline Prices 1.86 1.67 1.66 1.68 1.69 1.7 USD/Liter [+]
Households Debt To Gdp 60.30 59.3 58.7 58 57.6 51.9 percent of GDP [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Housing Index 59.60 60 60.5 61.2 61.4 73 Index Points [+]
Building Permits 1344.00 1100 1120 1290 850 2740 units [+]
Home Ownership Rate 75.10 73.6 73.6 73.6 73.2 72 percent [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 29.00 29 29 29 29 29 percent [+]
Personal Income Tax Rate 48.00 48 48 48 48 48 percent [+]
Sales Tax Rate 24.00 24 24 24 24 24 percent [+]
Social Security Rate 40.06 40.06 40.06 40.06 40.06 40.06 percent [+]
Social Security Rate For Companies 24.56 24.56 24.56 24.56 24.56 24.56 percent [+]
Social Security Rate For Employees 15.50 15.5 15.5 15.5 15.5 15.5 percent [+]