Greece's economy contracted by 0.7 percent on quarter in the final three months of 2019, reversing a revised 0.4 percent expansion in the previous period, due to a 9.7 percent slump in gross capital formation. Meanwhile, fixed investment and public spending rebounded while household consumption increased at a slightly faster pace. Net external demand also contributed positively to the GDP, as imports fell more than exports. On a yearly basis, the GDP growth slowed to 1 percent, the weakest since the first quarter of 2017. Considering 2019 full year, the economy expanded 1.9 percent, the same pace as in 2018.
GDP Growth Rate in Greece averaged 0.22 percent from 1995 until 2019, reaching an all time high of 3.30 percent in the first quarter of 2006 and a record low of -4.70 percent in the first quarter of 2009. This page provides the latest reported value for - Greece GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Greece GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2020.
GDP Growth Rate in Greece is expected to be -1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Greece to stand at 0.90 in 12 months time. In the long-term, the Greece GDP Growth Rate is projected to trend around 0.50 percent in 2021 and 0.40 percent in 2022, according to our econometric models.