Greece’s economy expanded by 1 percent on quarter in the three months to September 2018, easing from an upwardly revised 0.4 percent growth in the previous period. It was the fastest pace of expansion since the second quarter of 2017, driven by government spending (2.4 percent from -1.9 percent in Q2). On the other hand, household consumption contracted (-0.1 percent from 0.6 percent) and fixed investment shrank (-14.5 percent from 17.7 percent). In addition, net external demand contributed negatively to the expansion, as imports jumped 7.5 percent (from 5.3 percent in Q2) and exports rose 2.8 percent (from 3.6 percent in Q2). Year-on-year, gross domestic product advanced 2.2 percent, after a downwardly revised 1.7 percent gain in the second quarter. GDP Growth Rate in Greece averaged 0.23 percent from 1995 until 2018, reaching an all time high of 3.20 percent in the first quarter of 2006 and a record low of -4.80 percent in the first quarter of 2009.
GDP Growth Rate in Greece is expected to be 0.60 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 0.40 in 12 months time. In the long-term, the Greece GDP Growth Rate is projected to trend around 0.40 percent in 2020, according to our econometric models.