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 -1.20 0.1 0.3 0.4 0.3 0.6 percent [+]
Unemployment Rate 23.50 22.5 22.2 21.9 21.7 19.8 percent [+]
Inflation Rate 1.70 1.7 2 2.2 1.9 2 percent [+]
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Balance of Trade -1977.80 -1411 -1389 -1438 -1501 -1295 EUR Million [+]
Government Debt to GDP 179.00 175 175 175 172 166 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1.09 1.06 1.05 1.04 1.03 0.86 [+]
Stock Market 701.56 657 650 630 637 531 points [+]
Government Bond 10Y 6.44 7.04 7.11 7.18 7.25 8.36 percent [+]
2 Year Note Yield 6.75 7.84 7.92 7.99 8.07 9.31 [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate -1.20 0.1 0.3 0.4 0.3 0.6 percent [+]
GDP Annual Growth Rate -1.10 0.5 0.9 1 1.2 2.1 percent [+]
GDP 194.85 198 198 198 202 212 USD Billion [+]
GDP Constant Prices 45855.20 46800 47000 47100 47300 49100 EUR Million [+]
Gross Fixed Capital Formation 5444.91 5860 5580 5860 5764 6430 EUR Million [+]
GDP per capita 22573.42 23200 23300 23400 23500 28500 USD [+]
GDP per capita PPP 24535.49 25200 25300 25500 25600 26600 USD [+]
GDP From Agriculture 1679.07 1870 1880 1760 1600 1890 EUR Million [+]
GDP From Construction 1579.64 910 960 1170 1309 2230 EUR Million [+]
GDP From Mining 4707.04 4550 4230 4250 4577 4505 EUR Million [+]
GDP From Public Administration 9197.78 9250 8990 9340 9251 9410 EUR Million [+]
GDP From Services 8356.31 10540 11280 9720 7151 10500 EUR Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 23.50 22.5 22.2 21.9 21.7 19.8 percent [+]
Employed Persons 3603.40 3640 3670 3680 3700 3990 Thousand [+]
Unemployed Persons 1136.20 1080 1060 1040 1020 950 Thousand [+]
Part Time Employment 374.30 376 377 378 380 396 Thousand [+]
Full Time Employment 3274.30 3330 3360 3380 3400 3550 Thousand [+]
Employment Rate 76.03 78.8 79 79.2 79.4 81.2 percent [+]
Long Term Unemployment Rate 16.70 16.5 16.2 16 15.8 12.9 percent [+]
Youth Unemployment Rate 48.00 45.8 45.2 44.8 44.4 38 percent [+]
Labour Costs 95.10 88.6 79.5 95.6 89 96.6 Index Points [+]
Job Vacancies 15689.00 15400 12700 9500 12846 16300 [+]
Minimum Wages 683.76 684 684 684 684 684 EUR/Month [+]
Population 10.78 10.62 10.58 10.54 10.54 10.34 Million [+]
Retirement Age Women 67.00 67 67 67 67 67 [+]
Retirement Age Men 67.00 67 67 67 67 67 [+]
Employment Change -0.90 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 93.60 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 1.70 1.7 2 2.2 1.9 2 percent [+]
Harmonised Consumer Prices 101.06 103 105 107 109 124 Index Points [+]
Consumer Price Index CPI 106.33 108 110 112 114 127 Index Points [+]
Core Consumer Prices 97.40 99 101 103 105 123 Index Points [+]
Core Inflation Rate -0.60 -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 103.40 106 108 110 112 125 Index Points [+]
Producer Prices Change 11.30 9.5 7.2 4.2 3.6 2 percent [+]
Import Prices 97.37 95 96 98 99 111 Index Points [+]
Cpi Transportation 121.64 123 125 126 128 142 Index Points [+]
Food Inflation 1.60 1.8 2 2.2 2.1 2.4 percent [+]
Inflation Rate Mom 1.80 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 28714.00 29200 29600 31400 32000 39900 EUR Million [+]
Money Supply M1 108246.00 112000 115000 119000 122000 155000 EUR Million [+]
Money Supply M2 158133.00 164000 169000 172000 175000 199000 EUR Million [+]
Money Supply M3 159588.00 163000 168000 173000 178000 214000 EUR Million [+]
Foreign Exchange Reserves 6448.00 6890 6410 7110 6415 8900 EUR Million [+]
Banks Balance Sheet 347664.79 342000 337000 332000 329000 371000 EUR Million [+]
Loans to Private Sector 93903.65 91500 90700 89400 88800 101000 EUR Million [+]
Central Bank Balance Sheet 141913.00 139000 137000 134000 132000 175000 EUR Million [+]
Private Debt to GDP 139.94 138 137 135 134 125 percent [+]
Loan Growth -1.40 -1 -0.6 -0.2 0.2 1.5 percent [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -1977.80 -1411 -1389 -1438 -1501 -1295 EUR Million [+]
Exports 2107.40 2187 2296 2314 2121 2561 EUR Million [+]
Imports 4085.20 3598 3685 3752 3622 3856 EUR Million [+]
Current Account -936.90 1200 980 -950 -780 -450 EUR Million [+]
Current Account to GDP -1.80 -1.5 -1.5 -1.5 -1 -0.2 percent [+]
External Debt 432392.38 442000 447000 456000 459000 489000 EUR Million [+]
Capital Flows -11.44 580 180 -300 125 -360 EUR Million [+]
Remittances 70.10 71.5 64.8 67.2 83.6 89.3 EUR Million [+]
Gold Reserves 112.81 113 113 113 113 113 Tonnes [+]
Crude Oil Production 4.00 2 2 2 2 2 BBL/D/1K [+]
Foreign Direct Investment 78.80 110 -75.2 122 140 150 EUR Million [+]
Terrorism Index 4.22 4.22 4.22 4.22 4.22 4.22 [+]
Tourism Revenues 145.10 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 179.00 175 175 175 172 166 percent [+]
Government Budget 0.70 1 1 1 0.5 0.6 percent of GDP [+]
Government Budget Value 423.00 -1010 -1890 -3680 200 -1610 EUR Million [+]
Government Spending 10777.50 9900 9800 11600 9445 12200 EUR Million [+]
Government Spending to GDP 49.00 48.5 48.5 48.5 48 44 percent [+]
Government Revenues 11415.00 23140 34380 51560 12520 53730 EUR Million [+]
Government Debt 326358.14 329000 332000 336000 338000 362000 EUR Million [+]
Fiscal Expenditure 12781.00 24150 36270 55240 12320 55340 EUR Million [+]
Asylum Applications 6260.00 4900 5100 6500 2950 2500 persons [+]
Military Expenditure 6104.20 5969 6145 6320 6326 6265 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence 93.40 95.2 97.1 98 98.8 105 [+]
Manufacturing PMI 46.70 48.2 49.7 50.2 51 53.2 [+]
Industrial Production 10.80 6.5 4.2 3.8 3.6 2.2 percent [+]
Industrial Production Mom -0.60 2.6 -0.4 1.8 -0.4 1.2 percent [+]
Manufacturing Production 6.10 4.2 3.8 3.6 3.4 1.9 percent [+]
Capacity Utilization 67.10 67.7 67.9 68.2 68.5 73.6 percent [+]
New Orders -25.00 -22 -18 -16 -14 -4 percent [+]
Car Registrations 9435.00 9120 6680 7230 8305 8650 Cars [+]
Changes In Inventories -724.72 -535 -407 -290 -346 -329 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 5176.00 4170 4010 4400 4412 4460 Gigawatt-hour [+]
Corruption Index 44.00 45 45 45 46 48 Points [+]
Corruption Rank 69.00 68 68 68 67 65 [+]
Steel Production 80.00 93 89 98 105 110 Thousand Tonnes [+]
Mining Production 8.90 -3.9 -1.2 -0.8 0.5 1.4 percent [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Confidence -74.40 -68 -64 -59 -54 -32 [+]
Retail Sales MoM 0.10 0.8 -0.7 1.2 -0.6 1.4 percent [+]
Retail Sales YoY -0.10 0.3 0.4 0.6 0.8 2 percent [+]
Consumer Spending 32693.20 33100 32200 32400 31848 37600 EUR Million [+]
Private Sector Credit 193996.30 189000 186000 182000 178000 215000 EUR Million [+]
Consumer Credit 24524.73 23200 22900 22300 21800 39100 EUR Million [+]
Bank Lending Rate 4.94 5 4.8 4.5 4.2 2.5 percent [+]
Gasoline Prices 1.65 1.67 1.66 1.68 1.69 1.7 USD/Liter [+]
Households Debt To Gdp 60.90 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 769.00 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 [+]