Greece GDP Growth Rate

The Gross Domestic Product (GDP) in Greece expanded 0.20 percent in the first quarter of 2011 over the previous quarter. GDP Growth Rate in Greece is reported by the Hellenic Statistical Authority. From 2000 until 2011, Greece GDP Growth Rate averaged 0.5 Percent reaching an all time high of 3.8 Percent in March of 2003 and a record low of -2.8 Percent in December of 2010. Greece has a service based economy and is one of the top tourist destinations in the world. Following the entry to the European Union in 1980 and the Euro Area in 2000, the Greek economy had been recording high rates of growth. Yet, as this expansion had been fuelled mainly by the access to cheap credit and growth of public sector, in 2008 the budget deficit and sovereign debt had reached unsustainable levels. As a result, Greece faces the worst crisis since 1974 and tough reforms enforced by the IMF and the European Commission as part of the bailout programme are taking place. This page provides - Greece GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-16

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.20 -2.80 3.80 -2.80 -1.24 | 2011/06 2000 - 2011 Percent Quarterly

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Greece GDP Growth Rate
LIST BY COUNTRY

GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 0.20 2011-03-31 -2.80 3.80 -2.80 -1.24 2011-06-30 Percent [+]
GDP Annual Growth Rate -2.30 2013-12-31 -3.20 7.90 -9.20 -2.70 2014-03-31 Percent [+]
GDP per capita 18578.10 2012-12-31 19809.34 23431.47 5359.64 17273.03 2013-12-31 USD [+]
GDP per capita PPP 20921.93 2012-12-31 22308.50 26387.60 16068.94 19523.58 2013-12-31 USD [+]
GDP Constant Prices 40007.50 2013-11-15 43505.00 55318.10 37540.00 39537.16 2014-03-31 EUR Million [+]
Gross Fixed Capital Formation 3097.00 2013-06-15 2986.00 54910.00 -35582.00 -2492.72 2013-07-31 EUR Million [+]
GDP 249.10 2012-12-31 289.60 341.60 4.40 211.94 2013-12-31 USD Billion [+]
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GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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In October of 2013, Greece jobless rate slightly rose to a new record 27.8 percent, up from a revised 27.7 percent in September. A year ago, unemployment was recorded at 26.1 percent.
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The seasonally adjusted jobless rate in September of 2013 was 27.4 percent compared to 26.0 percent in September of 2012 and 27.3 percent in August.
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In October of 2013, Greece trade deficit increased to € 1.84 billion, from €1.54 billion in September, as exports fell while imports rose for the third consecutive month.
Greece Unemployment Rate Remained Unchanged in August  
In August, Greek jobless rate was 27.3 percent compared to 25.5 percent in August 2012 and 27.3 percent in July 2013. Youth unemployment grew to 60.6 percent.
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