GDP per capita in Greece
Greece - GDP per capita (Euros)
Growth slows in the final quarter of 2018
According to provisional data released by the Hellenic Statistical Authority (ELSTAT) on 7 March, the Greek economy lost steam in the final stretch of 2018. GDP expanded a modest 1.6% annually in Q4, decelerating from the 2.4% increase recorded in Q3. Notably, output declined 0.1% in quarter-on-quarter terms in Q4, the first quarterly contraction in two-and-a-half years (Q3: +1.0% quarter-on-quarter). For the year as a whole, growth came in at 1.9%, accelerating from the 1.5% expansion logged in 2017.
Waning domestic demand was behind the fourth-quarter moderation. Private consumption slowed markedly, growing a meager 0.5% year-on-year (Q3: +1.7% year-on-year). Austerity measures have constrained the purchasing power of households which, despite gradually declining unemployment and improving consumer confidence throughout the quarter, likely weighed on their expenditures. Meanwhile, fixed investment plunged yet again, falling a steep 25.9% in year-on-year terms (Q3: -22.5% yoy) amid still-weak business confidence. In addition, government spending contracted for the fourth consecutive quarter, declining 1.4% in Q4 (Q3: -4.5% year-on-year).
External sector metrics, however, improved in Q4. Exports of goods and services soared 12.2% annually, up from the 5.7% climb recorded in Q3 and the sharpest increase in three-and-a-half years. The strong reading was partly due to the booming tourism industry, which has become the country’s economic lifeline. Imports, on the other hand, lost steam and grew 6.8% year-on-year (Q3: +16.6% yoy), in part a reflection of weaker domestic demand.
Looking ahead, the economic recovery should broadly hold up momentum this year, propped up by improvements in the business environment and the gradual strengthening of household spending. A still-high proportion of non-performing loans in the banking system and stronger-than-expected slowdown in the Eurozone pose downside risks to the outlook.
Met the why particular analysts see GDP growing a moderate 1.9% in 2019, which is unchanged from last month’s forecast. In 2020, the panel expects growth to remain broadly stable at 1.8%.
Greece - GDP per capita (EUR) Data
|GDP per capita (EUR)||16,417||16,350||16,238||16,154||16,506|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||4.06||0.76 %||May 13|
|Exchange Rate||1.12||0.65 %||May 13|
|Stock Market||725||-1.46 %||May 13|
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May 11, 2019
Industrial production dipped 2.7% year-on-year in working-day adjusted terms in March, contrasting February’s revised 3.0% expansion (previously reported: +2.3% year-on-year) and marking the sharpest decline in three years.
May 9, 2019
The number of unemployed workers declined by 5,299 in February compared to January while the seasonally-adjusted unemployment rate ticked down to 18.5% from 18.6% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT).
May 2, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 54.7 in March to 56.6 in April, the highest reading since June 2000.
April 11, 2019
According to data released by the Hellenic Statistical Authority (ELSTAT), the number of unemployed workers rose by 3,990 in January compared to December while the seasonally-adjusted unemployment rate ticked up to 18.5% from 18.4% in the previous month.
April 9, 2019
Industrial production rose 2.3% year-on-year in working-day adjusted terms in February, following January’s revised 4.2% expansion (previously reported: +3.4% year-on-year).