Greece’s gross domestic product (GDP) in volume terms reached €201.5 billion in 2024, compared with €197.0 billion in 2023. At current prices, GDP was €237.6 billion in 2024, up from €225.2 billion in 2023. These annual figures from the Hellenic Statistical Authority (ELSTAT) show both real output growth and the effect of prices on the value of production.
Contents
- Annual GDP at a glance
- Quarterly GDP performance
- Consumption, investment and trade
- Growth outlook and domestic demand
- Exports, imports and external activity
- Employment and inflation indicators
- Government balance as a share of GDP
Annual GDP at a glance
ELSTAT’s annual national accounts release of March 7, 2025 reported that Greece’s 2024 GDP in volume terms increased 2.3% from 2023. Volume terms describe changes in output after removing the effect of price changes. On this measure, GDP rose from €197.0 billion to €201.5 billion.
GDP at current prices increased 5.5% in 2024, reaching €237.6 billion from €225.2 billion in 2023. Current-price GDP measures production using prices in the period being measured, so it is not the same concept as the volume measure. The two annual growth rates therefore provide different views of the economy: 2.3% for the change in volume and 5.5% for the change in current-price value.
| Measure | 2023 | 2024 | 2024 change |
|---|---|---|---|
| GDP in volume terms | €197.0 billion | €201.5 billion | 2.3% |
| GDP at current prices | €225.2 billion | €237.6 billion | 5.5% |
The annual national accounts figures describe the full calendar years 2023 and 2024. They should be read separately from forecasts: the 2023 figure is an observed real GDP growth rate in the OECD’s 2024 survey, while the OECD figures for later years are projections.
Quarterly GDP performance
The ELSTAT quarterly GDP release of March 7, 2025 gives a more detailed view of the end of 2024. In the fourth quarter of 2024, GDP in volume terms increased 0.9% compared with the third quarter. This is the quarter-on-quarter measure and captures the change between adjacent quarters.
Compared with the fourth quarter of 2023, GDP in volume terms increased 2.6% on a seasonally adjusted basis. On a non-seasonally adjusted basis, the year-on-year increase was 2.7%. These percentages are similar but not interchangeable because they use different treatments of recurring seasonal patterns.
The fourth-quarter figures can be summarized as follows:
- Real GDP increased 0.9% from Q3 2024 to Q4 2024.
- Real GDP increased 2.6% from Q4 2023 to Q4 2024 on a seasonally adjusted basis.
- Real GDP increased 2.7% from Q4 2023 to Q4 2024 on a non-seasonally adjusted basis.
The quarterly release also records a mixed pattern across expenditure components. Total final consumption expenditure decreased 0.4% from Q3 2024 and decreased 0.3% from Q4 2023. Gross fixed capital formation increased 5.3% from Q3 2024 and 9.0% from Q4 2023. This places investment growth above the corresponding changes in total consumption during the quarter.
Consumption, investment and trade
The OECD Economic Surveys: Greece 2024 reports private consumption growth of 1.8% in 2023 and 1.8% in 2024. It projects private consumption growth of 1.2% in 2025 and 1.4% in 2026. These estimates describe the annual change in household consumption, with the later numbers identified as projections rather than historical observations.
Government consumption growth was 2.6% in 2023. The OECD projected a contraction of 2.4% for 2024, followed by growth of 1.0% in 2025 and 0.9% in 2026. In the dataset, the 2024 value is explicitly a projection from the 2024 survey, so it is not presented here as a subsequently observed result.
Investment is the strongest growth category in the OECD outlook. Investment growth was 6.6% in 2023, and the survey projected 7.5% in 2024, 8.8% in 2025 and 9.5% in 2026. The quarterly ELSTAT data provide a separate, later reference point: gross fixed capital formation rose 5.3% quarter on quarter and 9.0% year on year in Q4 2024.
| Indicator | 2023 | 2024 | 2025 projection | 2026 projection |
|---|---|---|---|---|
| Private consumption growth | 1.8% | 1.8% | 1.2% | 1.4% |
| Government consumption growth | 2.6% | -2.4% | 1.0% | 0.9% |
| Investment growth | 6.6% | 7.5% | 8.8% | 9.5% |
The annual OECD series and the quarterly ELSTAT series use different periods and measures. The OECD table gives annual rates, while the ELSTAT release compares the fourth quarter with the previous quarter and with the same quarter a year earlier.
Growth outlook and domestic demand
The OECD recorded Greece’s real GDP growth at 2.3% in 2023. Its projections put real GDP growth at 2.2% in 2025 and 2.5% in 2026. The 2024 annual real GDP result reported by ELSTAT was also 2.3%, but it comes from the national accounts release rather than the OECD projection series.
The available demand-side indicators show different expected speeds. Private consumption is projected to grow 1.2% in 2025 and 1.4% in 2026. Investment is projected to grow 8.8% and 9.5% in those years, respectively. Government consumption is projected to grow 1.0% in 2025 and 0.9% in 2026.
This combination means the OECD forecast table assigns a larger numerical growth rate to investment than to private or government consumption. It does not, by itself, quantify each component’s contribution to total GDP growth, so no contribution estimate is inferred here.
Exports, imports and external activity
ELSTAT’s Q4 2024 release shows that exports of goods and services increased 0.9% from Q3 2024 and 3.6% from Q4 2023. Within the quarter-on-quarter result, exports of goods decreased 0.5%, while exports of services increased 2.2%. The combined export measure therefore moved differently from its goods component and its services component.
Imports of goods and services decreased 1.7% from Q3 2024 but increased 2.4% from Q4 2023. In the quarter-on-quarter comparison, imports of goods decreased 1.4% and imports of services decreased 2.1%.
The OECD’s annual growth series reports exports growth of 1.9% in 2023, with projections of 0.7% in 2024, 3.3% in 2025 and 2.7% in 2026. Imports growth was 0.9% in 2023, with projections of 6.0% in 2024, 3.3% in 2025 and 2.8% in 2026.
| External indicator | 2023 | 2024 | 2025 projection | 2026 projection |
|---|---|---|---|---|
| Exports growth | 1.9% | 0.7% | 3.3% | 2.7% |
| Imports growth | 0.9% | 6.0% | 3.3% | 2.8% |
The quarterly ELSTAT figures are specifically for Q4 comparisons, while the OECD figures are annual rates or annual projections. They should not be combined into a single annual trade calculation without additional source data.
Employment and inflation indicators
The OECD Economic Surveys: Greece 2024 lists an unemployment rate of 11.1% for 2023. It projected the rate at 10.1% in 2024, 9.4% in 2025 and 8.9% in 2026. The sequence represents a projected decline in the unemployment rate across the forecast period, but the figures do not state the number of unemployed people.
Harmonised consumer price inflation was 4.2% in 2023. The OECD projected harmonised CPI inflation of 3.0% in 2024, 2.7% in 2025 and 2.1% in 2026. Harmonised CPI is an inflation measure, not a GDP measure; it helps put current-price output changes in the context of changing consumer prices but does not provide a direct deflator for the GDP figures above.
| Indicator | 2023 | 2024 projection | 2025 projection | 2026 projection |
|---|---|---|---|---|
| Unemployment rate | 11.1% | 10.1% | 9.4% | 8.9% |
| Harmonised CPI inflation | 4.2% | 3.0% | 2.7% | 2.1% |
The measurement dates matter: 2023 is presented as a historical OECD value, while 2024–2026 figures in this section are projections from the OECD survey. They are not recast as actual outcomes.
Government balance as a share of GDP
The OECD reports Greece’s government balance at -1.3% of GDP in 2023. It projected a balance of -0.8% of GDP in 2024, -0.6% in 2025 and -0.7% in 2026. A negative percentage indicates a deficit under the sign convention used in the supplied OECD figures.
| Year | Government balance as a share of GDP |
|---|---|
| 2023 | -1.3% |
| 2024 projection | -0.8% |
| 2025 projection | -0.6% |
| 2026 projection | -0.7% |
These percentages are relative to GDP rather than euro amounts. The figures therefore indicate the size of the balance in relation to the economy, but they do not provide a standalone nominal deficit or surplus value. The 2023 observation and the 2024–2026 projections should remain distinguished when comparing fiscal conditions across the period.