Esboço econômico

Indicadores econômicos

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Due to Greece's heavy reliance on tourism and the hospitality industry, the country was among the most severely hit by the Covid-19-induced crisis. However, the Greek economy rebounded strongly and GDP reached its pre-pandemic level already in the second half of 2021. In 2022, the overall growth was estimated at 5.2% (IMF): after a better-than-expected performance in the first half of the year owing to rebounding exports and a historical peak of the tourism sector, the rise in energy costs and a worsening external environment hampered growth in the second part of the year. Rising input costs and slowing demand are expected to hinder growth in 2023, with the IMF forecasting a sluggish GDP increase of 1.8%. For 2024, growth is set to pick up moderately to 2.2%, driven by the gradual recovery of private consumption and improving external demand.

The general government deficit decreased from to 2.3% of GDP in 2022 (from 4.6% one year earlier) thanks to the phasing out of pandemic-related measures and the economic recovery, although the measures taken to mitigate the impact of high energy prices (e.g. subsidies to energy users and cuts to indirect taxes on transport services) weighted for around 1.1% of GDP. The general government deficit is expected to narrow further to 1.9% of GDP this year and 1.6% in 2024 (IMF). The public debt-to-GDP ratio stood at 177.6% of GDP in 2022 and is forecast to further decrease to 169.8% in 2023 and 163.8% in 2024 supported by the increase in nominal GDP and lower deficits. Despite the primary surpluses recorded in recent years, the ratio is still among the highest in the world. After being in the target area in 2021 (0.6%), inflation reached a record-high level of 9.2% in 2022 due to rising energy prices and the pass-through to other components. As energy prices stabilise over the forecast horizon and euro area monetary tightening takes effect, inflation is projected to moderate to 3.2% this year and 1.6% in 2024 (IMF).

Weakening job creation and the absence of the indexation of public wages and social benefits are expected to keep nominal wage growth below inflation. Overall, the unemployment rate was estimated at 12.6% in 2022, with employment reaching its highest level since 2010. Nevertheless, Greece is experiencing one of the largest increases in labour shortages among EU countries, especially in the construction sector. The IMF expects the unemployment rate to decrease to 12.2% in 2023 and 11.4% in 2024. According to the latest data by Eurostat, Greece has a real GDP per capita of EUR 17,610, well below the EU average (EUR 27,880).

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