2017 was a landmark year for the Greek economy, as it ended a multiannual period of economic crisis and recession, bringing it back to the pathway of growth. More specifically, 2017 is the first year of economic recovery based on healthy sources (exports, investments, reforms and program compliance) that are capable of providing continuity and sustainability to growth.
2018 is also a key year for the Greek economy since it launches its exit from the Memoranda and the tough guardianship in order to bring in its line with a sustainable, balanced and fair development.
|GDP (Constant prices 2010)||-3,2%||-0,7%||-0,4%||-0,2%||+1,5%||+1,9%|
|Inflation: Annual Average||-0,9%||-1,3%||-1,7%||-0,8%||-1,1%||0,6|
|Labour Productivity (EU-28=100)**||86,8||86,1||83,2||81,3||80,3||n.a|
|Public Investments (%GDP)**||3,4%||3,7%||3,8%||3,5%||4,4%||n.a|
|Exports (Goods – Current Prices)*||27,3||27,1||25,8||25,5||28,9||33,4|
|Exports (Goods – Current Prices)*||47,0||48,3||43,6||44,2||50,3||55,2|
** Source: Eurostat
Source: Hellenic Statistical Authority
Greek Economy 2019
The Greek economy enters 2019 with improved momentum, taking advantage of the positive trends already recorded in 9M 2018 (GDP growth of 2.1% per annum). Over the past year, uncertainty recession, coupled with a boost from tourism and exports, has supported employment, pro the stability of competing firms, incomes, and domestic demand. Private consumption rose 0.8% year-on-year in the 9 months of 2018 (+ 0.7% year-on-year in the third quarter of 2018), while consumer confidence moved steadily throughout 2018, recording further support in the 4th quarter of 2018.
2019 is a pivotal year for the diffusion of growth in the economy, following the significant macroeconomic improvement in 2018, which was followed by the successful completion of the 3rd program. However, increased volatility internationally, coupled with the peculiarities of the Greek business environment, have weakened the incorporation of the above positive trends into the valuations of Greek financial assets, which remained highly sensitive to international fluctuations. Although the estimated mix of economic growth for 2019, for the most part, shows a relatively low degree of sensitivity to exogenous factors, its components, such as investment, continue to be affected by strong external fluctuations and the outlook for the forthcoming national elections. among others, they tend to be accompanied by reduced tax compliance and/or timely public and private debt service.