Greece: Economic growth picks up in the third quarter of 2025
GDP readinggrowth gains speed for a third straight quarter in Q3: Greece’s GDP grew 0.6% on a seasonally adjusted quarter-on-quarter basis in Q3, accelerating for a thirdsecond straight quarter this year, following a downwardly revised 0.4% expansion in the previous quarter. On an annual basis, Greece’s economy expanded 2.0% in seasonally adjusted terms, up from a weak reading of 1.6% in Q2, the softest since Q1 2021.
DriversInvestment and consumption drive growth: Relative to the prior period’s data, the Q3 readings improved for government consumption (+0.2% in seasonally adjusted quarter-on-quarter terms vs 0.0% in Q2) and total investment (+4.4% vs -5.3% in Q2), which includes changes in inventories. At the same time, athe reading for its key component—fixed investment softened in the same quarter improved in Q3 (+0.2% in seasonally adjusted quarter-on-quarter terms vs 0.0% in Q2). In contrast, readings softened for fixed investment (+3.5% vs +8.7% in Q2). Meanwhile, the variation in private consumption was the same as in the prior quarter (+0.7% in Q3 and Q2). On the external front, readings for both , exports of goods and services (+0.2% vs +0.7% in Q2) and imports of goods and services (-1.6% vs -1.1% in Q2) softened compared to Q2; however a sharper drop in imports from the prior quarter allowed for a recovery in net exports—exports exceeded the imports for the first time since Q3 2024.. Finally, the variation in private consumption was the same as in the prior quarter (+0.7% in Q3 and Q2).
On a seasonally adjusted year-on-year basis, GDP increased 2.0% in Q3, following a 1.6% expansion in the previous quarter.
GDP outlookgrowth to keep paceremain above eurozone average: Our Consensus is for GDP growth to remain roughly remain stable for the fourth consecutive year in 2026, remainingkeeping the economyit among the fastest-growing in the euro area. Tourism—the pillar of the country’sGreek economy—will likely continue to positively impactsupport employment and household incomespending, whereaswhile higher investment growth, partly due to EU recovery funds, should directly boost domestic demandgrowth in fixed investment.