Greece, economic growth exceeds expectations - GDP reached 2.3% in 2024, driven by consumption and investment
Greece's economic growth rate for 2024 was 2.3%, slightly higher than the 2.2% budget forecast for 2025, according to the Hellenic Statistical Authority (ELSTAT). Consumption was the consistent growth driver, while investment increased in the fourth quarter, mainly thanks to the resumption of construction.
The 2.3% rate is more than double the growth of the European Union (1%) and the eurozone (0.9%), according to figures published by Eurostat. Based on these data, on an annual basis, only seven countries have a higher growth rate than Greece.
According to ELSTAT, Greek gross domestic product grew by 2.6% in the fourth quarter of 2024, compared to a year earlier and by 0.9% compared to the third quarter.
Gross fixed capital investments increased by 9% compared to the same period in 2023. According to the analysis of the National Bank, this increase in the last quarter came as a result of high investments in housing (29.1%) and other construction (11.8%), after relatively poor performance in the previous nine months.
Thus, investments throughout the year increased by 4.5%, against a budget forecast of 6.7%. A year earlier, the 2024 budget had predicted an increase of 15.1% in 2024, so the final result was less than a third of the initial forecast.
Household consumer spending in real terms rose by 2.1% and, given that consumption accounts for almost 70% of GDP, has largely supported the growth rate. However, the fourth quarter slowed to 0.9%, probably due to the end of the tourist season. This, according to analysts, reflects that tourism revenues are underestimated, as part of them is recorded in consumption.
Exports of goods and services increased by 1% thanks to tourism, while imports expanded by 5.5%. GDP at current prices reached 237.6 billion euros, compared to 225.2 billion euros in 2023, an increase of 5.5%.
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