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The economic growth rate of 2024 was 2.3%, slightly higher than the 2025 budget estimate for 2.2%, according to the Hellenic Statistical Authority (ELSTAT). Consumption was its consistent leader, while investments grew in the fourth quarter, mainly thanks to the restart of construction.<\/p>\n
The 2.3% rate is more than twice the estimated European Union growth (1%) and that of the eurozone (0.9%), according to figures published by Eurostat on Friday. Based on those data, on an annual basis, only seven countries have a higher growth rate than Greece.<\/p>\n
According to ELSTAT, the Greek gross domestic product increased by 2.6% in the fourth quarter of 2024 on an annual basis and by 0.9% compared to the third quarter.<\/p>\n
Gross fixed capital investments increased 9% compared to the same period of the previous year, raising the average of the year. According to the National Bank analysis, this increase in the quarter is the result of a high increase in housing investment (29.1%) and other construction (11.8%), after relatively poor performance in the previous nine months.<\/p>\n
Therefore, investment throughout the year increased by 4.5%, against a budget forecast for 6.7%. A year ago, of course, the 2024 budget had provided for an increase of 15.1% in 2024, so the final result was below one third of the original forecast.<\/p>\n
Household consumer spending in real terms increased by 2.1% and as consumption is almost 70% of GDP, it has largely supported the growth rate. However, this fourth quarter slowed to 0.9%, probably due to the end of the tourism season. This, according to analysts, may indicate that tourism revenue is underestimated, as part of it is recorded in consumption.<\/p>\n
Exports of goods and services increased by 1% thanks to tourism, to a large extent, while imports increased by 5.5%. Therefore, net exports, as National Bank points out in its analysis, have erased two percentage points from the annual GDP increase.<\/p>\n
GDP at current prices reached 237.6 billion euros, compared to \u20ac225.2 billion in 2023, up 5.5%. In terms of volume, it reached \u20ac201.5 billion, compared to \u20ac197 billion in 2023, up by 2.3%.<\/p>\n<\/p><\/div>\n