Last updated: September 15, 2026
Greece’s economic expansion has maintained positive momentum, with real GDP growing by 1.86% year-on-year in Q2 2026, following a sequence that ranged between a low of 1.77% in Q2 2025 and a high of 2.44% in Q1 2025. The output gap sits at 0.61% of potential GDP in 2026, moderating slightly from a peak of 1.13% in 2023, indicating that the economy is running modestly above its equilibrium potential with mild demand pressures. Meanwhile, the labor market has shown short-term volatility, with the unemployment rate fluctuating between a low of 7.8% in May 2026 and a high of 10.3% in March 2026, before settling at 7.9% in July 2026.
Price pressures have intensified before easing back. CPI inflation climbed from 2.59% in December 2025 to a peak of 5.45% in April 2026, before cooling down to 3.4% by July 2026. In response, the European Central Bank, which sets rates for the whole euro area, kept its policy rate steady at 2.0% through early 2026 before raising it to 2.25% in June 2026, where it remained through August 2026.
Public finances exhibit a steady consolidation in official terms alongside a broader liability profile. The official government debt-to-GDP ratio declined steadily from 172.05% in Q3 2024 to 157.51% in Q1 2026. A broader measure capturing total financial liabilities of the general government runs higher, moving from 207.2% of GDP in Q2 2024 down to 191.37% of GDP in Q1 2026, reflecting different measurement perimeters between official Maastricht debt and total financial obligations. The government budget balance, measured as net lending or borrowing by the public sector alone, remained in surplus throughout the tracked period, moving from -0.03% of GDP in Q2 2024 to 1.51% of GDP in Q1 2026. Quarterly government revenues reached 35.54 billion of national currency in Q4 2024, compared with expenditures of 34.42 billion of national currency in the same quarter.
Sector balances reveal divergent behaviors between the state and households. While the government runs a net lending surplus, the household sector displays persistent negative net saving rates, ranging between -15.08% in Q4 2024 and -5.83% in Q3 2024, standing at -10.71% in Q1 2026. Sustained negative household savings over time, alongside a household debt-to-income ratio that moved from 0.76 in Q2 2024 to 0.71 in Q1 2026, serve as a point of attention given that historically such dynamics have preceded periods of financial instability. In absolute terms, household liquid deposits stood at 169.53 billion of national currency and long-term loans stood at 88.93 billion of national currency in Q1 2026.
In external trade, Greece runs a structural deficit. Goods exports to the world moved from 35,210.73 million of national currency in 2020 to 54,795.64 million of national currency in 2025, while goods imports from the world expanded from 55,875.78 million of national currency in 2020 to 91,411.61 million of national currency in 2025, keeping the trade balance negative.
Energy vulnerability presents a mixed picture. Net electricity imports shifted from a positive import balance of 4.91 billion kWh in 2023 to a net export position of -0.31 billion kWh in 2024, making the physical electricity trade balance immaterial relative to the size of the broader economy. However, dry natural gas imports have grown over the long term, reaching 596.86 billion cubic feet annually by 2024, exposing the economy to gas price fluctuations alongside a European natural gas price that rose from $9.46 in December 2025 to $17.93 in July 2026. Meanwhile, the Brent crude oil price moved from $61.81 per barrel in December 2025 to a peak of $103.84 per barrel in May 2026, before easing to $83.73 per barrel in July 2026, acting as a general input cost pressure.
The currency's value against the IMF Special Drawing Right basket hovered within a narrow band, moving from 1.19 units per SDR in August 2025 to 1.17 in December 2025, and returning to 1.18 by September 2026. This relative stability provided a neutral backdrop for imported inflation and export competitiveness.
Overall, Greece's economy continues to grow at a modest pace above potential, supported by fiscal surpluses and falling public debt ratios. However, persistent negative household savings and rising energy import costs warrant continued vigilance amidst moderating inflation and tighter monetary conditions.
This bulletin is generated with AI assistance from the structured economic data collected across this site (national accounts, sector accounts, trade, energy and currency data). It is intended as an accessible summary, not investment advice — figures may be revised as underlying data sources are updated. For the detailed underlying series, see the Nation Account Data and Economic Data sections in the menu above.