The Greek economy expanded by 2.4% in Q3 of 2024 in comparison to the same period of last year, as the country’s statistical authorities, ELSTAT revealed in its latest provisional data.
Quarterly, the same data showed the economy grew by 0.3% from Q2 2024.
Greece continues to outpace the EU average in terms of growth rates, despite signs of a slump. The outlook for 2024 and 2025, however, indicates a diminishing expansion in the face of rising national debt.
Bank of Greece (BoG) Governor Yannis Stournaras, speaking at the 40th OT Forum on “A New Production Model – Greece 2030,” appeared optimistic about the country’s progress, stating: “Greek bonds are trading under better conditions than French bonds, with superior yields,” he remarked, noting this as a stark turnaround from a decade ago.
Stournaras emphasized the need to safeguard Greece’s hard-won economic stability was imperative, cautioning that poor domestic policies might undermine any gains in the Greek economy.
Some key seasonally adjusted quarterly changes for Q3 2024 are as follows:
- Final consumption expenditure: increased by 0.1% compared to Q2 2024.
- Gross fixed capital formation: decreased by 1.1% from Q2 2024.
- Exports of goods and services rose by 0.9%, with goods exports down by 0.2% and services exports up by 1.3%.
- Imports of goods and services: fell by 0.9%, driven by a 2.1% decline in goods imports, despite a 3.9% rise in services imports.
- These developments underscore the resilience of the Greek economy, albeit with growing challenges as it navigates external uncertainties and internal fiscal pressures.
