The Greek economy shrank 1.2 percent on quarter in the last three months of 2016, following a downwardly revised 0.6 percent growth in the previous period and much worse than a preliminary reading of 0.4 percent contraction. Government spending declined 2.1 percent (0.1 percent in Q3) and net external demand contributed negatively, as exports dropped 1.4 percent (9.1 percent in Q3) while imports jumped 4.5 percent (-2.8 percent in Q3). Meanwhile, household consumption rose slightly by 0.2 percent (0.6 percent in Q3) and fixed investment edged up 0.1 percent (1.8 percent in Q3). Compared with the same quarter of 2015, the GDP fell 1.1 percent after advancing by 2 percent in the precedent period and missing an earlier estimate of 0.3 percent expansion. In 2016, the country’s GDP shrank 0.1 percent, from an initial estimate of a 0.3 percent growth rate. GDP Growth Rate in Greece averaged 0.19 percent from 1995 until 2016, reaching an all time high of 3.20 percent in the first quarter of 2006 and a record low of -4.80 percent in the first quarter of 2009.
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Greece has a service based economy and is one of the top tourist destinations in the world. Following the entry to the European Union in 1980 and the Euro Area in 2000, the Greek economy had been recording high rates of growth. Yet, as this expansion had been fueled mainly by the access to cheap credit and growth of public sector, in 2008 the budget deficit and sovereign debt reached unsustainable levels. As a result, Greece faced the worst crisis since 1974 and tough reforms enforced by the IMF and the European Commission as part of the bailout programme are taking place. This page provides the latest reported value for – Greece GDP Growth Rate – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Greece GDP Growth Rate – actual data, historical chart and calendar of releases – was last updated on March of 2017.