The Greek economy experienced stagnation in the first quarter of 2025, marking the end of an 18-quarter period of growth. According to provisional seasonally adjusted data from the country’s statistics agency ELSTAT, there was no quarter-on-quarter increase in gross domestic product (GDP) from January to March 2025. This data is particularly significant as it follows a previously revised growth rate of 0.8% in the fourth quarter of 2024. The absence of growth in this latest quarter can be attributed primarily to a decline in investment and exports.
Gross fixed capital formation, which reflects investment in physical assets, saw a notable decrease of 6.1% compared to the previous quarter. In contrast, total final consumption expenditure experienced a modest increase of 1.2%. On an annual basis, however, Greece’s GDP recorded a 2.2% increase in the first quarter when compared to the same period in 2024. This suggests that while the quarterly performance has stalled, the economy is still growing year-on-year.
Exports, a crucial component of the economy, also suffered during this period. The total exports of goods and services, which notably include tourism revenues, declined by 0.9% quarter-on-quarter. This decline was influenced by a 2.0% drop in services exports and a 0.8% decrease in goods exports. On the other hand, imports rose by 0.7%, with a small decrease of 0.03% in goods imports contrasted by a 2.0% increase in services imports.
Overall, Greece’s economic performance in the first quarter of 2025 reflects a complex interplay of factors that have led to a period of stability amidst challenges in investment and trade.