Greece’s GDP grew at a rate of 2% in the third quarter, with fixed capital investment being the driving force of economic activity, according to the latest economic analysis by the National Bank of Greece.
Acceleration in the growth rate
According to the National Bank of Greece’s economic analysis, Greece’s GDP increased at an accelerating pace in the third quarter of 2025, both on an annual (+2.0%) as well as on a quarterly basis (+0.6% q-o-q s.a.), outpacing the euro area average for a 17th consecutive quarter.
The accelerating recovery of fixed capital investment (GFCF) – especially of construction related components – was the main driver of economic activity, recording the strongest annual increase (+12.8% y-o-y) in 2½ years and lifting the GFCF share in GDP to a 16-year high of 18.4%.
Residential construction surged by 25.4% y-o-y in the third quarter and nonresidential construction by 17.9% y-o-y, in line with the strengthening of relevant sectoral indicators. Investments in transport equipment also rose sharply (28% y-o-y).
Private consumption grew by a strong 2.4% y-o-y, alongside an upward revision to consumption growth for the first half to 2.5% y-o-y from 1.5%. Annual growth for 2023-24 in constant prices was also revised to 2.3% from 1.9%, mainly due to a downward adjustment in the private consumption deflator (to 3.0% y-o-y from 4.2%).
The strengthening of consumption is accompanied by accelerating growth in total labor compensation (+7.2% y-o-y in the third quarter, in nominal terms, on the back of accelerating employment growth of +1.8% y-o-y, hourly nominal wage growth of 4.0% and a small rise in working hours). Additionally, labor compensation data were upwardly revised by 1.1 billion euros, on average, for 2023-24 and by 0.5 billion euros in the first half of 2025.
Net exports delivered another positive surprise, for a second consecutive quarter, with their contribution to GDP growth strengthening further to +2.4 in the third quarter (from +2.0 in the second quarter), on the back of resilient exports but mainly due to the significant drop in imports, from very high levels in the previous year. Specifically, goods exports were up by 1.7% y-o-y (adding +0.3 to annual GDP growth) after a temporary drop in the previous quarter (-0.7% due to a sharp contraction in fuel product exports). Services exports grew by 1.1% y-o-y in the third quarter (+2.7% in the previous quarter), with the weakening in shipping sector and other categories of services exports, partially offsetting the strong momentum of tourism.
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