Greece | Quarterly National Accounts — Structural Macro Monitor
Executive-first synthesis of growth quality, investment structure, competitiveness, household demand and the external sector.
Executive structural synthesis
Greece's quarterly national-accounts picture is classified as constructive but mixed. Growth Quality: Broad-based growth. Investment Quality: Productive-capital intensive. Competitiveness: Mixed / broadly neutral. Household Demand: Durable-led discretionary demand. External Sector: External drag on growth. Across the five modules, 2 are favourable, 2 mixed/neutral and 1 adverse.
| Module | Assessment | Secondary | Key metric | Metric label | Quarter | Status | Flags |
|---|---|---|---|---|---|---|---|
| Growth Quality | Broad-based growth | Primary driver: Household consumption | 1.90 | Real GDP growth | 2026-Q2 | Favourable | Import-intensive domestic demand; Investment supporting growth; Strong household-demand contribution |
| Investment Quality | Productive-capital intensive | Productive-capital proxy: 54.9% | 17.00 | GFCF / GDP | 2026-Q2 | Favourable | High intellectual-property share; Strong real GFCF growth |
| Competitiveness | Mixed / broadly neutral | Prod gap vs EU: +1.9 pp | NULC gap: +0.2 pp | 2.70 | Latest productivity/hour | 2026-Q2 | Mixed / neutral | Elevated NULC growth; Large productivity gap versus EU |
| Household Demand | Durable-led discretionary demand | Primary category: Durables | 1.00 | Real household consumption | 2026-Q2 | Mixed / neutral | None |
| External Sector | External drag on growth | Net exports: -0.76 pp | -0.76 | Net exports contribution | 2026-Q2 | Adverse | Domestic demand accompanied by import drag |
Quarterly scorecard
Each indicator uses its own latest available observation. EU-27 is compared in the same quarter shown for the selected country.
| Indicator | Measure | Quarter | Greece | EU-27 | Gap vs EU |
|---|---|---|---|---|---|
| Real GDP growth | % YoY | 2026-Q2 | 1.90 | 1.40 | +0.50 |
| Real GDP growth | % QoQ | 2026-Q2 | 0.30 | 0.70 | -0.40 |
| Productivity per person | % YoY | 2026-Q2 | 1.80 | 0.90 | +0.90 |
| Productivity per hour | % YoY | 2026-Q2 | 2.70 | 0.80 | +1.90 |
| Nominal unit labour cost | % YoY | 2026-Q2 | 3.00 | 2.80 | +0.20 |
| Gross fixed capital formation | % GDP | 2026-Q2 | 17.00 | 21.50 | -4.50 |
| Household & NPISH consumption | % YoY | 2026-Q2 | 1.70 | 1.20 | +0.50 |
| Exports | % YoY | 2026-Q2 | 2.20 | 4.20 | -2.00 |
| Imports | % YoY | 2026-Q2 | 3.70 | 3.90 | -0.20 |
Growth anatomy
Expenditure-side percentage-point contributions used for the growth-mix classification. Imports are already signed in Eurostat's contribution measure.
| Engine | Contribution (pp) |
|---|---|
| Household consumption | +1.16 |
| Government consumption | +0.19 |
| Investment | +1.02 |
| Inventories & valuables | +0.47 |
| Exports | +0.86 |
| Imports | -1.62 |
| Net exports | -0.76 |
| Domestic demand | +2.84 |
| Residual / reconciliation | -0.18 |
Investment structure & quality
The fixed-investment mix in 2026-Q2 is classified as productive-capital intensive. GFCF stood at 17.0% of GDP versus 21.5% for EU-27. Machinery/equipment plus intellectual property accounted for 54.9% of GFCF, while construction accounted for 45.0%. Total real GFCF growth was +6.1% year-on-year in 2026-Q2. Watchpoints: High intellectual-property share; Strong real GFCF growth.
| Asset | Code | Level (€m) | Share of GFCF | EU-27 share | Gap vs EU (pp) | Real growth (% YoY) |
|---|---|---|---|---|---|---|
| Dwellings | N111G | 1,915.0 | 17.3% | 23.1% | -5.7 | +8.1 |
| Other buildings & structures | N112G | 3,053.8 | 27.6% | 26.8% | +0.8 | +15.7 |
| Machinery & equipment | N11MG | 4,286.4 | 38.8% | 29.8% | +9.0 | +1.2 |
| Cultivated biological resources | N115G | 10.0 | 0.1% | 0.2% | -0.1 | +8.8 |
| Intellectual property products | N117G | 1,782.0 | 16.1% | 20.2% | -4.0 | -0.3 |
Productivity, labour cost & competitiveness
The current structural signal is classified as mixed / broadly neutral. On the latest common comparison quarter (2026-Q2), real labour productivity per hour grew +2.7% year-on-year versus +0.8% in EU-27. Nominal unit labour cost per hour increased +3.0% versus +2.8% in EU-27. Watchpoints: Elevated NULC growth; Large productivity gap versus EU.
| Metric | Quarter | Country | EU-27 | Euro area | Gap vs EU | Gap vs EA | Latest country quarter | Latest country value |
|---|---|---|---|---|---|---|---|---|
| Productivity per hour | 2026-Q2 | +2.70 | +0.80 | +0.60 | +1.90 | +2.10 | 2026-Q2 | 2.7 |
| Productivity per person | 2026-Q2 | +1.80 | +0.90 | +0.60 | +0.90 | +1.20 | 2026-Q2 | 1.8 |
| NULC per hour | 2026-Q2 | +3.00 | +2.80 | +2.60 | +0.20 | +0.40 | 2026-Q2 | 3.0 |
| NULC per person | 2026-Q2 | +2.60 | +2.80 | +2.70 | -0.20 | -0.10 | 2026-Q2 | 2.6 |
Household demand & consumption mix
The current household-demand mix is classified as durable-led discretionary demand. Real household consumption grew +1.0% year-on-year in 2026-Q2. Durables accounted for 6.2% of nominal household expenditure and services for 56.6% in 2026-Q2.
| Category | Code | Level (€m) | Share of consumption | EU-27 share | Gap vs EU (pp) | Real growth (% YoY) | Real growth quarter |
|---|---|---|---|---|---|---|---|
| Durable goods | P311_S14 | 3,060.8 | 6.2% | 8.1% | -1.9 | +6.6 | 2026-Q2 |
| Semi-durable goods | P312_S14 | 2,276.6 | 4.6% | 7.6% | -3.0 | +2.2 | 2026-Q2 |
| Non-durable goods | P313_S14 | 16,068.0 | 32.6% | 29.9% | +2.7 | +4.4 | 2026-Q2 |
| Services | P314_S14 | 27,900.5 | 56.6% | 54.4% | +2.1 | -1.6 | 2026-Q2 |
External sector & trade contribution
The external-sector contribution is classified as external drag on growth. Net exports contributed -0.76 percentage points to GDP growth in 2026-Q2. Exports contributed +0.86 pp and imports -1.62 pp. Real exports grew +2.2% YoY while real imports grew +3.7% YoY. Watchpoints: Domestic demand accompanied by import drag.
| Metric | Contribution (pp) | Real growth (% YoY) | Quarter |
|---|---|---|---|
| Exports | +0.86 | +2.20 | 2026-Q2 |
| Imports | -1.62 | +3.70 | 2026-Q2 |
| Net exports | -0.76 | — | 2026-Q2 |
| Domestic demand | +2.84 | — | 2026-Q2 |
A-CLUSTER Quarterly National Accounts — Structural Macro Monitor Summary
Executive structural synthesis across growth, investment, competitiveness, household demand and the external sector.
Executive Dashboard
One-page synthesis of the growth mix, structural pulse and EU comparison.
Real GDP Growth
Year-on-year real GDP growth for the selected country, EU-27 and euro area.
Productivity per Hour
Real labour productivity per hour worked, year-on-year.
GDP Growth Contributions
Percentage-point expenditure contributions to annual real GDP growth.
European GDP Ranking
Cross-country comparison of real GDP growth for the latest available ranking quarter.
Household Consumption
Quarterly household consumption expenditure in current prices, by durability category where available.
Investment Structure & Quality
Composition of fixed investment, structural shares, EU comparison and investment-quality assessment.
Productivity, Labour Cost & Competitiveness
Productivity growth, nominal unit labour costs and relative performance versus EU-27 and the euro area.
Household Demand & Consumption Mix
Household expenditure composition and real demand momentum across durables, non-durables and services.
External Sector & Trade Contribution
Export, import and net-export contributions, trade growth and the source of external-sector support.
