Greek macro snapshot: growth, jobs, inflation and external accounts (October 2026)
Greek GDP grew 1.9% y/y in Q2 2026, unemployment fell to 7.4%, and inflation rose to 5.0% (CPI) in September, driven by housing and transport.
Dashboard#
| Indicator | Latest | Period | Source |
|---|---|---|---|
| Real GDP, seasonally adjusted (y/y) | +1.9% | Q2 2026 (provisional) | ELSTAT, 7 Sep 2026 (PDF, Greek) |
| Real GDP, seasonally adjusted (q/q) | +0.3% | Q2 2026 | ELSTAT |
| Unemployment rate, seasonally adjusted | 7.4% (Aug 2025: 8.8%) | Aug 2026 | ELSTAT LFS, 30 Sep 2026 (PDF) |
| CPI inflation (y/y) | 5.0% (Sep 2025: 1.9%) | Sep 2026 | ELSTAT CPI, 9 Oct 2026 (PDF) |
| HICP inflation (y/y) | 5.1% (Sep 2025: 1.8%) | Sep 2026 | ELSTAT HICP, 9 Oct 2026 (PDF) |
| Industrial production (y/y) | +5.8% | Aug 2026 | ELSTAT (industry note) |
| Current account balance | −€9.3bn | Jan–Jul 2026 | Bank of Greece, via ProtoThema |
Output#
ELSTAT's provisional, seasonally adjusted estimate shows real GDP up 0.3% on the previous quarter in Q2 2026 and 1.9% on Q2 2025. The non-seasonally adjusted annual increase was 1.8%. ELSTAT warns that seasonally adjusted figures are recalculated each time a new quarter is added, so recent quarters can be revised noticeably.
Labour market#
According to ELSTAT's Labour Force Survey for August 2026:
- Unemployment rate: 7.4% (seasonally adjusted), down from 7.9% in July 2026 and 8.8% in August 2025.
- Employed: 4,410,105 people, up 85,042 (2.0%) year-on-year.
- Unemployed: 350,800 people, down 67,181 (−16.1%) year-on-year.
- Outside the labour force (under 75): 2,943,171 people, down 2.0% year-on-year.
Prices#
Inflation rose sharply in September 2026:
- CPI: up 5.0% year-on-year and 2.1% month-on-month. The twelve-month average was 3.6%.
- HICP: up 5.1% year-on-year and 1.9% month-on-month. The twelve-month average was 3.5%.
ELSTAT attributes the annual CPI rise mainly to two groups. Housing, water, electricity, gas and other fuels rose 14.7%, citing rents, dwelling repair and maintenance, electricity, natural gas, heating oil and solid fuels. Transport rose 11.3%, citing diesel, petrol and air tickets among other items. Restaurants and accommodation services rose 6.9%.
For property and hospitality readers, the rise in rents within the CPI basket is relevant. So are the energy-related cost pressures that also appear in construction material prices.
External accounts#
Bank of Greece data for January–July 2026, as reported on 21 September 2026:
- Current account: deficit of €9.3 billion, about €1.5 billion wider than a year earlier, even though the combined goods and services balance improved.
- Inward direct investment: non-residents' direct investment in Greece recorded net flows of €7.6 billion. Residents' direct investment abroad was €2.0 billion.
- Reserves: foreign exchange reserves were €19.5 billion at end-July 2026, against €15.8 billion a year earlier.
- Tourism: travel receipts rose 12.0% (see hospitality signals).
EU funding: Recovery and Resilience Facility#
On 29 September 2026, Greece submitted its final payment requests under the RRF: the 9th grant request and the 8th loan request. They cover 123 milestones and targets and would release €6.75 billion (€4.4 billion in grants and €2.35 billion in loans), according to the Greece 2.0 announcement.
The two previous requests, worth €4.55 billion, were still under Commission assessment at that point. The government states the total allocation is €35.95 billion. Payments remain subject to the European Commission's assessment.
What this snapshot does not do#
This page reports published data. It does not forecast growth, inflation or rates. For official projections, see the publishers' own documents, such as Bank of Greece reports and European Commission forecasts, and cite them as projections.
Sources#
- ELSTAT: Quarterly national accounts Q2 2026 (Greek PDF)
- ELSTAT: Labour Force Survey, August 2026 (PDF)
- ELSTAT: CPI, September 2026 (PDF)
- ELSTAT: HICP, September 2026 (PDF)
- ProtoThema: Bank of Greece balance of payments, July 2026
- Greece 2.0: final RRF payment requests (29 Sep 2026)
- ELSTAT release calendar