GreeceChapters
According to the OECD, Greece’s economy has been outpacing the euro area average since 2021. Support measures protected households and businesses against high inflation, while public debt declined significantly. Growing disbursements of the Recovery and Resilience Funds, continuous employment gains and disinflation, and recent structural reforms are all expected to support growth. However, significant challenges lie ahead.
Source: OECD
Key indicators
- Area
- 131,957 km2
- Population
- 10.41 millions (2023)
- Government type
- parliamentary republic
- Languages
- Greek (official) 99%, other (includes English and French) 1%
- GDP
- $243.5 billion (2023)
- Growth rate
- 2.3% (2023)
- HDI
- 32
- Capital
- Athens
Macroeconomic indicators
Real GDP grew by 1.6% in the year to the second quarter of 2024, driven by robust gross capital formation and consumption. Business expectations in manufacturing and services continued to point towards expansion in September. Employment rose by 1.6% in the year to September 2024, while nominal wages grew by 8.6% in the year to the second quarter of 2024, as labour shortages remain at historically high levels. Annual headline inflation was persistent at 3.1% in October 2024 and core inflation stood at 4.3%, driven by services inflation.
Source: OECD
IMF Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
8.380 |
5.557 |
2.011 |
2.280 |
1.959 |
|
Gross domestic product, current prices U.S. dollars (Billions) |
214.811 |
217.753 |
238.275 |
252.732 |
265.171 |
|
Gross domestic product per capita, current prices U.S. dollars (Units) |
20,115.924 |
20,818.073 |
22,880.296 |
24,341.505 |
25,616.445 |
|
Inflation, average consumer prices Percent change (Units) |
0.574 |
9.300 |
4.155 |
2.909 |
2.096 |
|
Volume of imports of goods and services Percent change (Units) |
8.973 |
3.365 |
-1.700 |
2.662 |
4.293 |
|
Volume of exports of goods and services Percent change (Units) |
21.385 |
8.558 |
3.252 |
1.667 |
2.776 |
|
Unemployment rate Percent of total labor force (Units) |
14.775 |
12.425 |
11.075 |
10.520 |
10.072 |
|
Current account balance U.S. dollars (Billions) |
-15.258 |
-23.390 |
-16.365 |
-16.476 |
-13.982 |
|
Current account balance Percent of GDP (Units) |
-7.103 |
-10.741 |
-6.868 |
-6.519 |
-5.273 |
Estimates
Source: IMF Statistics - Greece
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 22.11.1991 (Memorial 1992, A No.96, p.2643)
- Effective as of 01.01.1996 (Memorial 1992, A No.96, p.2643)
Air Services agreement
- Agreement from 10.22.1951 (Memorial 1953, p. 249 )
- Effective as of 10.08.1953 (Memorial 1953, p. 1079)
Further information
Contact points in Greece
Embassy of the Grand Duchy of Luxembourg in Greece
Ambassador with residence in Athens: Ms Elisabeth CARDOSO
23A, avenue Vassilissis Sofias 2,
Street Neofytou Vamva
GR - 10674 Athens
Greece
Tel.: +30 210 725 64 00
Fax: +30 210 725 64 05
E-Mail: athenes.amb@mae.etat.lu
Honorary consuls
Honorary Consul with jurisdiction over the Region of Attica:
Ms Artémis PAPATHEODOROU
42C Tzavella
154 51 Néo Psychico
Athens
Greece
Tel.: (+30) 210 672 18 91
Fax: (+30) 210 677 34 44
E-Mail: athenes@consul-hon.lu
Honorary Consul with jurisdiction over the Department of Macedonia:
Mr Yannis VERGINIS
47, rue Stélios Kazantzidis
Pylaia – Ktiro thermi 1
BP. 8101 - 57001 Thessalonique
Greece
Tel.: (+30) 2310 999994
Mobile: (+30) 6944 324 546
Fax: (+30) 2310 999997
E-Mail: verginis.conslux@gmail.com
Honorary Consul with jurisdiction over Crete:
Mr Georgios AERAKIS
2-4, rue Thessalonikis - 2ème étage
71 201 Héraklion - Crete
Greece
Tel.: (+30) 2810 224 001; (+30) 2810 282 625
Mobile: (+30) 6976 418 091
E-Mail : heraklion@consul-hon.lu
Source: Ministry of Foreign Affairs Luxembourg
Economic and Commercial Attaché (AWEX) in charge of Greece, Cyprus, Kosovo and Albania:
Economic and Commercial Attaché: Ms Geneviève WLAZEL
Odos Sekeri, 3
10671 Athens
Greece
Tel.: +30 210 36 10 120
Fax: +30 210 36 10 117
E-Mail: athenes@awex-wallonia.com
Source: Awex