Investment in Greece has rebounded significantly after years of contraction during the previous decade, reaching 18% of gross domestic product (GDP), its highest level in 16 years, according to Bank of Greece Governor Yannis Stournaras. However, official data show that the recovery remains uneven, with real estate, public administration, education and healthcare accounting for a substantial share of the increase.
Investment accounted for just 11% of Greece’s GDP in 2019. Between 2020 and 2025, gross fixed capital formation rose by approximately 80% in real terms, helping the economy gradually close the investment gap left by the financial crisis.
In 2025, investment contributed more to economic growth than private consumption. Funding from the EU Recovery and Resilience Facility and European structural funds has also supported the modernisation of production, creating opportunities to improve productivity and generate better-paid jobs.
Investment reaches €37.1 billion in real terms
Measured at constant 2020 prices, Greece’s total investment increased from approximately €20.3 billion in 2019 to €34.1 billion in 2024. Investment rose to €20.6 billion in 2020, €25.1 billion in 2021, €30.6 billion in 2022 and €32.6 billion in 2023.
The recovery accelerated after the pandemic and continued in subsequent years, although growth slowed from the pace recorded in 2021 and 2022.
The Hellenic Statistical Authority (ELSTAT) estimates that investment reached €37.1 billion in real terms in 2025, an annual increase of 8.9%.
The latest quarterly figures also point to continued growth. In the second quarter of 2026, gross fixed capital formation rose by 6.1% year-on-year and 2.2% compared with the previous quarter, after seasonal adjustment, according to the figures cited in the source report.
Gross fixed capital formation includes spending on housing, buildings, infrastructure, machinery, equipment and intangible assets such as software and research and development. Constant-price figures remove the effect of price changes, allowing analysts to assess changes in the actual volume of investment.
Investment by sector in Greece, 2019–2023
ELSTAT data show that gross fixed capital formation increased from €20.32 billion in 2019 to €35.69 billion in 2023, an increase of €15.37 billion, or 75.7%. The following breakdown shows how investment changed across the economy’s ten main sectors.
| Sector | 2019 (€m) | 2023 (€m) | Change (€m) | Change (%) |
|---|---|---|---|---|
| Agriculture, forestry and fishing | 2,250.5 | 2,914.3 | +663.8 | +29.5% |
| Industry, energy and mining | 3,863.4 | 6,526.9 | +2,663.5 | +68.9% |
| Construction | 172.0 | 749.8 | +577.9 | +336.1% |
| Trade, transport, tourism and food services | 3,907.3 | 5,449.2 | +1,541.9 | +39.5% |
| Information and communications | 1,304.2 | 2,293.5 | +989.2 | +75.8% |
| Financial and insurance activities | 933.1 | 757.0 | −176.1 | −18.9% |
| Real estate activities | 1,942.8 | 6,014.8 | +4,072.0 | +209.6% |
| Professional and administrative services | 1,315.1 | 2,210.7 | +895.5 | +68.1% |
| Public administration, education and healthcare | 4,322.7 | 8,337.9 | +4,015.2 | +92.9% |
| Arts, entertainment and other services | 304.0 | 435.6 | +131.6 | +43.3% |
| Total | 20,315.2 | 35,689.7 | +15,374.5 | +75.7% |
Source: Hellenic Statistical Authority (ELSTAT). Figures in millions of euros at current prices.
Real estate and public services lead investment growth
The sector breakdown reveals that investment growth has not benefited all parts of the Greek economy equally.
Just two of the ten main sectors accounted for 52.6% of the total increase between 2019 and 2023.
Real estate activities recorded the largest absolute rise, with investment increasing by €4.07 billion, from €1.94 billion in 2019 to €6.01 billion in 2023. This represented growth of 209.6%, highlighting the strong expansion of investment in the property sector.
Public administration, education and healthcare recorded the second-largest increase. Investment in these activities rose by €4.02 billion, from €4.32 billion to €8.34 billion, an increase of 92.9%.
Together, the two sectors accounted for approximately €8.09 billion of the total €15.37 billion increase.
Adding industry, energy and mining reveals an even greater concentration of investment. These activities recorded an increase of €2.66 billion, bringing the combined contribution of the three sectors to approximately 70% of total investment growth between 2019 and 2023.
The remaining seven sectors accounted for the other 30%.
Construction records the fastest percentage increase
Percentage changes reveal further differences across the economy.
Construction recorded the largest relative increase, with investment surging by 336.1%, from €172 million in 2019 to approximately €750 million in 2023. However, its low starting point meant that the sector contributed relatively little to the overall increase in investment.
Real estate, by contrast, combined strong percentage growth with the largest absolute increase in investment.
Industry, energy and mining recorded growth of 68.9%, while information and communications investment rose by 75.8%. Professional and administrative services recorded a 68.1% increase, while arts, entertainment and other services rose by 43.3%.
Other major sectors experienced more modest gains. Investment in trade, transport, tourism and food services increased by 39.5%. Agriculture, forestry and fishing recorded growth of just 29.5%, significantly below the overall investment growth rate.
The financial and insurance sector was the only one of the ten main sectors to record a decline. Investment fell by 18.9%, from €933.1 million in 2019 to €757 million in 2023.
Recovery remains concentrated
The figures show that Greece has made substantial progress in rebuilding investment after the prolonged contraction of the previous decade. However, the distribution of new investment remains highly uneven.
Real estate, public administration, education and healthcare, together with industry, energy and mining, account for most of the increase. Meanwhile, agriculture and several service sectors have recorded more modest gains, while financial and insurance activities have experienced a decline.
The challenge for Greece is to sustain investment growth while broadening its reach across the economy, strengthening productive capacity and supporting long-term productivity improvements.
The post Greek Investment Surges as Real Estate Leads Growth appeared first on Greek City Times.