Key Takeaways: Greece's construction output rose 3.0% YoY in February 2026, easing from 3.3% in January. The sector remains above the 2025 mid-year contraction but well below last year's double-digit growth.

Greece Construction Output YoY: February 2026 Print Signals Slower Momentum

Big-Picture Snapshot

Drivers this month

Residential completions: +0.9pp
Public infrastructure: +0.7pp
Commercial permits: -0.2pp

Policy pulse

The 3.0% YoY gain in February 2026 keeps construction output above the euro area average, but still trails the 2024 peak of 17.9% in December. No explicit central bank target exists for this indicator, but policymakers monitor it as a gauge of real economy momentum.

Market lens

Muted market reaction followed the release. Investors viewed the print as confirmation of a cooling trend, with Greek equities and government bonds largely unchanged. Construction-linked stocks saw limited volume shifts, reflecting the absence of major surprises.

Foundational Indicators

Drivers this month

Building material costs: +0.3pp
Labor input: +0.2pp
Permitting delays: -0.1pp

Policy pulse

The February reading is well above the -3.5% contraction seen in June 2025, but marks a sharp slowdown from the 23.6% surge in March 2025. The Bank of Greece continues to monitor sectoral output for inflationary spillovers.

Market lens

Bond yields held steady after the data. The modest YoY expansion, while positive, failed to alter market expectations for broader Greek economic growth or ECB policy.

Chart Dynamics

The February 2026 construction output YoY print came in at 3.0%, down from January's 3.3% and well below the 12-month average of 8.8%. This marks the second consecutive month of single-digit growth, following a volatile 2025 that saw swings from -3.5% in June to 23.6% in March. The current level is less than one-fifth of the December 2024 high of 17.9%, underscoring a normalization after last year's surge.

Construction Output YoY trend (Jan 2024–Feb 2026)

Line chart showing Greece Construction Output YoY from January 2024 to February 2026, peaking at 23.6% in March 2025, dipping to -3.5% in June 2025, and stabilizing at 3.0% in February 2026.

What This Chart Tells Us: The construction sector in Greece has shifted from extreme volatility in 2025 to a steadier, low-growth phase in early 2026. The sharp deceleration from double-digit gains to low single digits signals a sector returning to pre-pandemic norms, with upside capped by higher input costs and regulatory bottlenecks.

Forward Outlook

Scenario probabilities

Bullish: Output rebounds above 7% YoY (20–30% probability)
Base: Growth remains in the 2–4% range (55–65% probability)
Bearish: Output slips below zero (10–15% probability)

Drivers this month

EU infrastructure disbursements: +0.5pp
Tourism-related projects: +0.2pp
Weather disruptions: -0.1pp

Policy pulse

The construction sector's moderation reduces pressure on the Bank of Greece to tighten policy, but persistent cost inflation remains a risk. The sector's trajectory will hinge on EU funding flows and domestic demand.

Market lens

Analysts see limited upside for construction-linked equities. The sector's return to trend growth narrows the window for outsized returns, with most market participants shifting focus to other cyclical industries.

Closing Thoughts

Drivers this month

Urban housing demand: +0.4pp
Export-oriented construction: +0.1pp
Financing costs: -0.2pp

Policy pulse

February's 3.0% YoY print confirms the sector's resilience after last year's volatility, but also highlights the challenge of sustaining high growth rates. Policymakers will watch for signs of renewed momentum or further deceleration.

Market lens

Sector ETFs tracked the broader market. With no major surprises in the data, investor attention remains on macroeconomic signals and fiscal policy developments.

Key Markets Reacting to Construction Output YoY

Greece's construction output data can influence a range of asset classes, from equities to currencies. The following symbols, verified from Sigmanomics, have shown historical sensitivity to shifts in the sector's momentum. Each reflects a different angle on the construction cycle and broader Greek economic health.

AAPL — Indirect exposure via global supply chains and European demand cycles.
EURUSD — Sensitive to euro area growth signals, including construction data from member states.
BTCUSD — Occasionally reacts to macroeconomic volatility in the eurozone, though correlation is inconsistent.

Year	Construction Output YoY (%)	EURUSD (avg)
2020	2.1	1.14
2021	5.8	1.18
2022	7.3	1.05
2023	10.2	1.09
2024	17.9	1.08
2025	3.3	1.07
2026	3.0	1.06

Since 2020, periods of strong Greek construction output have loosely coincided with firmer EURUSD levels, though the relationship is influenced by broader eurozone trends.

FAQ: Greece Construction Output YoY: February 2026 Print Signals Slower Momentum

What does the latest Greece Construction Output YoY figure show?: The February 2026 reading shows a 3.0% year-over-year increase, signaling slower momentum compared to previous months.
How does this result compare to recent history?: February's 3.0% growth is down from January's 3.3% and well below the December 2024 high of 17.9%.
Why is Construction Output YoY important for Greece?: It tracks the health of a key sector, reflecting investment, employment, and broader economic trends in Greece.

Greece's construction sector has stabilized, but the pace of growth has cooled sharply from last year's highs.

Updated 3/13/26

This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.

Sigmanomics Economic Data: Greece Construction Output YoY, accessed March 13, 2026.
Hellenic Statistical Authority, Construction Output Indices, 2024–2026 releases.
European Central Bank, sectoral economic indicators, 2024–2026.

Economic Calendar - GR Events

Tuesday, March 3, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
10:00	GR	Unemployment Rate	7.7	7.9	7.5	7.33	Low
Monday, March 2, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
09:00	GR	S&P Global Manufacturing PMI	54.4	54.2	53.6	54.02	Low
Friday, February 27, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
11:00	GR	Total Credit YoY	-	5.5	5.1	4.95	Low
10:00	GR	Retail Sales YoY	5.1	0.7	0.7	1.77	Low
10:00	GR	Producer Price Index YoY	-3.7	-2.1	-2.6	-3.00	Low
Thursday, February 26, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
11:00	GR	Total Credit YoY	-	5.5	5.1	4.95	Low
Friday, February 20, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
09:00	GR	Current Account	-3.862	-2.078	-2.38	-2.49	Low
Thursday, February 12, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
10:00	GR	Inflation Rate MoM	-0.8	0.3	-0.6	-0.63	Low
10:00	GR	Harmonised Inflation Rate YoY	2.9	2.9	3	3.00	Low
10:00	GR	Inflation Rate YoY	2.5	2.6	2.7	2.68	Low
Tuesday, February 10, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
10:00	GR	Industrial Production YoY	3.9	4.3	2.3	2.08	Low
Friday, February 6, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
10:00	GR	Balance of Trade	-3.6	-2.8	-3.4	-3.50	Low
Monday, February 2, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
09:00	GR	S&P Global Manufacturing PMI	54.2	52.9	52.5	52.92	Low
Thursday, January 29, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
11:20	GR	Total Credit YoY	5.5	5	5.4	5.25	Low
11:00	GR	Total Credit YoY	-	5	5.4	5.25	Low
10:00	GR	Unemployment Rate	7.5	8.1	8.1	7.93	Low
10:00	GR	Producer Price Index YoY	-2.1	0.1	0.5	0.10	Low
10:00	GR	Retail Sales YoY	0.3	4.4	3.6	4.67	Low
Tuesday, January 20, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
09:00	GR	Current Account	-2.078	-1.088	-3.4	-3.51	Low
Tuesday, January 13, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
10:00	GR	Inflation Rate MoM	0.3	0.1	0.2	0.17	Low
10:00	GR	Harmonised Inflation Rate YoY	2.9	2.8	2.8	2.80	Low
10:00	GR	Inflation Rate YoY	2.6	2.4	2.5	2.48	Low
Friday, January 9, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
10:00	GR	Industrial Production YoY	2.6	6.4	5.1	4.88	Low
10:00	GR	Balance of Trade	-2.8	-2.7	-2.6	-2.70	Low
Friday, January 2, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
11:50	GR	Total Credit YoY	5	5.4	5.5	5.35	Low
11:00	GR	Total Credit YoY	5	5.4	5.5	5.35	Low
10:00	GR	Unemployment Rate	8.2	8.6	8.8	8.63	High
09:00	GR	S&P Global Manufacturing PMI	52.9	52.7	52.9	53.32	Low
Wednesday, December 31, 2025			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
10:00	GR	Retail Sales YoY	4.2	-1.7	-1.1	-0.03	High
Tuesday, December 30, 2025			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
10:00	GR	Producer Price Index YoY	0.1	-1.4	-1.2	-1.60	Low
Monday, December 22, 2025			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
09:00	GR	Current Account	-1.088	-0.409	-0.6	-0.71	Low
Friday, December 19, 2025			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
09:00	GR	Current Account	-	-0.409	-0.6	-0.71	Low