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Economy of Greece

Economy of Greece
Greek tourism, shipping and agriculture, important sectors of the Greek economy
CurrencyEuro (EUR, €)
Calendar year[1]
Trade organisations
EU, WTO, OECD, BIS, BSEC[1]
Country group
Statistics
PopulationDecrease 10,413,982 (1 January 2023)[4]
GDP
  • Increase $252.732 billion (nominal, 2024 est.)[5]
  • Increase $436.757 billion (PPP, 2024 est.)[5]
GDP rank
GDP growth
GDP per capita
  • Increase $24,342 (nominal, 2024 est.)[5]
  • Increase $42,066 (PPP, 2024 est.)[5]
GDP per capita rank
GDP by sector
  • 2.9% (September 2024)[8]
  • 2.9% (2024f)[5]
Population below poverty line
Positive decrease 26.1% at risk of poverty or social exclusion (2023)[9]
Negative increase 31.8 medium (2023)[10]
Decrease 49 out of 100 points (2023, 59th)
Labour force
  • Increase 4,700,572 (September 2024)[13]
  • Increase 67.4% employment rate (2023)[14]
Labour force by occupation
Unemployment
  • Positive decrease 9.3% (September 2024)[13][15]
  • Positive decrease 10.5% (2024f)[5]
  • Positive decrease 16.3% youth unemployment (under 25s; September 2024)[13][15]
Average gross salary
Increase €17,514 (2023; annual)[16]
Increase €13,784 (2023; annual, equivalised)[17]
Main industries
shipping and shipbuilding (4th; 2011),[18][19] tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum[1]
External
Exports€51.0125 billion (Decrease −8.5%; 2023 est.)[20]
Export goods
  • petroleum oils (not crude), etc 38.88%,
  • aluminium and articles thereof 4.38%;
  • electrical, electronic equipment 3.75%;
  • pharmaceutical products 3.48%;
  • plastics and articles thereof 3.32%;
  • vegetables, fruits, etc 3.18%;
  • iron and steel products 3.03%
  • (2012)[21]
Main export partners
Imports€82.9967 billion (Decrease −12.2%; 2023 est.)[20]
Import goods
  • crude petroleum oils, etc 37.47%;
  • electrical, electronic equipment 6.48%;
  • pharmaceutical products 5.92%;
  • machinery, etc 4.2%;
  • ships, boats, etc 4.13%;
  • plastics and articles thereof 2.72%;
  • cars, car parts, motorcycles, etc 2.72%
  • (2012)[21]
Main import partners
FDI stock
Increase $65.12 billion (31 December 2017 est.)[1]
Increase −$3.114 billion (2019 est.)[1]
Positive decrease €436.071 billion (Q2 2016, provisional)[24]
Increase −€234.542 billion (Q2 2016, provisional)[25]
Public finances
€369.099 billion (Positive decrease 163.9% of GDP, 2023 est.)[26][27]
−€2.962 billion (Increase −1.3% of GDP, 2023 est.)[26][27]
Revenues€108.615 billion (Decrease 48.23% of GDP, 2023 est.)[26][27]
Expenses€111.577 billion (Positive decrease 49.55% of GDP, 2023 est.)[26][27]
Economic aid
Increase $14.447 billion (31 December 2021 est.)[1]
Economy of Greece
Coat of arms of Greece
Overview
History
Related

The economy of Greece is the 52nd largest in the world, with a nominal gross domestic product (GDP) of $252.732 billion per annum.[5] In terms of purchasing power parity, Greece is the world's 54th largest economy, at $436.757 billion per annum.[5] As of 2023, Greece is the sixteenth largest economy in the European Union and eleventh largest in the eurozone.[37] According to the International Monetary Fund's figures for 2024, Greece's GDP per capita is $24,342 at nominal value and $42,066 at purchasing power parity.[5] Among OECD nations, Greece has a highly efficient and strong social security system; social expenditure stood at roughly 24.1% of GDP.[38][39][40]

Greece is a developed country with an economy based on the service (80%) and industrial sectors (16%), with the agricultural sector contributing an estimated 4% of national economic output in 2017.[1] Important Greek industries include tourism and shipping. With 31.3 million international tourists in 2019, Greece was the 7th most visited country in the European Union and 13th in the world.[41] marking a steady increase from 18 million tourists in 2013.[42] The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 21% of global deadweight tonnage as of 2021; The total capacity of the Greek-owned fleet has increased by 45.8% compared to 2014.[43][44] The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.[45]

The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is an important regional investor.[46][47] Greece was the largest foreign investor in Albania in 2013,[48] the third in Bulgaria, in the top-three in Romania and Serbia and the most important trading partner and largest foreign investor in North Macedonia.[49][50][51] The Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries.[49]

Greece is classified as an advanced,[2] high-income economy,[52] and was a founding member of the Organisation for Economic Co-operation and Development (OECD) and of the Organization of the Black Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981.[53] In 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachmae per euro.[53][54] Greece is a member of the International Monetary Fund and of the World Trade Organization, and ranked 34th on Ernst & Young's Globalization Index 2011.[55]

World War II (1939–1945) devastated the country's economy, but the high levels of economic growth that followed from 1950 to 1980 have been called the Greek economic miracle.[56] From 2000 Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.8% in 2003, 5.4% in 2004 and 6.4% in 2006.[57] The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of −4.1% in 2009, −5.7% in 2010, −9.9% in 2011, −8.3% in 2012 and −2.3% in 2013.[57] In 2011, the country's public debt reached €356 billion (172% of nominal GDP).[58] After negotiating the biggest debt restructuring in history with the private sector, which sustained losses in the order of €100 billion for private bond investors,[59] Greece reduced its sovereign debt burden to €280 billion (137% of GDP) in the first quarter of 2012.[60] Greece achieved a real GDP growth rate of 0.8% in 2014—after five consecutive years of economic decline—but the economy contracted by 0.2% in 2015 and recorded zero growth in 2016.[57][61] The country returned to modest growth rates of 1.5% in 2017, 2.1% in 2018 and 2.3% in 2019.[57] GDP contracted by 9.2% in 2020 during the global recession caused by the COVID-19 pandemic.[57] However, the economy rebounded by 8.7% in 2021, 5.7% in 2022 and 2.3% in 2023.[57] On 20 August 2022, Greece formally exited the EU's "enhanced surveillance framework", which had been in place since the conclusion of the third bailout programme exactly four years earlier.[62] According to Prime Minister Kyriakos Mitsotakis, the event heralded "greater national leeway in our economic choices" and marked the end of a "12-year cycle that brought pain to citizens".[62] On 2 December 2022, Berlin-based credit rating agency Scope assigned a positive outlook to Greece's BB+ rating, presaging the country's return to investment grade.[63] On 31 July 2023, Greece's investment-grade status was restored by Japanese credit rating agency R&I.[33][64] Scope, DBRS, S&P and Fitch followed suit on 4 August, 8 September, 20 October and 1 December respectively.[65][66][30][67][68][31][69] The Economist ranked Greece the world's top economic performer for 2022 and 2023, citing significant improvements in five key economic and financial indicators.[70][71] Tourism reached an all-time record in 2023, with approximately 32 million tourists making Greece one of the most visited countries in the world.[72]

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  45. ^ [1] Archived 8 November 2014 at the Wayback Machine
  46. ^ "Albania Eyes New Markets as Greek Crisis Hits Home". Balkan Insight. 11 July 2012. Retrieved 16 November 2014. Greece is the Balkan region's largest economy and has been an important investor in Southeast Europe over the past decade.
  47. ^ Keridis, Dimitris (3 March 2006), Greece and the Balkans: From Stabilization to Growth (lecture), Montreal, QC, CA: Hellenic Studies Unit at Concordia University, Greece has a larger economy than all the Balkan countries combined. Greece is also an important regional investor
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  49. ^ a b Imogen Bell (2002). Central and South-Eastern Europe: 2003. Routledge. p. 282. ISBN 978-1-85743-136-0. Retrieved 27 May 2013. Greece has become the largest investor into Macedonia (FYRM), while Greek companies such as OTE have also developed strong presences in former Yugoslavia and other Balkan countries.
  50. ^ Mustafa Aydin; Kostas Ifantis (28 February 2004). Turkish-Greek Relations: The Security Dilemma in the Aegean. Taylor & Francis. pp. 266–267. ISBN 978-0-203-50191-7. Retrieved 27 May 2013. second largest investor of foreign capital in Albania, and the third largest foreign investor in Bulgaria. Greece is the most important trading partner of the Former Yugoslav Republic of Macedonia.
  51. ^ Wayne C. Thompson (9 August 2012). Western Europe 2012. Stryker Post. p. 283. ISBN 978-1-61048-898-3. Retrieved 27 May 2013. Greeks are already among the three largest investors in Bulgaria, Romania and Serbia, and overall Greek investment in the ... Its banking sector represents 16% of banking activities in the region, and Greek banks open a new branch in a Balkan country almost weekly.
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