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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)[5]
GDP
  • Increase $250.276 billion (nominal, 2024 est.)[6]
  • Increase $430.125 billion (PPP, 2024 est.)[6]
GDP rank
GDP growth
GDP per capita
  • Increase $23,966 (nominal, 2024 est.)[6]
  • Increase $41,188 (PPP, 2024 est.)[6]
GDP per capita rank
GDP by sector
  • 3.2% (March 2024)[9]
  • 2.7 (2024f)[6]
  • 4.2% (2023)[6]
  • 9.3% (2022)[6]
  • 0.6% (2021)[6]
  • −1.3% (2020)[6]
Population below poverty line
Positive decrease 26.1% at risk of poverty or social exclusion (2023)[10]
Negative increase 31.8 medium (2023)[11]
Labour force
  • Decrease 4,752,845 (February 2024)[14]
  • Increase 62.6% employment rate (20 to 64-year-olds, 2021)[15]
Labour force by occupation
Unemployment
  • Negative increase 11.0% (February 2024)[14][16]
  • Positive decrease 9.4% (2024f)[6]
  • Positive decrease 10.9% (2023)[6]
  • Positive decrease 12.4% (2022)[6]
  • Positive decrease 14.8% (2021)[6]
  • Positive decrease 16.3% (2020)[6]
  • Positive decrease 17.3% (2019)[6]
  • Negative increase 25.0% youth unemployment (under 25s; February 2024)[14][16]
Average gross salary
Increase €17,514 (2023; annual)[17]
Increase €13,784 (2023; annual, equivalised)[18]
Main industries
shipping and shipbuilding (4th; 2011),[19][20] tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum[1]
External
Exports€50.9467 billion (Decrease −8.6%; 2023 est.)[21]
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)[22]
Main export partners
Imports€82.7795 billion (Decrease −12.5%; 2023 est.)[21]
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)[22]
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)[25]
Increase −€234.542 billion (Q2 2016, provisional)[26]
Public finances
€356.695 billion (Positive decrease 161.9% of GDP, 2023 est.)[27][28]
−€3.508 billion (Increase −1.6% of GDP, 2023 est.)[27][28]
Revenues€107.835 billion (Decrease 48.95% of GDP, 2023 est.)[27][28]
Expenses€111.343 billion (Positive decrease 50.54% of GDP, 2023 est.)[27][28]
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 54th largest in the world, with a nominal gross domestic product (GDP) of $250.276 billion per annum.[6] In terms of purchasing power parity, Greece is the world's 55th largest economy, at $430.125 billion per annum.[6] As of 2023, Greece is the sixteenth largest economy in the European Union and eleventh largest in the eurozone.[38] According to the International Monetary Fund's figures for 2024, Greece's GDP per capita is $23,966 at nominal value and $41,188 at purchasing power parity.[6]

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.[39] marking a steady increase from 18 million tourists in 2013.[40] 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.[41][42] The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.[43]

The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is an important regional investor.[44][45] Greece was the largest foreign investor in Albania in 2013,[46] 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.[47][48][49] The Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries.[47]

Greece is classified as an advanced,[50] high-income economy,[51] 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.[52] In 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachmae per euro.[52][53] 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.[54]

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.[55] From 2000 Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.8% in 2003 and 5.7% in 2006.[56] 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 −0.3% in 2008, −4.3% in 2009, −5.5% in 2010, −10.1% in 2011, −7.1% in 2012 and −2.5% in 2013.[6][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 0.5% in 2014—after 6 years of economic decline—but contracted by 0.2% in 2015 and by 0.5% in 2016.[6][57][61] The country returned to modest growth rates of 1.1% in 2017, 1.7% in 2018 and 1.9% in 2019.[6][57] GDP contracted by 9.3% in 2020 during the global recession caused by the COVID-19 pandemic.[6][57] However, the economy rebounded by 8.4% in 2021, 5.6% in 2022 and 2% in 2023.[6][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.[34][64] Scope, DBRS, S&P and Fitch followed suit on 4 August, 8 September, 20 October and 1 December respectively.[37][65][31][66][67][32][68] The Economist ranked Greece the world's top economic performer for 2022 and 2023, citing significant improvements in five key economic and financial indicators.[69][70] Tourism reached an all-time record in 2023, with approximately 32 million tourists making Greece one of the most visited countries in the world.[71]

  1. ^ a b c d e f g h "Greece". CIA.gov. Central Intelligence Agency. 31 August 2022.
  2. ^ "World Economic Outlook Database - Groups and Aggregates". Washington, D.C.: International Monetary Fund. 5 October 2023. Retrieved 18 October 2023.
  3. ^ "World Economic Outlook Database - Changes to the Database". Washington, D.C.: International Monetary Fund. 5 October 2023. Retrieved 18 October 2023.
  4. ^ "World Bank Country and Lending Groups – World Bank Data Help Desk". Washington, D.C.: The World Bank Group. Retrieved 12 April 2023.
  5. ^ "Estimated Population and Migration Flows, 2023". Piraeus: Hellenic Statistical Authority. 29 December 2023. Retrieved 8 January 2024.
  6. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab "World Economic Outlook Database, April 2024". Washington, D.C.: International Monetary Fund. 16 April 2024. Retrieved 18 April 2024.
  7. ^ a b "Quarterly National Accounts, 4th Quarter 2023". Piraeus: Hellenic Statistical Authority. 7 March 2024. Retrieved 7 March 2024.
  8. ^ "GDP stable and employment up by 0.3% in the euro area". Luxembourg: Eurostat. 8 March 2024. Retrieved 9 March 2024.
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  11. ^ "Income inequality, 2023". Piraeus: Hellenic Statistical Authority. 3 April 2024. Retrieved 3 April 2024.
  12. ^ "Country Insights". New York: Human Development Report Office, United Nations Development Programme. 13 March 2024. Retrieved 8 April 2024.
  13. ^ "Inequality-adjusted Human Development Index". New York: Human Development Report Office, United Nations Development Programme. 13 March 2024. Retrieved 8 April 2024.
  14. ^ a b c Cite error: The named reference ELSTAT unemployment was invoked but never defined (see the help page).
  15. ^ "Employment rate by age". Luxembourg: Eurostat. 12 July 2022. Retrieved 11 August 2022.
  16. ^ a b Cite error: The named reference Eurostat unemployment was invoked but never defined (see the help page).
  17. ^ "Average annual wages". OECD. Retrieved 8 August 2022.
  18. ^ "Mean and median income by age and sex - EU-SILC and ECHP surveys". Luxembourg: Eurostat. 2 July 2020. Retrieved 4 July 2020.
  19. ^ "ITC Trade Map: List of exporters for Sea Transport, i.e. country ranking in value of exports (services; data code 206; yearly times series)". WTO-ITC. Retrieved 22 May 2013.
  20. ^ Sources on Greek shipping:
  21. ^ a b Cite error: The named reference ELSTAT trade was invoked but never defined (see the help page).
  22. ^ a b "ITC Trade Map Database". WTO-ITC.
  23. ^ "Where does Greece export to? (2020)". The Observatory of Economic Complexity. Retrieved 11 August 2022.
  24. ^ "Where does Greece import from? (2020)". The Observatory of Economic Complexity. Retrieved 11 August 2022.
  25. ^ "External Debt". Bank of Greece. Archived from the original on 31 January 2017. Retrieved 26 October 2016.
  26. ^ "International Investment Position". Bank of Greece. Retrieved 26 October 2016.
  27. ^ a b c d "Fiscal data for the years 2020-2023". Piraeus: Hellenic Statistical Authority. 22 April 2024. Retrieved 22 April 2024.
  28. ^ a b c d "Provision of deficit and debt data for 2023 - first notification". Luxembourg: Eurostat. 22 April 2024. Retrieved 22 April 2024.
  29. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  30. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  31. ^ a b "DBRS Morningstar Upgrades the Hellenic Republic to BBB (low), Stable Trend". Frankfurt: DBRS Morningstar. 8 September 2023. Retrieved 8 September 2023.
  32. ^ a b "Fitch Upgrades Greece to 'BBB-'; Outlook Stable". Frankfurt: Fitch Ratings. 1 December 2023. Retrieved 1 December 2023.
  33. ^ "Moody's upgrades Greece's ratings to Ba1, outlook stable". Frankfurt: Moody's Investors Service. 15 September 2023. Retrieved 16 September 2023.
  34. ^ a b "Hellenic Republic Upgraded BBB- Stable" (PDF). Tokyo: R&I. 31 July 2023. Retrieved 31 July 2023.
  35. ^ "Greece Outlook Revised To Positive On Ongoing Debt Stock Reduction". S&P Global Ratings. 19 April 2024. Retrieved 20 April 2024.
  36. ^ "Rating: Greece Credit Rating". CountryEconomy.com. Retrieved 1 December 2023.
  37. ^ a b "Scope upgrades Greece's long-term credit ratings to BBB- and changes the Outlook to Stable". Berlin: Scope Ratings. 4 August 2023. Retrieved 5 August 2023.
  38. ^ "GDP and main components (output, expenditure and income)". Luxembourg: Eurostat. 17 April 2024. Retrieved 18 April 2024.
  39. ^ "Most Visited Countries 2023". World Population Review. Retrieved 17 May 2023.
  40. ^ "UNWTO Tourism Highlights, 2013 Edition" (PDF). Madrid: World Tourism Organization. June 2013. Archived from the original (PDF) on 30 October 2013. Retrieved 14 December 2013.
  41. ^ "Characteristics of the Greek-owned Fleet". UGS. Retrieved 17 May 2023.
  42. ^ "Review of Maritime Transport 2013" (PDF). Geneva: United Nations Conference on Trade and Development. Archived (PDF) from the original on 14 December 2013. Retrieved 14 December 2013.
  43. ^ [1] Archived 8 November 2014 at the Wayback Machine
  44. ^ "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.
  45. ^ 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
  46. ^ "Greece was the biggest foreign investor in Albania during 2013". invest-in-albania.org. 3 October 2014.
  47. ^ 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.
  48. ^ 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.
  49. ^ 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.
  50. ^ "WEO Groups and Aggregates Information". World Economic Outlook Database. Washington, D.C.: International Monetary Fund. 8 April 2014. Retrieved 13 April 2014.
  51. ^ "Country and Lending Groups". Washington, D.C.: World Bank. Retrieved 23 October 2013.
  52. ^ a b "Greece, country profile". European Union. 5 July 2016.
  53. ^ "Fixed Euro conversion rates". European Central Bank. Retrieved 23 February 2012.
  54. ^ "Singapore takes third spot on Globalization Index 2011". Ernst & Young. 8 February 2012. Archived from the original on 9 July 2019. Retrieved 29 February 2012.
  55. ^ Cite error: The named reference Economic miracle was invoked but never defined (see the help page).
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  57. ^ a b c d e "Real GDP growth rate - volume". Luxembourg: Eurostat. 18 April 2024. Retrieved 18 April 2024.
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  59. ^ "The Greek Debt Restructuring: An Autopsy" (PDF). Archived (PDF) from the original on 2 September 2013.
  60. ^ "Euro area government debt up to 92% of GDP". Luxembourg: Eurostat. 22 July 2013. Archived from the original on 20 June 2015. Retrieved 20 June 2015.
  61. ^ "Eurozone recovery falters as Greece slips back into recession". The Guardian. London. 12 February 2016. Retrieved 8 March 2016.
  62. ^ a b "Greece's exit from enhanced EU scrutiny ends 12 years of pain, prime minister says". Reuters. 20 August 2022. Retrieved 30 August 2022.
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  64. ^ "First investment grade decision". Kathimerini. Athens. 1 August 2023. Retrieved 8 September 2023.
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  71. ^ Bellos, Ilias (23 December 2023). "Record in annual arrivals, too | eKathimerini.com". Kathimerini. Athens. Retrieved 1 February 2024.

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