Economy of Greece
Template:Short description Template:Use dmy dates Template:Infobox economy Template:Economy of Greece
The economy of Greece is the 50th largest in the world, with a nominal gross domestic product (GDP) of $267.348 billion per annum.<ref name="WEO database">Template:Cite web</ref> In terms of purchasing power parity, Greece is the world's 54th largest economy, at $467.590 billion per annum.<ref name="WEO database" /> Greece is the sixteenth largest economy in the European Union and eleventh largest in the eurozone.<ref name="Eurostat GDP">Template:Cite web</ref> According to the International Monetary Fund's figures for 2025, Greece's GDP per capita is $25,756 at nominal value and $45,048 at purchasing power parity.<ref name="WEO database" /> Among OECD nations, Greece has a highly efficient and strong social security systemTemplate:Citation needed; social expenditure stood at roughly 24.1% of GDP in 2022.<ref>Template:Cite web</ref>
Greece is a developed country, with an economy based on the service (80%) and industrial sectors (16%), and the agricultural sector contributing an estimated 4% of national economic output in 2017.<ref name=CIAFactBook /> 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,<ref>Template:Cite web</ref> marking a steady increase from 18 million tourists in 2013.<ref name="World Tourism Organization">Template:Cite web</ref> 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.<ref name="2021ShippingData">Template:Cite web</ref><ref name="UN shipping">Template:Cite web</ref> The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.<ref>[1] Template:Webarchive</ref>
The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is an important regional investor.<ref>Template:Cite news</ref><ref name= Keridis>Template:Citation</ref> Greece was the largest foreign investor in Albania in 2013,<ref name="invest-in-albania.org">Template:Cite web</ref> 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.<ref name="Bell2002" /><ref name="AydinIfantis2004">Template:Cite book</ref><ref name="Thompson2012">Template:Cite book</ref> The Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries.<ref name="Bell2002">Template:Cite book</ref>
Greece is classified as an advanced,<ref name="WEO groups">Template:Cite web</ref> high-income economy,<ref>Template:Cite web</ref> 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.<ref name="EUprofileGreece">Template:Cite web</ref> In 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachmae per euro.<ref name="EUprofileGreece" /><ref name="Drachma exchange rate">Template:Cite web</ref> 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.<ref name="Ernst & Young">Template:Cite web</ref>
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.<ref name="Economic miracle"/> 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.<ref name="ELSTAT growth">Template:Cite web</ref> 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.<ref name="ELSTAT growth" /> In 2011, the country's public debt reached €356 billion (172% of nominal GDP).<ref>Template:Cite web</ref> 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,<ref>Template:Cite web</ref> Greece reduced its sovereign debt burden to €280 billion (137% of GDP) in the first quarter of 2012.<ref>Template:Cite web</ref> 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.<ref name="ELSTAT growth" /><ref>Template:Cite news</ref> The country returned to modest growth rates of 1.5% in 2017, 2.1% in 2018 and 2.3% in 2019.<ref name="ELSTAT growth" /> GDP contracted by 9.2% in 2020 during the global recession caused by the COVID-19 pandemic.<ref name="ELSTAT growth" /> However, the economy rebounded by 8.7% in 2021, 5.7% in 2022, 2.3% in 2023 and 2.3% in 2024.<ref name="ELSTAT growth" /><ref name="GDP growth" /> 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.<ref name="ESF">Template:Cite news</ref> 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".<ref name="ESF" /> 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.<ref>Template:Cite news</ref> On 31 July 2023, Greece's investment-grade status was restored by Japanese credit rating agency R&I.<ref name="R&I" /><ref>Template:Cite news</ref> Scope, DBRS, S&P and Fitch followed suit on 4 August, 8 September, 20 October and 1 December 2023 respectively, <ref name="Scope">Template:Cite web</ref><ref>Template:Cite news</ref><ref>Template:Cite web</ref><ref>Template:Cite news</ref><ref name="S&P">Template:Cite news</ref><ref>Template:Cite web</ref><ref>Template:Cite news</ref> but Moody's delayed doing so until 14 March 2025.<ref name="Moody's">Template:Cite web</ref> The Economist ranked Greece the world's top economic performer for 2022 and 2023, citing significant improvements in five key economic and financial indicators.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> Tourism reached an all-time record in 2023, with approximately 32 million tourists making Greece one of the most visited countries in the world.<ref>Template:Cite news</ref>
History
[edit]Template:See also Template:Recentism
The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world because of the Industrial Revolution) has been little researched. Recent research from 2006<ref>Template:Cite book</ref> examines the gradual development of industry and further development of shipping in a predominantly agricultural economy, calculating an average rate of per capita GDP growth between 1833 and 1911 that was only slightly lower than that of the other Western European nations. Industrial activity, (including heavy industry like shipbuilding) was evident, mainly in Ermoupolis and Piraeus.<ref>Template:Cite book</ref><ref>Template:Cite book</ref> Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1843, 1860 and 1893.<ref>Template:Cite web</ref>
Other studies support the above view on the general trends in the economy, providing comparative measures of standard of living. The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938,<ref>Paul Bairoch, Europe's GNP 1800–1975, Journal of European Economic History, 5, pgs. 273–340 (1976)</ref><ref>Angus Maddison, Monitoring the World Economy 1820–1992, OECD (1995)</ref> 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009.<ref>Eurostat, including updated data since 1980 and data released in April 2008</ref><ref>Template:Cite web</ref>
The country's post-World War II development has largely been connected with the Greek economic miracle.<ref name="Economic miracle">Template:Cite news</ref> During that period, Greece saw growth rates second only to those of Japan, while ranking first in Europe in terms of GDP growth.<ref name="Economic miracle" /> It is indicative that between 1960 and 1973 the Greek economy grew by an average of 7.7%, in contrast to 4.7% for the EU15 and 4.9% for the OECD.<ref name="Economic miracle" /> Also during that period, exports grew by an average annual rate of 12.6%.<ref name="Economic miracle" />
Strengths and weaknesses
[edit]Greece enjoys a high standard of living and very high Human Development Index, being ranked 32nd in the world in 2019.<ref name="HDI">Template:Cite web</ref> However, the severe recession of recent years saw GDP per capita fall from 94% of the EU average in 2009 to 67% between 2017 and 2019.<ref name="Eurostat PPS 2011">Template:Cite web</ref><ref name="Eurostat PPS 2019">Template:Cite web</ref> During the same period, Actual Individual Consumption (AIC) per capita fell from 104% to 78% of the EU average.<ref name="Eurostat PPS 2011" /><ref name="Eurostat PPS 2019" />
Greece's main industries are tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum. Greece's GDP growth has also, as an average, since the early 1990s been higher than the EU average. However, the Greek economy continues to face significant problems, including high unemployment levels, inefficient public sector bureaucracy, tax evasion, corruption and low global competitiveness.<ref>Template:Cite news</ref><ref>Template:Cite web Financial Times</ref>
Greece is ranked 59th in the world, and 21st among EU member states, on the Corruption Perceptions Index.<ref name="CPI">Template:Cite web</ref> Thus, it has roughly returned to its ranking prior to the 2010–2018 debt crisis.<ref name="Corruption 2008">Template:Cite news</ref> However, Greece still has the EU's lowest Index of Economic Freedom and second lowest Global Competitiveness Index, ranking 113th and 59th in the world respectively.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>
After fourteen consecutive years of economic growth, Greece went into recession in 2008.<ref>Template:Cite web</ref> By the end of 2009, the Greek economy faced the highest budget deficit and government debt-to-GDP ratio in the EU. After several upward revisions, the 2009 budget deficit is now estimated at 15.7% of GDP.<ref>Template:Cite web</ref> This, combined with rapidly rising debt levels (127.9% of GDP in 2009) led to a precipitous increase in borrowing costs, effectively shutting Greece out of the global financial markets and resulting in a severe economic crisis.<ref>Charter, David. Storm over bailout of Greece, EU's most ailing economy. Time Online: Brussels, 2010</ref>
Greece was accused of trying to cover up the extent of its massive budget deficit during the 2008 financial crisis.<ref>Template:Cite news</ref> The allegation was prompted by the massive revision of the 2009 budget deficit forecast by the new PASOK government elected in October 2009, from "6–8%" (estimated by the previous New Democracy government) to 12.7% (later revised to 15.7%). However, the accuracy of the revised figures has also been questioned, and in February 2012 the Hellenic Parliament voted in favor of an official investigation following accusations by a former member of the Hellenic Statistical Authority that the deficit had been artificially inflated in order to justify harsher austerity measures.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>
| 1961–1970 | 8.44% |
|---|---|
| 1971–1980 | 4.70% |
| 1981–1990 | 0.70% |
| 1991–2000 | 2.36% |
| 2001–2007 | 4.11% |
| 2008–2011 | −4.8% |
| 2012–2015 | −2.52% |
| 2016-2019 | 1.05% |
| 2020-2022 | 1.78% |
The Greek labor force, which amount around Template:Nowrap workers, average 2,032 hours of work per worker annually in 2011, is ranked fourth among OECD countries, after Mexico, South Korea and Chile.<ref name="OECDavrgAHWork">Template:Cite web</ref> The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country whose workers have the most hours/year work among European nations; Greeks worked an average of 1,900 hours per year, followed by Spaniards (average of 1,800 hours/year).<ref>Template:Cite news</ref>
As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011,<ref name="ELSTAT industry">Template:Cite web</ref> The volume of building activity saw a reduction of 73% in 2010.<ref name="ELSTAT building">Template:Cite web</ref> Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011.<ref name="ELSTAT retail">Template:Cite web</ref>
Between 2008 and 2013 unemployment skyrocketed, from a generational low of 7.2% in the second and third quarters of 2008 to a high of 27.9% in June 2013, leaving over a million jobless.<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref> Youth unemployment peaked at 64.9% in May 2013.<ref>Template:Cite web</ref> Unemployment figures have steadily improved in recent years, with the overall rate falling to 8.6% in February 2025 and youth unemployment dropping to 16.1% in September 2024.<ref name="ELSTAT unemployment">Template:Cite web</ref><ref name="Eurostat unemployment">Template:Cite web</ref><ref>Template:Cite web</ref>
Eurozone entry
[edit]| Country | Average Public Debt-to-GDP (% of GDP) |
|---|---|
| United Kingdom | 104.7 |
| Belgium | 86.0 |
| Italy | 76.0 |
| Canada | 71.0 |
| France | 62.6 |
| Greece | 60.2 |
| United States | 47.1 |
| Germany | 32.1 |
Greece was accepted into the Economic and Monetary Union of the European Union by the European Council on 19 June 2000, based on a number of criteria (inflation rate, budget deficit, public debt, long-term interest rates, exchange rate) using 1999 as the reference year. After an audit commissioned by the incoming New Democracy government in 2004, Eurostat revealed that the statistics for the budget deficit had been under-reported.<ref>Template:Cite web</ref> However, even after all corrections that followed, the reference year budget deficit did not exceed the allowable upper limit (3%) according to the Eurostat accounting method in force at the time of application, and thus Greece had still met all critiera for Eurozone entry (details given below).
Most of the differences in the revised budget deficit numbers were due to a temporary change of accounting practices by the new government, i.e., recording expenses when military material was ordered rather than received.<ref>Template:Cite news</ref> However, it was the retroactive application of ESA95 methodology (applied since 2000) by Eurostat, that finally raised the reference year (1999) budget deficit to 3.38% of GDP, thus exceeding the 3% limit. This led to claims that Greece (similar claims have been made about other European countries like Italy)<ref>Template:Cite news
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had not actually met all five accession criteria, and the common perception that Greece entered the Eurozone through "falsified" deficit numbers.
In the 2005 OECD report for Greece,<ref name="OECD Greece 2005">Template:Cite book</ref> it was clearly stated that "the impact of new accounting rules on the fiscal figures for the years 1997 to 1999 ranged from 0.7 to 1 percentage point of GDP; this retroactive change of methodology was responsible for the revised deficit exceeding 3% in 1999, the year of [Greece's] EMU membership qualification". The above led the Greek minister of finance to clarify that the 1999 budget deficit was below the prescribed 3% limit when calculated with the ESA79 methodology in force at the time of Greece's application, and thus the criteria had been met.<ref>Template:Cite web</ref>
The original accounting practice for military expenses was later restored in line with Eurostat recommendations, theoretically lowering even the ESA95-calculated 1999 Greek budget deficit to below 3% (an official Eurostat calculation is still pending for 1999).
An error sometimes made is the confusion of discussion regarding Greece's Eurozone entry with the controversy regarding usage of derivatives' deals with U.S. Banks by Greece and other Eurozone countries to artificially reduce their reported budget deficits. A currency swap arranged with Goldman Sachs allowed Greece to "hide" 2.8 billion Euros of debt, however, this affected deficit values after 2001 (when Greece had already been admitted into the Eurozone) and is not related to Greece's Eurozone entry.<ref>Template:Cite web</ref>
A study of the period 1999–2009 by forensic accountants has found that data submitted to Eurostat by Greece, among other countries, had a statistical distribution indicative of manipulation; "Greece with a mean value of 17.74, shows the largest deviation from Benford's law among the members of the eurozone, followed by Belgium with a value of 17.21 and Austria with a value of 15.25".<ref>Template:Cite news</ref><ref>Template:Cite journal</ref>
2010–2018 government debt crisis
[edit]
Historical Debt
[edit]Greece, like other European nations, had faced debt crises in the 19th century, as well as a similar crisis in 1932 during the Great Depression. In general, however, during the 20th century it enjoyed one of the highest GDP growth rates on the planet <ref name="Angus Maddison">Angus Maddison, "Monitoring the World Economy 1820-1992", OECD (1995)</ref> (for a quarter century from the early 1950s to mid 1970s, second in the world after Japan). Average Greek government debt-to-GDP for the entire century before the crisis (1909–2008) was lower than that for the UK, Canada, or France,<ref name="Debt Past"/><ref name="Historical Debt IMF"/> while for the 30-year period (1952–1981) until entrance into the European Economic Community, the Greek government debt-to-GDP ratio averaged only 19.8%.<ref name="Historical Debt IMF"/>
Between 1981 and 1993 Greece's government debt-to-GDP ratio steadily rose, surpassing the average of what is today the Eurozone in the mid-1980s (see chart right). For the next 15 years, from 1993 to 2007 (i.e., before the 2008 financial crisis), Greece's government debt-to-GDP ratio remained roughly unchanged (the value was not affected by the 2004 Athens Olympics), averaging 102%<ref name="Historical Debt IMF"/><ref name="Debt 1980">Template:Cite news</ref> - a value lower than that for Italy (107%) and Belgium (110%) during the same 15-year period,<ref name="Historical Debt IMF"/> and comparable to that for the U.S. or the OECD average in 2017.
During the latter period, the country's annual budget deficit usually exceeded 3% of GDP, but its effect on the debt-to-GDP ratio was counterbalanced by high GDP growth rates. The debt-to-GDP values for 2006 and 2007 (about 105%) were established after audits resulted in corrections according to Eurostat methodology, of up to 10 percentage points for the particular years (as well as similar corrections for the years 2008 and 2009). These corrections, although altering the debt level by a maximum of about 10%, resulted in a popular notion that "Greece was previously hiding its debt".
Evolution of the debt crisis
[edit]The Greek crisis was triggered by the turmoil of the Great Recession, which led the budget deficits of several Western nations to reach or exceed 10% of GDP.<ref name="Debt Past"/> In Greece's case, the high budget deficit (which, after several corrections, was revealed that it had been allowed to reach 10.2% and 15.1% of GDP in 2008 and 2009, respectively) was coupled with a high public debt to GDP ratio (which, until then, was relatively stable for several years, at just above 100% of GDP - as calculated after all corrections<ref name="Debt Past"/>). Thus, the country appeared to lose control of its public debt to GDP ratio, which already reached 127% of GDP in 2009.<ref name="Debt 2009 2017 Eurostat">Template:Cite news</ref> In addition, being a member of the Eurozone, the country had essentially no autonomous monetary policy flexibility. Finally, there was an effect of controversies about Greek statistics (due the aforementioned drastic budget deficit revisions which lead to an increase in the calculated value of the Greek public debt by about 10%, i.e., a public debt to GDP of about 100% until 2007), while there have been arguments about a possible effect of media reports. Consequently, Greece was "punished" by the markets which increased borrowing rates, making impossible for the country to finance its debt since early 2010.
Thus, the Greek economy faced its most-severe crisis since the restoration of democracy in 1974 as the Greek government revised its deficit forecasts from 3.7% in early 2009 and 6% in September 2009, to 12.7% of gross domestic product (GDP) in October 2009.<ref>Lynn, Matthew (2011). Bust: Greece, the Euro and the Sovereign Debt Crisis. Hobeken, New Jersey: Bloomberg Press. Template:ISBN.</ref><ref>Template:Cite news</ref>
The aforementioned budget deficit and debt revisions were connected with findings that, through the assistance of Goldman Sachs, JPMorgan Chase and numerous other banks, financial products were developed which enabled the governments of Greece, Italy and many other European countries to hide parts of their borrowing.<ref name=Rehn>Template:Cite web</ref><ref name=Goldman>Template:Cite web</ref> Dozens of similar agreements were concluded across Europe whereby banks supplied cash in advance in exchange for future payments by the governments involved; in turn, the liabilities of the involved countries were "kept off the books".<ref name=Goldman /><ref>Template:Cite news</ref><ref name=Bloomberg>Template:Cite news</ref><ref name="The Telegraph">Template:Cite news</ref><ref name="The Guardian">Template:Cite news</ref><ref name="Der Spiegel">Template:Cite news</ref>
According to Der Spiegel, credits given to European governments were disguised as "swaps" and consequently did not get registered as debt because Eurostat at the time ignored statistics involving financial derivatives. A German derivatives dealer had commented to Der Spiegel that "The Maastricht rules can be circumvented quite legally through swaps," and "In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank."<ref name="Der Spiegel" /> These conditions had enabled Greek as well as many other European governments to spend beyond their means, while meeting the deficit targets of the European Union and the monetary union guidelines.<ref name="Europe derivatives 1">Template:Cite news</ref><ref name="Europe derivatives 2">Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref name="Italy swaps">Template:Cite news</ref><ref name="FT Italy derivatives">Template:Cite news</ref><ref name=Goldman /><ref>Template:Cite news</ref> In May 2010, the Greek government deficit was again revised and estimated to be 13.6%<ref>Template:Cite news</ref> which was among the highest relative to GDP, with Iceland in first place at 15.7% and the United Kingdom third with 12.6%.<ref>Template:Cite news</ref>Template:Dubious Public debt was forecast, according to some estimates, to hit 120% of GDP during 2010.<ref>Template:Cite news</ref>
As a consequence, there was a crisis in international confidence in Greece's ability to repay its sovereign debt, as reflected by the rise of the country's borrowing rates (although their slow rise – the 10-year government bond yield only exceeded 7% in April 2010 – coinciding with a large number of negative articles, has led to arguments about the role of international news media in the evolution of the crisis). In order to avert a default (as high borrowing rates effectively prohibited access to the markets), in May 2010 the other Eurozone countries, and the IMF, agreed to a "rescue package" which involved giving Greece an immediate €Template:Nowrap in bail-out loans, with more funds to follow, totaling €Template:Nowrap.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> In order to secure the funding, Greece was required to adopt harsh austerity measures to bring its deficit under control.<ref>Template:Cite news</ref> Their implementation was to be monitored and evaluated by the European Commission, the European Central Bank and the IMF.<ref>"Greece's Austerity Measures". BBC News. Retrieved 9 May 2010.</ref><ref>"Greek Parliament Passes Austerity Measures". The New York Times. Retrieved 9 May 2010.</ref>
The 2008 financial crisis – particularly the austerity package put forth by the EU and the IMF – has been met with anger by the Greek public, leading to riots and social unrest, while there have been theories about the effect of international media. Despite - others say because of - the long range of austerity measures, the government deficit has not been reduced accordingly, mainly, according to many economists, because of the subsequent recession.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref>
Public sector workers have come out on strike in order to resist job cuts and reductions to salaries as the government promises that a large scale privatisation programme will be accelerated.<ref>Template:Cite news</ref> Immigrants are sometimes treated as scapegoats for economic problems by far-right extremists.<ref>Template:Cite news</ref>
In 2013, Greece became the first developed market to be reclassified as an emerging market by different financial rating companies.<ref>Template:Cite news</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref>
By July 2014 there were still anger and protests about the austerity measures, with a 24-hour strike among government workers timed to coincide with an audit by inspectors from the International Monetary Fund, the European Union and European Central Bank in advance of a decision on a second bailout of one billion euros ($1.36 billion), due in late July.<ref name="GreekStrike">Template:Cite news</ref>
Greece exited its six-year recession in the second quarter of 2014,<ref>Template:Cite news</ref> but the challenges of securing political stability and debt sustainability remained.<ref>Template:Cite news</ref>
A third bailout was agreed in July 2015, after a confrontation with the newly elected leftist government of Alexis Tsipras. In June 2017, news reports indicated that the "crushing debt burden" had not been alleviated and that Greece was at the risk of defaulting on some payments.<ref>Template:Cite news</ref> The International Monetary Fund stated that the country should be able to borrow again "in due course". At the time, the Euro zone gave Greece another credit of $9.5-billion, $8.5 billion of loans and brief details of a possible debt relief with the assistance of the IMF.<ref>Template:Cite web</ref> On 13 July, the Greek government sent a letter of intent to the IMF with 21 commitments it promised to meet by June 2018. They included changes in labour laws, a plan to cap public sector work contracts, to transform temporary contracts into permanent agreements and to recalculate pension payments to reduce spending on social security.<ref>Template:Cite web</ref>
Greece's bailouts successfully ended (as declared) on 20 August 2018.<ref name="Bailout exit">Template:Cite news</ref>
Effects of the bailout programmes on the debt crisis
[edit]There was a 25% drop in Greece's GDP, connected with the bailout programmes.<ref name="Tsipras Bloomberg">Template:Cite news</ref><ref name="Marianne">Template:Cite news</ref> This had a critical effect: the Debt-to-GDP ratio, the key factor defining the severity of the crisis, would jump from its 2009 level of 127%<ref name="Eurostat Debt to GDP">Template:Cite web</ref> to about 170%, solely due to the GDP drop (i.e., for the same Debt). Such a level is considered unsustainable.<ref>Template:Citation</ref> Reports show that, for government debt, the threshold for unhealthy Debt-to-GDPT ratio is around 85%.<ref>Template:Cite journal</ref> In a 2013 report, the IMF admitted that it had underestimated the effects of so extensive tax hikes and budget cuts on the country's GDP and issued an informal apology.<ref name="IMF Guardian">Template:Cite news</ref><ref name="IMF Reuters">Template:Cite news</ref><ref name="IMF Telegraph">Template:Cite newsTemplate:Cbignore</ref><ref name="Marianne"/>
COVID-19 recession
[edit]The COVID-19 pandemic significantly impacted all sectors of the Greek economy, and tourism in particular. As a result, GDP shrank by 9.2% in 2020,<ref name="ELSTAT growth" /> but rebounded by 8.7% in 2021, 5.7% in 2022, 2.3% in 2023 and 2.3% in 2024.<ref name="ELSTAT growth" /><ref name="GDP growth" /> In June 2021, the European Commission agreed to disburse approximately 30 billion Euros in COVID-19 related economic aid (12 billion in loans and 18 billion in grants).<ref>Template:Cite web</ref>
Current Greek economy
[edit]In 2024, the Greek economy is forecast to grow nearly 3%, meaning it approaches its pre-crisis size of 2009 and far outpacing the euro zone average economic growth of 0.8%.<ref>Template:Cite web</ref>
Primary sector
[edit]Agriculture and fishery
[edit]-
A vineyard in Naoussa, central Macedonia
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Sacks with Fava Santorinis
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Olive oil production
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In 2010, Greece was the European Union's largest producer of cotton (183,800 tons) and pistachios (8,000 tons)<ref name="eurostat agriculture 1">Template:Cite web</ref> and ranked second in the production of rice (229,500 tons)<ref name="eurostat agriculture 1" /> and olives (147,500 tons),<ref name="eurostat agriculture 2" /> third in the production of figs (11,000 tons) and<ref name="eurostat agriculture 2" /> almonds (44,000 tons),<ref name="eurostat agriculture 2">Template:Cite web</ref> tomatoes (1,400,000 tons)<ref name="eurostat agriculture 2" /> and watermelons (578,400 tons)<ref name="eurostat agriculture 2" /> and fourth in the production of tobacco (22,000 tons).<ref name="eurostat agriculture 1" /> Agriculture contributes 3.8% of the country's GDP<ref name="CIAFactBook" /> and employs 12.4% of the country's labor force.<ref name="CIAFactBook" />
Greece is a major beneficiary of the Common Agricultural Policy of the European Union. As a result of the country's entry to the European Community, much of its agricultural infrastructure has been upgraded and agricultural output increased. Between 2000 and 2007 organic farming in Greece increased by 885%, the highest change percentage in the EU.<ref name="Eurostat Sustainable" />
In 2007, Greece accounted for 19% of the EU's fishing haul in the Mediterranean Sea,<ref name="eurostat fishery">Template:Cite web</ref> ranked third with 85,493 tons,<ref name="eurostat fishery" /> and ranked first in the number of fishing vessels in the Mediterranean between European Union members.<ref name="eurostat fishery" /> Additionally, the country ranked 11th in the EU in total quantity of fish caught, with 87,461 tons.<ref name="eurostat fishery" />
In September 2023, the main agricultural production was severely affected by a deadly flood in the Thessaly region, with estimated losses of 3.7 billion.<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref>
Secondary sector
[edit]Industry
[edit]Between 2005 and 2011, Greece has had the highest percentage increase in industrial output compared to 2005 levels out of all European Union members, with an increase of 6%.<ref name="Eurostat Industry 2005">Template:Cite web</ref> Eurostat statistics show that the industrial sector was hit by the Greek government-debt crisis throughout 2009 and 2010,<ref name="Eurostat Yearbook 2011" /> with domestic output decreasing by 5.8% and industrial production in general by 13.4%.<ref name="Eurostat Yearbook 2011" /> Currently, Greece is ranked third in the European Union in the production of marble (over 920,000 tons), after Italy and Spain.
Between 1999 and 2008, the volume of retail trade in Greece increased by an average of 4.4% per year (a total increase of 44%),<ref name="Eurostat Yearbook 2011" /> while it decreased by 11.3% in 2009.<ref name="Eurostat Yearbook 2011" /> The only sector that did not see negative growth in 2009 was administration and services, with a marginal growth of 2.0%.<ref name="Eurostat Yearbook 2011" />
In 2009, Greece's labor productivity was 98% that of the EU average,<ref name="Eurostat Yearbook 2011">Template:Cite web</ref> but its productivity-per-hour-worked was 74% that the Eurozone average.<ref name="Eurostat Yearbook 2011" /> The largest industrial employer in the country (in 2007) was the manufacturing industry (407,000 people),<ref name="Eurostat Yearbook 2011" /> followed by the construction industry (305,000)<ref name="Eurostat Yearbook 2011" /> and mining (14,000).<ref name="Eurostat Yearbook 2011" />
Greece has a significant shipbuilding and ship maintenance industry. The six shipyards around the port of Piraeus are among the largest in Europe.<ref>Template:Cite book</ref> In recent years, Greece has become a leader in the construction and maintenance of luxury yachts.<ref>Template:Cite web</ref>
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HSY-55-class gunboat Polemistis, built by Hellenic Shipyards Co. for the Hellenic Navy
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The fuselage for the Dassault nEUROn stealth jet is produced in Greece by the Hellenic Aerospace Industry
.jpg){kind=link}
Mining
[edit]-
Aluminium of Greece facilities
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Gold mine in Thasos
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Gerakini mine
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Marble quarry in Sifnos
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Calcium carbonate loaded at the port of Argostoli
Tertiary sector
[edit]Maritime industry
[edit]
Shipping has traditionally been a key sector in the Greek economy since ancient times.<ref name="shipping">Template:Cite web</ref> In 1813, the Greek merchant navy was made up of 615 ships.<ref name="Istoria ton Ellinon">Template:Cite book</ref> Its total tonnage was 153,580 tons and was manned with 37,526 crewmembers and 5,878 cannons.<ref name="Istoria ton Ellinon" /> In 1914 the figures stood at 449,430 tons and 1,322 ships (of which 287 were steam boats).<ref name="Greek fleet">Template:Cite news</ref>
During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis, Vardinoyannis, Livanos and Niarchos.<ref name=slate>Template:Cite news</ref> The basis of the modern Greek maritime industry was formed after World War II when Greek shipping businessmen were able to amass surplus ships sold to them by the United States Government through the Ship Sales Act of the 1940s.<ref name=slate />
Greece has the largest merchant navy in the world, accounting for more than 15% of the world's total deadweight tonnage (dwt) according to the United Nations Conference on Trade and Development.<ref name="UN shipping" /> The Greek merchant navy's total dwt of nearly 245 million is comparable only to Japan's, which is ranked second with almost 224 million.<ref name="UN shipping" /> Additionally, Greece represents 39.52% of all of the European Union's dwt.<ref name=ECSA /> However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s.<ref name=shipping />
Greece is ranked third in the world by number of ships, with 4,709, behind Japan, with 5,974, and China, which leads with 7,114 owned vessels.<ref name=":2" /> A European Community Shipowners' Associations report for 2011–2012 reveals that the Greek flag is the seventh-most-used internationally for shipping, while it ranks second in the EU.<ref name=ECSA>Template:Cite web</ref>
In terms of ship categories, Greek companies have 22.6% of the world's tankers<ref name=ECSA /> and 16.1% of the world's bulk carriers (in dwt).<ref name=ECSA /> An additional equivalent of 27.45% of the world's tanker dwt is on order,<ref name=ECSA /> with another 12.7% of bulk carriers also on order.<ref name=ECSA /> Shipping accounts for an estimated 6% of Greek GDP,<ref name =ECSA2011>Template:Cite web</ref> employs about 160,000 people (4% of the workforce),<ref name =nbg>Template:Cite web</ref> and represents 1/3 of the country's trade deficit.<ref name =nbg /> Earnings from shipping amounted to €14.1 billion in 2011,<ref name=ECSA /> while between 2000 and 2010 Greek shipping contributed a total of €140 billion<ref name=ECSA2011 /> (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000–2013).<ref name=ECSA2011 /> The 2011 ECSA report showed that there are approximately 750 Greek shipping companies in operation.<ref name=ECSA2011 />
The latest available data from the Union of Greek Shipowners show that "the Greek-owned ocean-going fleet consists of 3,428 ships, totaling 245 million deadweight tonnes in capacity. This equals 15.6 percent of the carrying capacity of the entire global fleet, including 23.6 percent of the world tanker fleet and 17.2 percent of dry bulk".<ref name=TimeWorldGrShipping>Template:Cite magazine</ref>
Counting shipping as quasi-exports and in terms of monetary value, Greece ranked 4th globally in 2011 having exported shipping services worth 17,704.132 million $; only Denmark, Germany and South Korea ranked higher during that year.<ref name="WTO-ITC-SeaTransportRankExports" /> Similarly counting shipping services provided to Greece by other countries as quasi-imports and the difference between exports and imports as a trade balance, Greece in 2011 ranked in the latter second behind Germany, having imported shipping services worth 7,076.605 million US$ and having run a trade surplus of 10,712.342 million US$.<ref name="WTO-ITC-SeaTransportRankImports">Template:Cite web</ref><ref name="WTO-ITC-SeaTransportRankTradeBalance">Template:Cite web</ref> In 2022, Greek used vessel sales were second only to China's.<ref name=":2">Template:Cite web</ref>
| Year | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006–2008 | 2009 | 2010 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|
| Exports: | ||||||||||
| Global ranking<ref name="WTO-ITC-SeaTransportRankExports" /> | 5th | 5th | 5th | 4th | 3rd | 5th | -b | 5th | 6th | 4th |
| Value (US$ million)<ref name="WTO-ITC-SeaTransportRankExports" /> | 7,558.995 | 7,560.559 | 7,527.175 | 10,114.736 | 15,402.209 | 16,127.623 | -b | 17,033.714 | 18,559.292 | 17,704.132 |
| Value (€ million)<ref name="WTO-ITC-SeaTransportRankExports" /> | 8,172.559 | 8,432.670 | 7,957.654 | 8,934.660 | 12,382.636 | 12,949.869 | -b | 12,213.786 | 13,976.558 | 12,710.859 |
| Value (%GDP) | 5.93 | 5.76 | 5.08 | 5.18 | 6.68 | 6.71 | n/a | 5.29 | 6.29 | 6.10 |
| Imports: | ||||||||||
| Global ranking<ref name="WTO-ITC-SeaTransportRankImports" /> | 14th | 13th | 14th | -b | 14th | 16th | -b | 12th | 13th | 9th |
| Value (US$ million)<ref name="WTO-ITC-SeaTransportRankImports" /> | 3,314.718 | 3,873.791 | 3,757.000 | -b | 5,570.145 | 5,787.234 | -b | 6,653.395 | 7,846.950 | 7,076.605 |
| Value (€ million)<ref name="WTO-ITC-SeaTransportRankImports" /> | 3,583.774 | 4,320.633 | 3,971.863 | -b | 4,478.129 | 4,646.929 | -b | 4,770.724 | 5,909.350 | 5,080.720 |
| Value (%GDP) | 2.60 | 2.95 | 2.54 | n/a | 2.42 | 2.41 | n/a | 2.06 | 2.66 | 2.44 |
| Trade balance: | ||||||||||
| Global ranking<ref name="WTO-ITC-SeaTransportRankTradeBalance" /> | 1st | 2nd | 1st | 1ste | 1st | 1st | -b | 2nd | 1st | 2nd |
| Value (US$ million)<ref name="WTO-ITC-SeaTransportRankTradeBalance" /> | 4,244.277 | 3,686.768 | 3,770.175 | 10,114.736e | 9,832.064 | 10,340.389 | -b | 10,340.389 | 10,380.319 | 10,712.342 |
| Value (€ million)<ref name="WTO-ITC-SeaTransportRankTradeBalance" /> | 4,588.785 | 4,112.037 | 3,985.791 | 8,934.660e | 7,904.508 | 8,302.940 | -b | 7,443.063 | 8,067.208 | 7,630.140 |
| Value (%GDP) | 3.33 | 2.81 | 2.54 | 5.18e | 4.27 | 4.30 | n/a | 3.22 | 3.63 | 3.66 |
| GDP (€ million)<ref>Template:Cite web</ref> | 137,930.1 | 146,427.6 | 156,614.3 | 172,431.8 | 185,265.7 | 193,049.7b | n/a | 231,081.2p | 222,151.5p | 208,531.7p |
| b source reports break in time series; p source characterises data as provisional; e reported data may be erroneous because of relevant break in "Imports" time series | ||||||||||
Telecommunications
[edit]
Between 1949 and the 1980s, telephone communications in Greece were a state monopoly by the Hellenic Telecommunications Organization, better known by its acronym, OTE. Despite the liberalization of telephone communications in the country in the 1980s, OTE still dominates the Greek market in its field and has emerged as one of the largest telecommunications companies in Southeast Europe.<ref name="OTE">Template:Cite web</ref> Since 2011, the company's major shareholder is Deutsche Telekom with a 40% stake, while the Greek state continues to own 10% of the company's shares.<ref name="OTE" /> OTE owns several subsidiaries across the Balkans, including Cosmote, Greece's top mobile telecommunications provider, Cosmote Romania and Albanian Mobile Communications.<ref name="OTE" />
Other mobile telecommunications companies active in Greece are Wind Hellas and Vodafone Greece. The total number of active cellular phone accounts in the country in 2009 based on statistics from the country's mobile phone providers was over 20 million,<ref name="Eleftherotypia syndeseis">Template:Cite web</ref> a penetration of 180%.<ref name="Eleftherotypia syndeseis" /> Additionally, there are 5.745 million active landlines in the country.<ref name="CIAFactBook" />
Greece has tended to lag behind its European Union partners in terms of Internet use, with the gap closing rapidly in recent years. The percentage of households with Internet access more than doubled between 2006 and 2013, from 23% to 56% respectively (compared with an EU average of 49% and 79%).<ref name="Eurostat Internet 2011">Template:Cite web</ref><ref name="Eurostat Internet 2013">Template:Cite web</ref> At the same time, there was a massive increase in the proportion of households with a broadband connection, from 4% in 2006 to 55% in 2013 (compared with an EU average of 30% and 76%).<ref name="Eurostat Internet 2011" /><ref name="Eurostat Internet 2013" /> By 2023, the percentage of Greek households with Internet access had reached 86.9%.<ref>Template:Cite web</ref>
Tourism
[edit]
Tourism in the modern sense only started to flourish in Greece in the years post-1950,<ref name="Tourism 1" /><ref name="Tourism 2" /> although tourism in ancient times is also documented in relation to religious or sports festivals such as the Olympic Games.<ref name="Tourism 2">Template:Cite book</ref> Since the 1950s, the tourism sector saw an unprecedented boost as arrivals went from 33,000 in 1950 to 11.4 million in 1994.<ref name="Tourism 1">Template:Cite book</ref>
Greece attracts more than 16 million tourists each year, thus contributing 18.2% to the nation's GDP in 2008 according to an OECD report.<ref name="OECD report">Template:Cite book</ref> The same survey showed that the average tourist expenditure while in Greece was $1,073, ranking Greece 10th in the world.<ref name="OECD report" /> The number of jobs directly or indirectly related to the tourism sector were 840,000 in 2008 and represented 19% of the country's total labor force.<ref name="OECD report" /> In 2009, Greece welcomed over 19.3 million tourists,<ref name="Eurostat Tourism table">Template:Cite web</ref> a major increase from the 17.7 million tourists the country welcomed in 2008.<ref name="Eurostat Tourism">Template:Cite web</ref>
Among the member states of the European Union, Greece was the most popular destination for residents of Cyprus and Sweden in 2011.<ref>Template:Cite web</ref>
The ministry responsible for tourism is the Ministry of Culture and Tourism, while Greece also owns the Greek National Tourism Organization which aims in promoting tourism in Greece.<ref name="OECD report" />
In recent years a number of well-known tourism-related organizations have placed Greek destinations in the top of their lists. In 2009 Lonely Planet ranked Thessaloniki, the country's second-largest city, the world's fifth best "Ultimate Party Town", alongside cities such as Montreal and Dubai,<ref>Template:Cite web</ref> while in 2011 the island of Santorini was voted as the best island in the world by Travel + Leisure.<ref name="Best Islands">Template:Cite magazine</ref> The neighbouring island of Mykonos was ranked as the 5th best island Europe.<ref name="Best Islands" /> Thessaloniki was the European Youth Capital in 2014.
Trade and investment
[edit]_on_Eleftherias_Square,_Thessaloniki.png){kind=link}
Foreign investment
[edit]Since the fall of communism, Greece has invested heavily in neighbouring Balkan countries. Between 1997 and 2009, 12.11% of foreign direct investment capital in North Macedonia was Greek, ranking fourth. In 2009 alone, Greeks invested €380 million in the country,<ref name="Balkan Insight">Template:Cite web</ref> with companies such as Hellenic Petroleum having made important strategic investments.<ref name="Balkan Insight" />
Greece invested €1.38 billion in Bulgaria between 2005 and 2007<ref name="Sofia Echo">Template:Cite news</ref> and many important companies (including Bulgarian Postbank, United Bulgarian Bank Coca-Cola Bulgaria) are owned by Greek financial groups.<ref name="Sofia Echo" /> In Serbia, 250 Greek companies are active with a total investment of over €2 billion.<ref name="Kathimerini Serbia">Template:Cite web</ref> Romanian statistics from 2016 show that Greek investment in the country exceeded €4 billion, ranking Greece fifth or sixth among foreign investors.<ref>Template:Cite news</ref> Greece has been the largest investor in Albania since the fall of communism with 25% of foreign investments in 2016 coming from Greece, in addition business relations between both are extremely strong and continuously rising.<ref>Template:Cite web</ref>
Trade
[edit]During the debt crisis and subsequent COVID-19 recession, Greece's negative balance of trade decreased significantly–from €44.3 billion in 2008 to €18.15 billion in 2020–due to a substantial drop in imports.<ref name="Imports Exports 2008 Excel files">Template:Cite web</ref><ref>Template:Cite web</ref> However, the trade boom of recent years has seen the balance approach pre-crisis levels. Exports increased by 30.9% in 2021 and 38.3% in 2022, while imports rose by 34.6% and 43.6% during the same period.<ref>Template:Cite web</ref> This was followed by a correction in 2023, with exports and imports decreasing by 8.5% and 12.1% respectively.<ref name="ELSTAT trade">Template:Cite web</ref> In 2024, exports decreased by 2.1% and imports increased by 2.2%.<ref name="ELSTAT trade" />
Greece is also the largest import partner of Cyprus (18.0%)<ref>Template:Cite web</ref> and the largest export partner of Palau (82.4%).<ref>Template:Cite web</ref>
| Imports | Exports | ||||||
|---|---|---|---|---|---|---|---|
| Rank | Origin | Value (€ mil) |
Value (% of total) |
Rank | Destination | Value (€ mil) |
Value (% of total) |
| 1 | Template:RUS | 5,967.20132 | 12.6 | 1 | Template:TUR | 2,940.25203 | 10.8 |
| 2 | Template:DEU | 4,381.92656 | 9.2 | 2 | Template:ITA | 2,033.77413 | 7.5 |
| 3 | Template:ITA | 3,668.88622 | 7.7 | 3 | Template:DEU | 1,687.03947 | 6.2 |
| 4 | Template:SAU | 2,674.00587 | 5.6 | 4 | Template:BGR | 1,493.75355 | 5.5 |
| 5 | Template:CHN | 2,278.03883 | 4.8 | 5 | Template:CYP | 1,319.28598 | 4.8 |
| 6 | Template:NLD | 2,198.57126 | 4.6 | 6 | Template:USA | 1,024.73686 | 3.8 |
| 7 | Template:FRA | 1,978.48460 | 4.2 | 7 | Template:GBR | 822.74077 | 3 |
| #α | OECD | 23,849.94650 | 50.2 | #α | OECD | 13,276.48107 | 48.8 |
| #β | G7 | 11,933.75417 | 25.1 | #β | G7 | 6,380.86705 | 23.4 |
| #γ | BRICS | 8,682.10265 | 18.3 | #ε | BRICS | 1,014.17146 | 3.7 |
| #δ | BRIC | 8,636.02946 | 18.2 | #ζ | BRIC | 977.76016 | 3.6 |
| #ε | OPEC | 8,090.76972 | 17 | #γ | OPEC | 2,158.60420 | 7.9 |
| #ζ | NAFTA | 751.80608 | 1.6 | #δ | NAFTA | 1,215.70257 | 4.5 |
| #a | Template:EU 27 | 21,164.89314 | 44.5 | #a | Template:EU 27 | 11,512.31990 | 42.3 |
| #b | Template:EU 15 | 17,794.19344 | 37.4 | #b | Template:EU 15 | 7,234.83595 | 26.6 |
| #3 | Africa | 2,787.39502 | 5.9 | #3 | Africa | 1,999.46534 | 7.3 |
| #4 | America | 1,451.15136 | 3.1 | #4 | America | 1,384.04068 | 5.1 |
| #2 | Asia | 14,378.02705 | 30.2 | #2 | Asia | 6,933.51200 | 25.5 |
| #1 | Europe | 28,708.38148 | 60.4 | #1 | Europe | 14,797.20641 | 54.4 |
| #5 | Oceania | 71.70603 | 0.2 | #5 | Oceania | 169.24085 | 0.6 |
| # | World | 47,537.63847 | 100 | # | World | 27,211.06362 | 100 |
| the International Organisations or Country Groups list and ranking presented above (i.e. #greek_letters and/or #latin_letters), is not indicative of the whole picture of Greece's trade; this is instead only an incomplete selection of some major and well known such Organisations and Groups; rounding errors possibly present | |||||||
Transport
[edit]
As of 2012, Greece had a total of 82 airports,<ref name="CIAFactBook" /> of which 67 were paved and six had runways longer than 3,047 meters.<ref name="CIAFactBook" /> Of these airports, two are classified as "international" by the Hellenic Civil Aviation Authority,<ref name="HCAA">Template:Cite web</ref> but 15 offer international services.<ref name="HCAA" /> Additionally Greece has 9 heliports.<ref name="CIAFactBook" /> Greece does not have a flag carrier, but the country's airline industry is dominated by Aegean Airlines and its subsidiary Olympic Air.
Between 1975 and 2009, Olympic Airways (known after 2003 as Olympic Airlines) was the country's state-owned flag carrier, but financial problems led to its privatization and relaunch as Olympic Air in 2009. Both Aegean Airlines and Olympic Air have won awards for their services; in 2009 and 2011, Aegean Airlines was awarded the "Best regional airline in Europe" award by Skytrax,<ref name="Aegean Awards">Template:Cite web</ref> and also has two gold and one silver awards by the ERA,<ref name="Aegean Awards" /> while Olympic Air holds one silver ERA award for "Airline of the Year"<ref name="ERA10-11">Template:Cite web</ref> as well as a "Condé Nast Traveller 2011 Readers Choice Awards: Top Domestic Airline" award.<ref>Template:Cite web</ref>
The Greek road network is made up of 116,986 km of roads,<ref name="CIAFactBook" /> of which 1863 km are highways, ranking 24th worldwide, as of 2016.<ref name="CIAFactBook" /> Since the entry of Greece to the European Community (now the European Union), a number of important projects (such as the Egnatia Odos and the Attiki Odos) have been co-funded by the organization, helping to upgrade the country's road network. In 2007, Greece ranked 8th in the European Union in goods transported by road at almost 500 million tons.
Greece's rail network is estimated to be at 2,548 km.<ref name="CIAFactBook" /> Rail transport in Greece is operated by TrainOSE, a current subsidiary of the Ferrovie dello Stato Italiane after the Hellenic Railways Organisation had sold its 100% stake on the operator. Most of the country's network is standard gauge (1,565 km),<ref name="CIAFactBook" /> while the country also has 983 km of narrow gauge.<ref name="CIAFactBook" /> A total of 764 km of rail are electrified.<ref name="CIAFactBook" /> Greece has rail connections with Bulgaria, North Macedonia and Turkey. A total of three suburban railway systems (Proastiakos) are in operation (in Athens, Thessaloniki and Patras), while one metro system, the Athens Metro, is operational in Athens with another, the Thessaloniki Metro, under construction.
According to Eurostat, Greece's largest port by tons of goods transported in 2010 is the port of Aghioi Theodoroi, with 17.38 million tons.<ref name="Eurostat ports">Template:Cite web</ref> The Port of Thessaloniki comes second with 15.8 million tons,<ref name="Eurostat ports" /> followed by the Port of Piraeus, with 13.2 million tons,<ref name="Eurostat ports" /> and the port of Eleusis, with 12.37 million tons.<ref name="Eurostat ports" /> The total number of goods transported through Greece in 2010 amounted to 124.38 million tons,<ref name="Eurostat ports" /> a considerable drop from the 164.3 million tons transported through the country in 2007.<ref name="Eurostat ports" /> Since then, Piraeus has grown to become the Mediterranean's third-largest port thanks to heavy investment by Chinese logistics giant COSCO. In 2013, Piraeus was declared the fastest-growing port in the world.<ref>Template:Cite news</ref>
In 2010 Piraeus handled 513,319 TEUs,<ref name="OLP Statistical Data">Template:Cite web</ref> followed by Thessaloniki, which handled 273,282 TEUs.<ref name="OLTH Statistical Data">Template:Cite web</ref> In the same year, 83.9 million people passed through Greece's ports,<ref name="Eurostat passengers ports">Template:Cite web</ref> 12.7 million through the port of Paloukia in Salamis,<ref name="Eurostat passengers ports" /> another 12.7 through the port of Perama,<ref name="Eurostat passengers ports" /> 9.5 million through Piraeus<ref name="Eurostat passengers ports" /> and 2.7 million through Igoumenitsa.<ref name="Eurostat passengers ports" /> In 2013, Piraeus handled a record 3.16 million TEUs, the third-largest figure in the Mediterranean, of which 2.52 million were transported through Pier II, owned by COSCO and 644,000 were transported through Pier I, owned by the Greek state.
Energy
[edit]
Energy production in Greece is dominated by the Public Power Corporation (known mostly by its acronym ΔΕΗ, or in English DEI). In 2009 DEI supplied for 85.6% of all energy demand in Greece,<ref name="DEI 2010">Template:Cite web</ref> while the number fell to 77.3% in 2010.<ref name="DEI 2010" /> Almost half (48%) of DEI's power output is generated using lignite, a drop from the 51.6% in 2009.<ref name="DEI 2010" /> Another 12% comes from Hydroelectric power plants<ref name="Invest in Greece energy">Template:Cite web</ref> and another 20% from natural gas.<ref name="Invest in Greece energy" /> Between 2009 and 2010, independent companies' energy production increased by 56%,<ref name="DEI 2010" /> from 2,709 Gigawatt hour in 2009 to 4,232 GWh in 2010.<ref name="DEI 2010" />
In 2008 renewable energy accounted for 8% of the country's total energy consumption,<ref name="Eurostat renewable energy">Template:Cite web</ref> a rise from the 7.2% it accounted for in 2006,<ref name="Eurostat renewable energy" /> but still below the EU average of 10% in 2008.<ref name="Eurostat renewable energy" /> 10% of the country's renewable energy comes from solar power,<ref name="Eurostat Sustainable">Template:Cite web</ref> while most comes from biomass and waste recycling.<ref name="Eurostat Sustainable" /> In line with the European Commission's Directive on Renewable Energy, Greece aims to get 18% of its energy from renewable sources by 2020.<ref name="Directive">Template:Cite web</ref> In 2013 and for several months, Greece produced more than 20% of its electricity from renewable energy sources and hydroelectric power plants.<ref>Template:Cite web</ref> Greece currently does not have any nuclear power plants in operation, however in 2009 the Academy of Athens suggested that research in the possibility of Greek nuclear power plants begin.<ref name="Academy of Athens nuclear power">Template:Cite web</ref>
Greece had 10 million barrels of proven oil reserves as of 1 January 2012.<ref name="CIAFactBook" /> Hellenic Petroleum is the country's largest oil company, followed by Motor Oil Hellas. Greece's oil production stands at 1,751 barrels per day (bbl/d), ranked 95th worldwide,<ref name="CIAFactBook" /> while it exports 19,960 bbl/d, ranked 53rd,<ref name="CIAFactBook" /> and imports 355,600 bbl/d, ranked 25th.<ref name="CIAFactBook" />
In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece,<ref name="Invest in Greece oil">Template:Cite web</ref> with an estimated output of 250 to 300 million barrels over the next 15 to 20 years.<ref name="Invest in Greece oil" /> The estimated output in euros of the three deposits is €25 billion over a 15-year period,<ref name="Invest in Greece oil" /> of which €13–€14 billion will enter state coffers.<ref name="Invest in Greece oil" /> Greece's dispute with Turkey over the Aegean poses substantial obstacles to oil exploration in the Aegean Sea.
In addition to the above, Greece is also to start oil and gas exploration in other locations in the Ionian Sea, as well as the Libyan Sea, within the Greek exclusive economic zone, south of Crete.<ref name="Skai oil">Template:Cite web</ref><ref name="Skai oil 2">Template:Cite web</ref> The Ministry of the Environment, Energy and Climate Change announced that there was interest from various countries (including Norway and the United States) in exploration,<ref name="Skai oil 2" /> and the first results regarding the amount of oil and gas in these locations were expected in the summer of 2012.<ref name="Skai oil 2" /> In November 2012, a report published by Deutsche Bank estimated the value of natural gas reserves south of Crete at €427 billion.<ref>Template:Cite news</ref>
A number of oil and gas pipelines are currently under construction or under planning in the country. Such projects include the Interconnector Turkey-Greece-Italy (ITGI) and South Stream gas pipelines.<ref name="Invest in Greece energy" />
EuroAsia Interconnector will electrically connect Attica and Crete in Greece with Cyprus and Israel with 2000 MW HVDC undersea power cable.<ref name="EA">Template:Cite web</ref><ref name=mirror35197>Template:Cite news</ref> EuroAsia Interconnector is specially important for isolated systems, like Cyprus and Crete. Crete is energetically isolated from mainland Greece and Hellenic Republic covers for Crete electricity costs difference of around €300 million per year.<ref name="CRE">Template:Cite web</ref>
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View of a wind farm, Panachaiko mountain
-
Prinos oil field near Kavala
Taxation and tax evasion
[edit]
Greece has a tiered tax system based on progressive taxation. Greek law recognizes six categories of taxable income:<ref name="Eurostat Taxation">Template:Cite web</ref> immovable property, movable property (investment), income from agriculture, business, employment, and income from professional activities. Greece's personal income tax rate, until recently, ranged from 0% for annual incomes below €12,000<ref name="Eurostat Taxation" /> to 45% for annual incomes over €100,000.<ref name="Eurostat Taxation" /> Under the new 2010 tax reform, tax exemptions have been abolished.<ref name="Eurostat Taxation" />
Also under the new austerity measures and among other changes, the personal income tax-free ceiling has been reduced to €5,000 per annum<ref name="New Tax Free Ceiling">Template:Cite web</ref> while further future changes, for example abolition of this ceiling, are already being planned.<ref name="New Tax Bill">Template:Cite web</ref>
Greece's corporate tax dropped from 40% in 2000<ref name="Eurostat Taxation" /> to 20% in 2010.<ref name="Eurostat Taxation" /> For 2011 only, corporate tax was at 24%.<ref name="Eurostat Taxation" /> Value added tax (VAT) has gone up in 2010 compared to 2009: 23% as opposed to 19%.<ref name="Eurostat Taxation" />
The lowest VAT possible is 6.5% (previously 4.5%)<ref name="Eurostat Taxation" /> for newspapers, periodicals and cultural event tickets, while a tax rate of 13% (from 9%)<ref name="Eurostat Taxation" /> applies to certain service sector professions. Additionally, both employers and employees have to pay social contribution taxes, which apply at a rate of 16%<ref name="Eurostat Taxation" /> for white collar jobs and 19.5%<ref name="Eurostat Taxation" /> for blue collar jobs, and are used for social insurance. In 2017 the VAT tax rate was 24%<ref name="Eurostat Taxation2">Template:Cite web</ref> with minor exceptions, 13% reduced for some basic foodstuffs which will be soon abolished and everything, as it seems, will soon go to 24% in order to fight the phantom of tax evasion.Template:Update inline
The Ministry of Finance expected tax revenues for 2012 to be €52.7 billion (€23.6 billion in direct taxes and €29.1 billion in indirect taxes),<ref name="Budget 2012">Template:Cite web</ref> an increase of 5.8% from 2011.<ref name="Budget 2012" /> In 2012, the government was expected to have considerably higher tax revenues than in 2011 on a number of sectors, primarily housing (an increase of 217.5% from 2011).<ref name="Budget 2012" />
Tax evasion
[edit]Greece suffers from very high levels of tax evasion. In the last quarter of 2005, tax evasion reached 49%,<ref name="Ethnos Forodiafygi">Template:Cite web</ref> while in January 2006 it fell to 41.6%.<ref name="Ethnos Forodiafygi" /> It is worth noting that the newspaper Ethnos which published these figures went bankrupt; it is no longer published and some sources suggest that the information it had published was highly debatable.<ref>Template:Cite web</ref> A study by researchers from the University of Chicago concluded that tax evasion in 2009 by self-employed professionals alone in Greece (accountants, dentists, lawyers, doctors, personal tutors and independent financial advisers) was €28 billion or 31% of the budget deficit that year.<ref>Inman, Phillip (9 September 2012) Primary Greek tax evaders are the professional classes The Guardian. Retrieved 6 October 2012</ref>
Greece's "shadow economy" was estimated at 24.3% of GDP in 2012, compared with 28.6% for Estonia, 26.5% for Latvia, 21.6% for Italy, 17.1% for Belgium, 14.7% for Sweden, 13.7% for Finland, and 13.5% for Germany, and is certainly related to the fact that the percentage of Greeks that are self-employed is more than double the EU average (2013 est.).<ref name="Debt Past"/>
The Tax Justice Network estimated in 2011 that there were over 20 billion euros in Swiss bank accounts held by Greeks.<ref name="Skai TJN">Template:Cite web</ref> The former Finance Minister of Greece, Evangelos Venizelos, was quoted as saying, "Around 15,000 individuals and companies owe the taxman 37 billion euros".<ref>Template:Cite news</ref> Additionally, the TJN put the number of Greek-owned off-shore companies at over 10,000.<ref name="Ta Nea TJN">Template:Cite web</ref>
In 2012, Swiss estimates suggested that Greeks had some 20 billion euros in Switzerland of which only one percent had been declared as taxable in Greece.<ref>Template:Cite news</ref> Estimates in 2015 were even more dramatic. They indicated that the amount due to the government of Greece from Greeks' accounts in Swiss banks totaled around 80 billion euros.<ref name="The Local ch">Template:Cite web</ref><ref name="Swissinfo.ch">Template:Cite web</ref>
A mid-2017 report indicated Greeks have been "taxed to the hilt" and many believed that the risk of penalties for tax evasion were less serious than the risk of bankruptcy. One method of evasion is the so-called black market, grey economy or shadow economy: work is done for cash payment which is not declared as income; as well, VAT is not collected and remitted.<ref>Template:Cite newsTemplate:Cbignore</ref> A January 2017 report<ref>Template:Cite web</ref> by the DiaNEOsis think-tank indicated that unpaid taxes in Greece at the time totaled approximately 95 billion euros, up from 76 billion euros in 2015, much of it was expected to be uncollectable. Another early 2017 study estimated that the loss to the government as a result of tax evasion was between 6% and 9% of the country's GDP, or roughly between 11 billion and 16 billion euros per annum.<ref name="keeptalkinggreece.com">Template:Cite web</ref>
The shortfall in the collection of VAT (sales tax) is also significant. In 2014, the government collected 28% less than was owed to it; this shortfall was about double the average for the EU. The uncollected amount that year was about 4.9 billion euros.<ref>Template:Cite news</ref> The DiaNEOsis study estimated that 3.5% of GDP is lost due to VAT fraud, while losses due to smuggling of alcohol, tobacco and petrol amounted to approximately another 0.5% of the country's GDP.<ref name="keeptalkinggreece.com"/>
Planned solutions
[edit]Following similar actions by the United Kingdom and Germany, the Greek government was in talks with Switzerland in 2011, attempting to force Swiss banks to reveal information on the back accounts of Greek citizens.<ref name="Skai Elvetia">Template:Cite web</ref> The Ministry of Finance stated that Greeks with Swiss bank accounts would either be required to pay a tax or reveal information such as the identity of the bank account holder to the Greek internal revenue services.<ref name="Skai Elvetia" /> The Greek and Swiss governments were to reach a deal on the matter by the end of 2011.<ref name="Skai Elvetia" />
The solution demanded by Greece still had not been effected as of 2015. That year, estimates indicated that the amount of evaded taxes stored in Swiss banks was around 80 billion euros. By then, however, a tax treaty to address this issue was under serious negotiation between the Greek and Swiss governments.<ref name="The Local ch"/><ref name="Swissinfo.ch"/> An agreement was finally ratified by Switzerland on 1 March 2016 creating a new tax transparency law that would allow for a more effective battle against tax evasion. Starting in 2018, banks in both Greece and Switzerland will exchange information about the bank accounts of citizens of the other country to minimize the possibility of hiding untaxed income.<ref>Template:Cite web</ref>
In 2016 and 2017, the government was encouraging the use of credit cards or debit cards to pay for goods and services in order to reduce cash only payments. By January 2017, taxpayers were only granted tax-allowances or deductions when payments were made electronically, with a "paper trail" of the transactions that the government could easily audit. This was expected to reduce the problem of businesses taking payments but not issuing an invoice;<ref>Template:Cite web</ref> that tactic had been used by various companies to avoid payment of VAT (sales) tax as well as income tax.<ref>Template:Cite web</ref><ref>Template:Cite journal</ref>
By 28 July 2017, numerous businesses were required by law to install a point of sale device to enable them to accept payment by credit or debit card. Failure to comply with the electronic payment facility can lead to fines of up to 1,500 euros. The requirement applied to around 400,000 firms or individuals in 85 professions. The greater use of cards was one of the factors that had already achieved significant increases in VAT collection in 2016.<ref>Template:Cite web</ref>
Wealth and standards of living
[edit]National and regional GDP
[edit]
Greece's most economically important regions are Attica, which contributed €87.378 billion to the economy in 2018, and Central Macedonia, which contributed €25.558 billion.<ref name="Eurostat Regional GDP">Template:Cite web</ref> The smallest regional economies were those of the North Aegean (€2.549 billion) and Ionian Islands (€3.257 billion).<ref name="Eurostat Regional GDP" />
In terms of GDP per capita, Attica (€23,300) far outranks any other Greek region.<ref name="Eurostat Regional GDP" /> The poorest regions in 2018 were the North Aegean (€11,800), Eastern Macedonia and Thrace (€11,900) and Epirus (€12,200).<ref name="Eurostat Regional GDP" /> At the national level, GDP per capita in 2018 was €17,200.<ref name="Eurostat Regional GDP" />
| Rank | Region | GDP (€, billions) |
Share in EU-27/national GDP (%) |
GDP per capita (€) |
GDP per capita (PPS) |
GDP per capita (€, EU27=100) |
GDP per capita (PPS, EU27=100) |
GDP per person employed (PPS, EU27=100) |
|---|---|---|---|---|---|---|---|---|
| 1 | Attica | 87.378 | 47.3 | 23,300 | 28,000 | 77 | 93 | 99 |
| 2 | Central Macedonia | 25.558 | 13.8 | 13,600 | 16,400 | 45 | 54 | 69 |
| 3 | Thessaly | 9.658 | 5.2 | 13,400 | 16,100 | 44 | 53 | 65 |
| 4 | Crete | 9.386 | 5.1 | 14,800 | 17,800 | 49 | 59 | 68 |
| 5 | Central Greece | 8.767 | 4.7 | 15,800 | 18,900 | 52 | 63 | 81 |
| 6 | Western Greece | 8.322 | 4.5 | 12,700 | 15,200 | 42 | 50 | 65 |
| 7 | Peloponnese | 8.245 | 4.5 | 14,300 | 17,200 | 48 | 57 | 68 |
| 8 | Eastern Macedonia and Thrace | 7.166 | 3.9 | 11,900 | 14,300 | 40 | 48 | 61 |
| 9 | South Aegean | 6.387 | 3.5 | 18,700 | 22,400 | 62 | 74 | 79 |
| 10 | Epirus | 4.077 | 2.2 | 12,200 | 14,700 | 40 | 49 | 63 |
| 11 | Western Macedonia | 3.963 | 2.1 | 14,800 | 17,700 | 49 | 59 | 79 |
| 12 | Ionian Islands | 3.257 | 1.8 | 16,000 | 19,100 | 53 | 63 | 71 |
| 13 | North Aegean | 2.549 | 1.4 | 11,800 | 14,200 | 39 | 47 | 67 |
| – | Greece | 184.714 | 1 | 17,200 | 20,700 | 57 | 69 | 81 |
| – | EU27 | 13,483.857 | 100 | 30,200 | 30,200 | 100 | 100 | 100 |
Welfare state
[edit]Greece is a welfare state which provides a number of social services such as quasi-universal health care and pensions. In the 2012 budget, expenses for the welfare state (excluding education) stand at an estimated €22.487 billion<ref name="Budget 2012" /> (€6.577 billion for pensions<ref name="Budget 2012" /> and €15.910 billion for social security and health care expenses),<ref name="Budget 2012" /> or 31.9% of the all state expenses.<ref name="Budget 2012" />
Largest companies by revenue 2024
[edit]Template:See also According to the 2024 Forbes Global 2000 index, Greece's largest publicly traded companies are:
| Rank | Company | Revenues (€ billion) |
Profit (€ billion) |
Assets (€ billion) |
|---|---|---|---|---|
| 1 | Eurobank Ergasias | 6.1 | 1.3 | 85.7 |
| 2 | National Bank of Greece | 3.9 | 1.3 | 78.2 |
| 3 | Piraeus Bank | 3.7 | 0.9 | 83.4 |
| 4 | Alpha Bank | 4.7 | 0.7 | 80.3 |
| 5 | Bank of Greece | 7.5 | 0.1 | 250.2 |
| 6 | Motor Oil Hellas | 14.4 | 0.8 | 8.4 |
| 7 | Hellenic Petroleum | 14.1 | 0.6 | 9.0 |
| 8 | Public Power Corporation | 8.8 | 0.4 | 21.2 |
Labour force
[edit]Working hours
[edit]In 2011, 53.3 percent of employed persons worked more than 40 to 49 hours a week and 24.8 percent worked more than 50 hours a week, totaling up to 78.1 percent of employed persons working 40 or more hours a week.<ref name=":0">Template:Cite web</ref> When accounting for varying age groups, the percentage of employees working 40 to 49 hours a week peaked in the 25 to 29 age range.<ref name=":0" /> As workers got older, they gradually decreased in percentage working 40 to 49 hours, but increased in working 50+ hours, suggesting a correlation that as employees grow older, they work more hours. Of different occupation groups, skilled agricultural, forestry, and fishery workers and managers were the most likely to work 50+ hours; however, they do not take up a significant portion of the labor force, only 14.3 percent.<ref>Template:Cite web</ref> In 2014, the average number of working hours for Greek employees was 2124 hours, ranking as the third highest among OECD countries and the highest in the Eurozone.<ref name=":1">Template:Cite book</ref>
Recent trends in employment indicate that the number of working hours will decrease in the future due to the rise of part-time work. Since 2011, average working hours have decreased.<ref name=":1" /> In 1998, Greece passed legislation introducing part-time employment in public services with the goal of reducing unemployment, increasing the total, but decreasing the average number of hours worked per employee.<ref>Template:Cite web</ref> Whether the legislation was successful in increasing public-sector part-time work, labor market trends show that part-time employment has increased from 7.7 percent in 2007 to 11 percent in 2016 of total employment.<ref>Template:Cite web</ref> Both men and women have had the part-time share of employment increase over this period. While women still constitute a majority of part-time workers, recently men have been taking a larger share of part-time employment.<ref>Template:Cite web</ref>
Currency
[edit]Between 1832 and 2002 the currency of Greece was the drachma. After signing the Maastricht Treaty, Greece applied to join the eurozone. The two main convergence criteria were a maximum budget deficit of 3% of GDP and a declining public debt if it stood above 60% of GDP. Greece met the criteria as shown in its 1999 annual public account. On 1 January 2001, Greece joined the eurozone, with the adoption of the euro at the fixed exchange rate ₯340.75 to €1. However, in 2001 the euro only existed electronically, so the physical exchange from drachma to euro only took place on 1 January 2002. This was followed by a ten-year period for eligible exchange of drachma to euro, which ended on 1 March 2012.<ref name="Bank of Greece drachma">Template:Cite web</ref>
Prior to the adoption of the euro, 64% of Greek citizens viewed the new currency positively,<ref name="Public Issue Evro">Template:Cite web</ref> but in February 2005 this figure fell to 26% and by June 2005 it fell further to 20%.<ref name="Public Issue Evro" /> Since 2010 the figure has risen again, and a survey in September 2011 showed that 63% of Greek citizens viewed of the euro positively.<ref name="Public Issue Evro" />
Charts gallery
[edit]-
Greek social expenditures as a percentage of GDP (1998–2009)
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Distribution of income in Greece over the years
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Distribution of total income in Greece over the years
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Employment and unemployment in Greece since 2004
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Greek GDP, Debt (various) and Budget Deficit over the years
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Greek GDP, Debt and Deficit (Int. 1990 Geary-Khamis dollars)
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Greek bank deposits (including repos) since 1998
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Domestic bank deposits of Greek households by type of account
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Domestic lending by domestic banks in Greece since 1980
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House Price Index, Greece (including flats)
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Poverty rate
[edit]As a result of the recession sparked by the public debt crisis, poverty has increased. The rate of people at risk of poverty or social exclusion reached a high of 36% in 2014, before subsiding over the following years to 26.1% in 2023.<ref>Template:Cite web</ref> The rate of extreme poverty rose to 15% in 2015, up from 8.9% in 2011 and a huge increase from 2009 when it did not exceed 2.2%.<ref name="diaNEOsis">Template:Cite web</ref> In 2015, the rate among children aged 0–17 was 17.6% and for young people aged 18–29 the rate was 24.4%.<ref name="diaNEOsis"/> With unemployment on the rise, those without jobs between 2012 and 2015 were at the highest risk of poverty (70–75%), up from less than 50% in 2011.<ref name="diaNEOsis"/> Those out of work lose their health insurance after two years, further exacerbating the poverty rate. Younger unemployed people tend to rely on the older generations of their families for financial support. However, long-term unemployment has depleted pension funds due to fewer workers making social security contributions, resulting in higher poverty rates in intergenerational households reliant on the reduced pensions received by their retired members. Over the course of the economic crisis, Greeks have endured significant job losses and wage cuts, as well as deep cuts to workers' compensation and welfare benefits. From 2008 to 2013, Greeks became 40% poorer on average, and in 2014 saw their disposable household income drop below 2003 levels.<ref name="Reuters">Template:Cite news</ref>
Template:Graph:Chart Template:Legend Template:Legend
References
[edit]Template:Reflist Template:Notelist
Further reading
[edit]- Template:Cite journal
- Pasiouras, Fotios. Greek Banking: From the Pre-Euro Reforms to the Financial Crisis and Beyond (Palgrave Macmillan; 2012) 217 pages; covers the mid-1990s to 2011.
- Template:Cite book
External links
[edit]Template:Portal Template:Commons category
- Economy of Greece Ten Years After the Financial Crisis Template:Webarchive – Macro Affairs
- Nick Malkoutzis Greece – A Year in Crisis – Friedrich-Ebert-Stiftung, June 2011
- The Greek Economy: Which Way Forward?, from the Center for Economic and Policy Research, January 2015
- The Greek Economy – a bi-monthly publication by the Hellenic Statistical Authority on the state of the economy
- The Greek Exports – Database of Greek Exporters
- Greek Banks Digest – (in English)
- World Bank Summary Trade Statistics Greece
- New study on the "Economic, Social and Territorial Situation of Greece" – European Parliament, Committee on Regional Development's delegation to Greece, 13 – 15 July 2011
- OECD data for Greece
- Federal Reserve Economic Data for Greece
Template:Economy of Europe Template:Organisation for Economic Co-operation and Development Template:Greece topics