Editing Economy of Greece

{{Short description|none}}
{{Use dmy dates|date=September 2021}}
{{Infobox economy
| country = Greece
| image = Greece economy collage.png
| caption = Greek tourism, shipping and agriculture, important sectors of the Greek economy
| currency = [[Euro]] (EUR, €)
| year = [[Calendar year]]<ref name="CIAFactBook">{{cite web|title=Greece|date=31 August 2022 |url=https://www.cia.gov/the-world-factbook/countries/greece/|publisher=[[Central Intelligence Agency]]|website=CIA.gov}}</ref>
| organs = [[European Union|EU]], [[World Trade Organization|WTO]], [[OECD]], [[Bank for International Settlements|BIS]], [[Organization of the Black Sea Economic Cooperation|BSEC]]<ref name="CIAFactBook" />
| group = {{plainlist|
*[[Developed country|Advanced economy]]<ref name="WEO groups" />
*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |title=World Bank Country and Lending Groups – World Bank Data Help Desk |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |publisher=The [[World Bank Group]] |access-date=12 April 2023 |location=Washington, D.C.}}</ref>
*Developed EU and [[eurozone]] economy<ref name="CIAFactBook" />}}
| population = {{decrease}} 10,400,720 (1 January 2024)<ref>{{cite web |title=Estimated Population and Migration Flows, 2024 |url=https://www.statistics.gr/documents/20181/b248e72c-2917-bdae-1d15-98d22787adb7 |publisher=[[Hellenic Statistical Authority]] |access-date=8 January 2025|location=Piraeus |date=31 December 2024}}</ref>
| gdp = {{plainlist|
*{{increase}} $267.348 billion (nominal, 2025 est.)<ref name="WEO database" />
*{{increase}} $467.590 billion ([[purchasing power parity|PPP]], 2025 est.)<ref name="WEO database" />}}
| gdp rank = {{plainlist|
*[[List of countries by GDP (nominal)|50th]] (nominal, 2025 est.)
*[[List of countries by GDP (PPP)|54th]] (PPP, 2025 est.)}}
| per capita = {{plainlist|
*{{increase}} $25,756 (nominal, 2025 est.)<ref name="WEO database" />
*{{increase}} $45,048 (PPP, 2025 est.)<ref name="WEO database" />}}
| per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|45th]] (nominal, 2025 est.)
*[[List of countries by GDP (PPP) per capita|47th]] (PPP, 2025 est.)}}
| growth = {{plainlist|   
* {{increase}} 2.6% (Q4 2024 est.)<ref name="GDP growth">{{cite web |title=Quarterly National Accounts (Provisional Data), 4th Quarter 2024 |url=https://www.statistics.gr/documents/20181/4e0c9278-90f7-0674-3e7f-c1a243d635f9 |publisher=[[Hellenic Statistical Authority]] |access-date=7 March 2025 |location=Piraeus |date=7 March 2025}}</ref><ref>{{cite web |title=GDP MAIN AGGREGATES AND EMPLOYMENT ESTIMATES FOR THE FOURTH QUARTER OF 2024 |url=https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-07032025-ap |publisher=[[Eurostat]] |access-date=7 March 2025 |location=Luxembourg |date=7 March 2025}}</ref>
* {{increase}} 2.0% {{abbr|(2025f)|2025 forecast}}<ref name="WEO database" />
}}
| sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 4.5%
*[[Secondary sector of the economy|industry]]: 18.2%
*[[Tertiary sector of the economy|services]]: 77.3%
*(2021 est.)}}
| inflation = {{plainlist|
*2.0% (April 2025)<ref>{{cite web |title=CONSUMER PRICE INDEX: April 2025, annual inflation 2.0% |url=https://www.statistics.gr/documents/20181/866fb420-1a51-9589-e977-9063616e3632 |publisher=Hellenic Statistical Authority |access-date=9 May 2025 |location=Piraeus |date=9 May 2025}}</ref>
*2.4% {{abbr|(2025f)|2025 forecast}}<ref name="WEO database" />
}}
| poverty = {{increaseNegative}} 26.9% at risk of poverty or social exclusion (2024)<ref>{{cite web |title=Risk of poverty or social exclusion, 2024 |url=https://www.statistics.gr/documents/20181/042d41d4-d995-48e4-5bf3-50d7d320acef |publisher=Hellenic Statistical Authority |access-date=16 April 2025 |location=Piraeus |date=16 April 2025}}</ref>
| gini = {{steady}} 31.8 {{color|darkorange|medium}} (2024)<ref>{{cite web |title=Income inequality, 2024 |url=https://www.statistics.gr/documents/20181/5233dcb8-4ef8-16cd-d04f-0577c1caf548 |publisher=Hellenic Statistical Authority |access-date=16 April 2025 |location=Piraeus |date=16 April 2025}}</ref>
| cpi = {{decrease}} 49 out of 100 points (2024, [[Corruption Perceptions Index|59th]])<ref name="CPI" />
| hdi = {{plainlist|
*{{increase}} 0.908 {{color|darkgreen|very high}} (2023)<ref>{{cite web |title=Country Insights |url=https://hdr.undp.org/data-center/country-insights |publisher=[[Human Development Report]] Office, [[United Nations Development Programme]] |access-date=9 May 2025 |location=New York |date=6 May 2025}}</ref> ([[List of countries by Human Development Index|34th]])
*{{increase}} 0.825 {{color|darkgreen|very high}} (2023)<ref>{{cite web |title=Inequality-adjusted Human Development Index |url=https://hdr.undp.org/inequality-adjusted-human-development-index |publisher=Human Development Report Office, United Nations Development Programme |access-date=9 May 2025 |location=New York |date=6 May 2025}}</ref> ([[List of countries by inequality-adjusted Human Development Index|IHDI, 31st]])}}
| edbr = {{decrease}} [[Ease of doing business index#Ranking|79th (easy, 2020)]]<ref>{{cite web|title=Ease of Doing Business in Greece|url=http://www.doingbusiness.org/data/exploreeconomies/greece|publisher=The World Bank Group|access-date=3 September 2020|location=Washington, D.C.}}</ref>
| labor = {{plainlist|
*{{decrease}} 4,704,653 (March 2025)<ref name="ELSTAT unemployment" />
*{{increase}} 67.4% employment rate (2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Employment_-_annual_statistics |title=Employment rate by sex, age group 20-64 |publisher=[[Eurostat]] |website=ec.europa.eu/eurostat |access-date=20 July 2024}}</ref>}}
| occupations = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 11.2% 
*[[Secondary sector of the economy|industry]]: 15.6%
*[[Tertiary sector of the economy|services]]: 73.2%
*(2021 est.)}}
| unemployment = {{plainlist|
*{{increaseNegative}} 9.0% (March 2025)<ref name="ELSTAT unemployment" /><ref name="Eurostat unemployment" />
*{{decreasePositive}} 9.4% {{abbr|(2025f)|2025 forecast}}<ref name="WEO database" />
*{{increaseNegative}} 25.2% youth unemployment (under 25s; March 2025)<ref name="ELSTAT unemployment" /><ref name="Eurostat unemployment" />}}
| average gross salary = [[List of European countries by average wage|€2,100 / $2,367 monthly]]<ref>[https://www.oecd.org/content/dam/oecd/en/publications/reports/2025/04/taxing-wages-2025_20d1a01d/b3a95829-en.pdf#page176 Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.]</ref><ref>[https://www.oecd.org/en/publications/taxing-wages-2025_b3a95829-en.html Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.]</ref> (2024)
| average net salary = [[List of European countries by average wage|€1,559 / $1,757 monthly]]<ref>[https://www.oecd.org/content/dam/oecd/en/publications/reports/2025/04/taxing-wages-2025_20d1a01d/b3a95829-en.pdf#page176 Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.]</ref><ref>[https://www.oecd.org/en/publications/taxing-wages-2025_b3a95829-en.html Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.]</ref> (2024)
| industries = shipping and shipbuilding (4th; 2011),<ref name="WTO-ITC-SeaTransportRankExports">{{cite web|title=ITC Trade Map: List of exporters for ''Sea Transport'', i.e. country ranking in value of exports (services; data code 206; yearly times series)|url=http://www.trademap.org/|publisher=[[World Trade Organization|WTO]]-[[International Trade Centre|ITC]]|access-date= 22 May 2013}}</ref><ref name="shiping">Sources on Greek shipping:
*{{cite book|author=OECD|title=OECD Environmental Performance Reviews OECD Environmental Performance Reviews: Greece 2009|url=https://books.google.com/books?id=tcDggX8E9twC&pg=PA256|year=2010|publisher=OECD Publishing|isbn=978-92-64-06083-8|page=256|quote=The Greek shipping industry is well-organised and influential, both domestically and internationally, ... The Hellenic Chamber of Shipping, the world's largest association of ship owners, is the industry's official advisor to the government on all ...}}
*{{cite book|author=Christos C. Frangos|title=Proceedings of the 2nd International Conference: Quantitative and Qualitative Methodologies in the Economic and Administrative Sciences|url=https://books.google.com/books?id=ri9ZK2nvl64C&pg=PA404|year=2009|publisher=Christos Frangos|isbn=978-960-98739-0-1|page=404|quote=Finally, the most important Greek industry, shipping, is making huge gains establishing its prowess in the global market, being the biggest in the world, makes Greece a real global player. Shipping, which contributed by 4,5% to the country's ...}}
*{{cite book|author=Peter Haggett|title=Encyclopedia of World Geography: Italy|url=https://books.google.com/books?id=qQgXLCQVFXsC&pg=PA1470|access-date=14 April 2013|year=2002|publisher=Marshall Cavendish|isbn=978-0-7614-7300-8|page=1470|quote=The Greek shipping industry, one of the largest in the world, accounts for more than 30 percent of the income derived from services. It is exempt from government control, unlike other}}
*{{cite book|author1=Jill Dubois|author2=Xenia Skoura|author3=Olga Gratsaniti|title=Greece|url=https://books.google.com/books?id=DVzthRVC_SMC&pg=PA42|year=2003|publisher=Marshall Cavendish|isbn=978-0-7614-1499-5|page=42|quote=Greek ships make up 70 percent of the European Union's total merchant fleet. Greece has a large shipbuilding and ship refitting industry. Its six shipyards near Piraeus are among the biggest in Europe. As Greek ships primarily transport ...}}
*{{cite book|author1=Antōnios M. Antapasēs|author2=Lia I. Athanassiou|author3=Erik Røsæg|title=Competition and regulation in shipping and shipping related industries|url=https://books.google.com/books?id=7zzJV8SOqooC&pg=PA273|year=2009|publisher=Martinus Nijhoff Publishers|isbn=978-90-04-17395-8|page=273|quote=which is a powerful tool of tax policy for the shipping industry in Greece.25 4.}}
*{{cite book|author1=Tullio Treves|author2=Pineshi|title=The Law of the Sea: The European Union and Its Member States|url=https://books.google.com/books?id=x4uZat_RmpUC&pg=PA239|year=1997|publisher=Martinus Nijhoff Publishers|isbn=978-90-411-0326-0|pages=239–240|quote=The Shipping Industry The shipping industry (the transport of persons and goods by sea) constitutes one of the most important factors for the Greek society and economy}}
*{{cite book|author=Athanasios A. Pallis|title=Maritime Transport: The Greek Paradigm|url=https://books.google.com/books?id=hwklKYRn2rcC&pg=PA175|year=2007|publisher=Elsevier|isbn=978-0-7623-1449-2|page=175|quote=Since Greek shipping ranks on top of world shipping business in terms of tonnage and volume, it is of interest to have a closer look at Greek shipping finance.}}</ref> tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum<ref name="CIAFactBook" />
| exports = €49.9482 billion ({{decrease}} −2.1%; 2024 est.)<ref name="ELSTAT trade" />
| export-goods = {{plainlist|
*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)<ref name="WTO-ITC">{{cite web|title=ITC Trade Map Database|url=http://www.trademap.org/|publisher=[[World Trade Organization|WTO]]-[[International Trade Centre|ITC]]}}</ref>}}
| export-partners = {{plainlist|
*{{flag|Italy}} {{increase}}11.7%
*{{flag|Germany}} {{increase}}5.7%
*{{flag|Cyprus}} {{increase}}5.7%
*{{flag|Bulgaria}} {{decrease}}4.5%
*{{flag|United States}} {{decrease}}4.0%
*{{flag|Romania}} {{increase}}3.9%
*{{flag|United Kingdom}} {{increase}}3.8%
*{{flag|Lebanon}} {{decrease}}3.4%
*{{flag|Turkey}} {{decrease}}3.3%
*{{flag|Spain}} {{increase}}3.2%
*(2023)<ref>{{cite web |title=Where does Greece export to? (2023) |url=https://oec.world/en/visualize/tree_map/hs92/export/grc/show/all/2023/ |publisher=[[The Observatory of Economic Complexity]] |access-date=16 February 2025}}</ref>}}
| imports = €84.8945 billion ({{increase}} 2.2%; 2024 est.)<ref name="ELSTAT trade" />
| import-goods = {{plainlist|
*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)<ref name="WTO-ITC" />}}
| import-partners = {{plainlist|
*{{flag|Germany}} {{increase}}10.3%
*{{flag|China}} {{decrease}}9.8%
*{{flag|Italy}} {{increase}}7.9%
*{{flag|Iraq}} {{decrease}}6.5%
*{{flag|Netherlands}} {{increase}}5.9%
*{{flag|France}} {{increase}}4.4%
*{{flag|Kazakhstan}} {{increase}}4.1%
*{{flag|Spain}} {{increase}}3.6%
*{{flag|Turkey}} {{increase}}3.5%
*{{flag|Bulgaria}} {{increase}}3.5%
*(2023)<ref>{{cite web |title=Where does Greece import from? (2023) |url=https://oec.world/en/visualize/tree_map/hs92/import/grc/show/all/2020/ |publisher=[[The Observatory of Economic Complexity]] |access-date=16 February 2025}}</ref>}}
| current account = {{increase}} −$3.114 billion (2019 est.)<ref name="CIAFactBook" />
| gross external debt = {{DecreasePositive}} €436.071 billion (Q2 2016, provisional)<ref name="GrossExternalDebt">{{cite web|title=External Debt|publisher=[[Bank of Greece]]|access-date=26 October 2016|url=http://www.bankofgreece.gr/Pages/en/Statistics/externalsector/debit.aspx|archive-url=https://web.archive.org/web/20170131093452/http://www.bankofgreece.gr/Pages/en/Statistics/externalsector/debit.aspx|archive-date=31 January 2017|url-status=dead}}</ref>
| debt = €364.885 billion ({{decreasePositive}} 153.6% of GDP, 2024 est.)<ref name="ELSTAT fiscal data">{{cite web |title=Fiscal data for the years 2021-2024 |url=https://www.statistics.gr/documents/20181/862474eb-66d3-bb2f-91ba-455a3d304e3d |publisher=[[Hellenic Statistical Authority]] |access-date=23 April 2025 |location=Piraeus |date=22 April 2025}}</ref><ref name="Eurostat fiscal data">{{cite web |title=Provision of deficit and debt data for 2024 - first notification |url=https://ec.europa.eu/eurostat/en/web/products-euro-indicators/w/2-22042025-ap |publisher=[[Eurostat]] |access-date=23 April 2025 |location=Luxembourg |date=22 April 2025}}</ref>
| balance = €3.181 billion ({{increase}} 1.3% of GDP, 2024 est.)<ref name="ELSTAT fiscal data" /><ref name="Eurostat fiscal data" />
| expenses = €113.983 billion ({{decreasePositive}} 47.98% of GDP, 2024 est.)<ref name="ELSTAT fiscal data" /><ref name="Eurostat fiscal data" />
| revenue = €117.164 billion ({{increase}} 49.32% of GDP, 2024 est.)<ref name="ELSTAT fiscal data" /><ref name="Eurostat fiscal data" />
| aid = {{plainlist|
*€20.4 billion from [[European Structural and Investment Funds]] (2007–2013)<ref>{{Cite web |url=https://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/el_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20171225203037/https://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/el_en.pdf |archive-date=25 December 2017 |url-status=live }}</ref>
*€20.38 billion from [[European Structural and Investment Funds]] (2014–2020)<ref>{{Cite web |url=https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_el_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20170420135423/https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_el_en.pdf |archive-date=20 April 2017 |url-status=live }}</ref>}}
| credit = {{plainlist|
*[[Morningstar DBRS|DBRS]]:<ref>{{cite web |title=Morningstar DBRS Upgrades the Hellenic Republic to BBB, Trend Changed to Stable |url=https://dbrs.morningstar.com/research/449542/morningstar-dbrs-upgrades-the-hellenic-republic-to-bbb-trend-changed-to-stable |publisher=Morningstar DBRS |access-date=7 March 2025 |location=Frankfurt |date=7 March 2025}}</ref>
*BBB 
*Trend: Stable
*[[Fitch Ratings|Fitch]]:<ref>{{cite web |title=Fitch Revises Greece's Outlook to Positive; Affirms at 'BBB-' |url=https://www.fitchratings.com/research/sovereigns/fitch-revises-greece-outlook-to-positive-affirms-at-bbb-16-05-2025 |publisher=Fitch Ratings |access-date=18 May 2025 |location=Frankfurt |date=16 May 2025}}</ref>
*BBB-
*Outlook: Positive
*[[Moody's Ratings|Moody's]]:<ref name="Moody's" />
*Baa3
*Outlook: Stable
*R&I:<ref name="R&I">{{cite web |title=Hellenic Republic Upgraded BBB- Stable |url=https://www.r-i.co.jp/en/news_release_cfp/2023/07/news_release_cfp_20230731_20573_eng.pdf |publisher=R&I |access-date=31 July 2023 |location=Tokyo |date=31 July 2023}}</ref>
*BBB-
*Outlook: Stable
*[[S&P Global Ratings|S&P]]:<ref>{{cite news |last=Dendrinou |first=Viktoria |title=Greece’s Rating Upgraded by S&P on Economic Strength |url=https://www.bloomberg.com/news/articles/2025-04-18/greece-s-rating-upgraded-by-s-p-on-economic-strength |access-date=18 April 2025 |work=[[Bloomberg News]] |date=18 April 2025 |location=New York}}</ref><ref>{{cite web |title=Rating: Greece Credit Rating |url=https://countryeconomy.com/ratings/greece |website=CountryEconomy.com |access-date=1 December 2023}}</ref>
*BBB
*AAA (T&C Assessment)
*Outlook: Stable
*Scope:<ref>{{cite web |title=Scope upgrades Greece's ratings to BBB and revises the Outlooks to Stable|url=https://scoperatings.com/ratings-and-research/rating/EN/178119 |publisher=Scope Ratings |access-date=6 December 2024 |date= 6 December 2024}}</ref>
*BBB
*Outlook: Stable}}
| FDI = {{increase}} $65.12 billion (31 December 2017 est.)<ref name="CIAFactBook" />
| cianame = greece
| presentUS$asdefault = no
| usebelowbox = no
}}
{{Economy of Greece}}

The '''economy of Greece''' is the [[list of countries by GDP (nominal)|50th largest]] in the world, with a nominal [[gross domestic product]] (GDP) of $267.348 billion per annum.<ref name="WEO database">{{cite web |title=World Economic Outlook Database, April 2025 |url=https://www.imf.org/en/Publications/WEO/weo-database/2025/april/weo-report?c=174,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,LP,&sy=2024&ey=2026&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |publisher=International Monetary Fund |access-date=22 April 2025 |location=Washington, D.C. |date=22 April 2025}}</ref> In terms of [[purchasing power parity]], Greece is the world's [[list of countries by GDP (PPP)|54th largest]] economy, at $467.590 billion per annum.<ref name="WEO database" /> Greece is the [[Economy of the European Union#Economies of member states|sixteenth largest economy]] in the [[European Union]] and eleventh largest in the [[eurozone]].<ref name="Eurostat GDP">{{cite web |title=GDP and main components (output, expenditure and income) |url=https://ec.europa.eu/eurostat/databrowser/view/nama_10_gdp/default/table?lang=en |publisher=[[Eurostat]] |access-date=18 April 2024 |location=Luxembourg |date=17 April 2024}}</ref> According to the [[International Monetary Fund]]'s figures for 2025, Greece's GDP per capita is $25,756 at [[List of countries by GDP (nominal) per capita|nominal value]] and $45,048 at [[List of countries by GDP (PPP) per capita|purchasing power parity]].<ref name="WEO database" /> Among [[OECD]] nations, Greece has a highly efficient and strong social security system{{Citation needed|date=May 2025}}; social expenditure stood at [[Welfare state#Effects|roughly 24.1% of GDP]] in 2022.<ref>{{Cite web | url=https://web-archive.oecd.org/2024-06-24/63248-expenditure.htm | title=Social Expenditure Database (SOCX)|work=[[Organisation for Economic Co-operation and Development]]}}</ref>

[[Greece]] is a [[developed country]], with an economy based on the [[tertiary sector of the economy|service]] (80%) and [[secondary sector of the economy|industrial]] [[economic sector|sectors]] (16%), and the [[primary sector of the economy|agricultural sector]] contributing an estimated 4% of national economic output in 2017.<ref name=CIAFactBook /> Important Greek industries include [[Tourism in Greece|tourism]] and [[Greek shipping|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>{{cite web|url=https://worldpopulationreview.com/country-rankings/most-visited-countries|title=Most Visited Countries 2023|publisher=World Population Review|access-date=17 May 2023}}</ref> marking a steady increase from 18 million tourists in 2013.<ref name="World Tourism Organization">{{cite web|title=UNWTO Tourism Highlights, 2013 Edition |url=http://dtxtq4w60xqpw.cloudfront.net/sites/all/files/pdf/unwto_highlights13_en_hr.pdf |publisher=[[World Tourism Organization]] |access-date=14 December 2013 |location=Madrid |date=June 2013 |url-status=dead |archive-url=https://web.archive.org/web/20131030101107/http://dtxtq4w60xqpw.cloudfront.net/sites/all/files/pdf/unwto_highlights13_en_hr.pdf |archive-date=30 October 2013 }}</ref> The [[Greek Merchant Navy]] is the largest in the world, with [[Greek shipping|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">{{cite web|url=https://www.ugs.gr/en/greek-shipping-and-economy/greek-shipping-and-economy-2022/characteristics-of-the-greek-owned-fleet/|title=Characteristics of the Greek-owned Fleet|website=UGS|access-date=17 May 2023}}</ref><ref name="UN shipping">{{cite web|title=Review of Maritime Transport 2013|url=http://unctad.org/en/PublicationsLibrary/rmt2013_en.pdf |archive-url=https://web.archive.org/web/20131214214415/http://unctad.org/en/PublicationsLibrary/rmt2013_en.pdf |archive-date=2013-12-14 |url-status=live|publisher=[[United Nations Conference on Trade and Development]]|access-date=14 December 2013|location=Geneva}}</ref> The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.<ref>[http://www.maritime-executive.com/article/OpEd-Greece-Remains-at-Top-of-Shipping-Economy-2014-02-19] {{webarchive|url=https://web.archive.org/web/20141108120511/http://www.maritime-executive.com/article/OpEd-Greece-Remains-at-Top-of-Shipping-Economy-2014-02-19|date=8 November 2014}}</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>{{cite news|title= Albania Eyes New Markets as Greek Crisis Hits Home|url= http://www.balkaninsight.com/en/article/albania-businesses-seek-new-markets-as-greek-crisis-hits-home|access-date= 16 November 2014|work= [[Balkan Insight]]|date= 11 July 2012|quote= Greece is the Balkan region's largest economy and has been an important investor in Southeast Europe over the past decade.}}</ref><ref name= Keridis>{{Citation | title = Greece and the Balkans: From Stabilization to Growth | first = Dimitris | last = Keridis | quote = Greece has a larger economy than all the Balkan countries combined. Greece is also an important regional investor | type = lecture | publisher = Hellenic Studies Unit at Concordia University | place = Montreal, QC, [[Canada|CA]] | date = 3 March 2006}}</ref> Greece was the largest foreign investor in [[Albania]] in 2013,<ref name="invest-in-albania.org">{{cite web|title=Greece was the biggest foreign investor in Albania during 2013|url=http://invest-in-albania.org/greece-biggest-foreign-investor-albania-2013/|website=invest-in-albania.org|date=3 October 2014 }}</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">{{cite book|author1= Mustafa Aydin|author2= Kostas Ifantis|title= Turkish-Greek Relations: The Security Dilemma in the Aegean|url= https://books.google.com/books?id=NuyWdJfQf4kC&pg=PA267|access-date= 27 May 2013|date= 28 February 2004|publisher= Taylor & Francis|isbn= 978-0-203-50191-7|pages= 266–267|quote= 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.}}</ref><ref name="Thompson2012">{{cite book|author= Wayne C. Thompson|title= Western Europe 2012|url= https://books.google.com/books?id=lKCMvYFQCCMC&pg=PA283|access-date= 27 May 2013|date= 9 August 2012|isbn= 978-1-61048-898-3|page= 283|publisher= Stryker Post|quote= 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.}}</ref> The Greek telecommunications company [[OTE]] has become a strong investor in certain former Yugoslav and other Balkan countries.<ref name="Bell2002">{{cite book|author= Imogen Bell|title= Central and South-Eastern Europe: 2003|url= https://books.google.com/books?id=4CrpzRJCbckC&pg=PA282|access-date= 27 May 2013|year= 2002|publisher= Routledge|isbn= 978-1-85743-136-0|page= 282|quote= 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.}}</ref>

Greece is classified as an advanced,<ref name="WEO groups">{{cite web |title=World Economic Outlook Database - Groups and Aggregates Information |url=https://www.imf.org/en/Publications/WEO/weo-database/2025/april/groups-and-aggregates |publisher=[[International Monetary Fund]] |access-date=23 April 2025 |location=Washington, D.C. |date=22 April 2025}}</ref> [[World Bank high-income economy|high-income]] economy,<ref>{{cite web|title= Country and Lending Groups|url= http://data.worldbank.org/about/country-classifications/country-and-lending-groups#OECD_members|publisher= [[World Bank]]|access-date= 23 October 2013|location= Washington, D.C.}}</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">{{cite web|title=Greece, country profile|date=5 July 2016|url=http://europa.eu/about-eu/countries/member-countries/greece/index_en.htm|publisher=European Union}}</ref> In 2001 Greece adopted the [[euro]] as its currency, replacing the [[Modern drachma|Greek drachma]] at an exchange rate of 340.75 drachmae per euro.<ref name="EUprofileGreece" /><ref name="Drachma exchange rate">{{cite web|title= Fixed Euro conversion rates|url= http://www.ecb.int/euro/intro/html/index.en.html|publisher= European Central Bank|access-date= 23 February 2012}}</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">{{cite web|title= Singapore takes third spot on Globalization Index 2011|url= http://www.ey.com/SG/en/Newsroom/News-releases/News-release_20120208_Singapore-takes-third-spot-on-Globalization-Index-2011|publisher= [[Ernst & Young]]|access-date= 29 February 2012|date= 8 February 2012|archive-date= 9 July 2019|archive-url= https://web.archive.org/web/20190709162359/https://www.ey.com/sg/en/newsroom/news-releases/news-release_20120208_singapore-takes-third-spot-on-globalization-index-2011|url-status= dead}}</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">{{cite web |title=Gross Domestic Product (2nd estimate), 2023 |url=https://www.statistics.gr/documents/20181/123e3005-451e-23a7-57ae-bc6f5a422e37 |publisher=[[Hellenic Statistical Authority]] |access-date=18 October 2024 |location=Piraeus |date=17 October 2024}}</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 gross domestic product|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 [[government debt|public debt]] reached €356 billion (172% of nominal GDP).<ref>{{cite web|title=Provision of deficit and debt data for 2014 - second notification|url=http://ec.europa.eu/eurostat/documents/2995521/7036737/2-21102015-AP-EN.pdf |archive-url=https://web.archive.org/web/20160504234405/http://ec.europa.eu/eurostat/documents/2995521/7036737/2-21102015-AP-EN.pdf |archive-date=2016-05-04 |url-status=live|publisher=Eurostat|access-date=21 April 2016|location=Luxembourg|date=21 October 2015}}</ref> After negotiating the biggest [[debt restructuring]] in history with the [[private sector involvement|private sector]], which sustained losses in the order of €100 billion for private [[Bond (finance)|bond]] investors,<ref>{{Cite web|url=https://www.piie.com/publications/wp/wp13-8.pdf |archive-url=https://web.archive.org/web/20130902232032/http://www.piie.com/publications/wp/wp13-8.pdf |archive-date=2013-09-02 |url-status=live|title=The Greek Debt Restructuring: An Autopsy}}</ref> Greece reduced its sovereign debt burden to €280 billion (137% of GDP) in the first quarter of 2012.<ref>{{cite web|title= Euro area government debt up to 92% of GDP|url= http://ec.europa.eu/eurostat/documents/2995521/5160926/2-22072013-AP-EN.PDF/6c3a56f5-a425-473a-bd03-b837c371fa98 |archive-url=https://web.archive.org/web/20150620161914/http://ec.europa.eu/eurostat/documents/2995521/5160926/2-22072013-AP-EN.PDF/6c3a56f5-a425-473a-bd03-b837c371fa98 |archive-date=2015-06-20 |url-status=live|publisher= Eurostat|access-date= 20 June 2015|location= Luxembourg|date= 22 July 2013}}</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>{{cite news|title=Eurozone recovery falters as Greece slips back into recession|url=https://www.theguardian.com/business/2016/feb/12/eurozone-recovery-falters-greece-recession|access-date=8 March 2016|work=The Guardian|date=12 February 2016|location=London}}</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 [[COVID-19 recession|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 Economic Adjustment Programme for Greece|third bailout programme]] exactly four years earlier.<ref name="ESF">{{cite news |title=Greece's exit from enhanced EU scrutiny ends 12 years of pain, prime minister says |url=https://www.reuters.com/world/europe/greeces-exit-enhanced-eu-scrutiny-ends-12-years-pain-pm-2022-08-20/ |access-date=30 August 2022 |work=[[Reuters]] |date=20 August 2022}}</ref> According to [[Prime Minister of Greece|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 [[bond credit rating#Investment grade|investment grade]].<ref>{{cite news |title=Scope: Upgrade Greece's Outlook – How to regain investment grade |url=https://www.moneyreview.gr/business-and-finance/96445/scope-anavathmise-tis-prooptikes-tis-elladas-pos-tha-anaktithei-i-ependytiki-vathmida/ |access-date=10 September 2023 |work=[[Kathimerini]] |date=3 December 2022 |location=Athens |language=Greek}}</ref> On 31 July 2023, Greece's investment-grade status was restored by Japanese credit rating agency R&I.<ref name="R&I" /><ref>{{cite news |title=First investment grade decision |url=https://www.ekathimerini.com/economy/1216800/first-investment-grade-decision |access-date=8 September 2023 |work=Kathimerini |date=1 August 2023 |location=Athens |language=English}}</ref> Scope, [[Morningstar DBRS|DBRS]], [[S&P Global Ratings|S&P]] and [[Fitch Ratings|Fitch]] followed suit on 4 August, 8 September, 20 October and 1
December 2023 respectively, <ref name="Scope">{{cite web|title=Scope upgrades Greece's long-term credit ratings to BBB- and changes the Outlook to Stable|url=https://www.scoperatings.com/ratings-and-research/rating/EN/174874|publisher=Scope Ratings|access-date=5 August 2023|location=Berlin|date=4 August 2023}}</ref><ref>{{cite news |title=Greece Returns to Investment-Grade Elite With Scope Rating Upgrade |url=https://www.bloomberg.com/news/articles/2023-08-04/greece-returns-to-investment-grade-elite-with-scope-upgrade |access-date=5 August 2023 |work=[[Bloomberg News]] |date=4 August 2023 |location=New York}}</ref><ref>{{cite web |title=DBRS Morningstar Upgrades the Hellenic Republic to BBB (low), Stable Trend |url=https://dbrs.morningstar.com/research/420402/dbrs-morningstar-upgrades-the-hellenic-republic-to-bbb-low-stable-trend |publisher=DBRS Morningstar |access-date=8 September 2023 |location=Frankfurt |date=8 September 2023}}</ref><ref>{{cite news |title=Greece Raised to Investment Grade by DBRS in Biggest Upgrade Yet |url=https://www.bloomberg.com/news/articles/2023-09-08/greece-raised-to-investment-grade-by-dbrs-in-biggest-upgrade-yet |access-date=8 September 2023 |work=Bloomberg News |date=8 September 2023 |location=New York}}</ref><ref name="S&P">{{cite news |title=Greece Returned to Investment Grade by S&P After Over a Decade |url= https://www.bloomberg.com/news/articles/2023-10-20/greece-returned-to-investment-grade-by-s-p-after-over-a-decade |access-date=21 October 2023 |work=Bloomberg News |date=20 October 2023 |location=New York}}</ref><ref>{{cite web |title=Fitch Upgrades Greece to 'BBB-'; Outlook Stable |url=https://www.fitchratings.com/research/sovereigns/fitch-upgrades-greece-to-bbb-outlook-stable-01-12-2023 |publisher=Fitch Ratings |access-date=1 December 2023 |location=Frankfurt |date=1 December 2023}}</ref><ref>{{cite news |title=Greece's Upgrade by Fitch Broadens Market for Country's Bonds |url=https://www.bloomberg.com/news/articles/2023-12-01/greece-s-upgrade-by-fitch-broadens-market-for-country-s-bonds |access-date=1 December 2023 |work=Bloomberg News |date=1 December 2023 |location=New York}}</ref> but [[Moody's Ratings|Moody's]] delayed doing so until 14 March 2025.<ref name="Moody's">{{cite web |title=Moody's Ratings upgrades Greece's ratings to Baa3 from Ba1, changes outlook to stable from positive |url=https://www.moodys.com/research/Moodys-Ratings-upgrades-Greeces-ratings-to-Baa3-from-Ba1-changes-Rating-Action--PR_503331 |publisher=Moody's Ratings |access-date=15 March 2025 |location=Paris |date=14 March 2025}}</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>{{cite news |title=Which economy did best in 2023? |url=https://www.economist.com/finance-and-economics/2023/12/17/which-economy-did-best-in-2023 |access-date=19 December 2023 |newspaper=[[The Economist]] |date=17 December 2023 |location=London}}</ref><ref>{{cite news |title=Economist ranks Greek economy in top place {{!}} eKathimerini.com |url=https://www.ekathimerini.com/economy/1227425/economist-ranks-greek-economy-in-top-place/ |access-date=19 December 2023 |work=[[Kathimerini]] |date=18 December 2023 |location=Athens}}</ref> [[Tourism in Greece|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>{{cite news |last1=Bellos |first1=Ilias |title=Record in annual arrivals, too {{!}} eKathimerini.com |url=https://www.ekathimerini.com/economy/1227805/record-in-annual-arrivals-too/ |access-date=1 February 2024 |work=Kathimerini |date=23 December 2023 |location=Athens}}</ref>

== History ==
{{See also|Economic history of Greece and the Greek world}}
{{Recentism|section|date=October 2011}}
[[File:Raisin.JPG|thumb|200px|Export of raisin from the port of [[Patras]], late 19th century]]
[[File:GDP per capita development of Greece.svg|thumb|right|Historical GDP per capita development]]
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>{{cite book |author1=K. Kostis |author2=S. Petmezas |title=Η Ανάπτυξη της Ελληνικής οικονομίας τον 19ο αιώνα |trans-title=Development of the Greek economy in the 19th century |publisher=Alexandria Publications |year=2006 |location=Athens}}</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>{{cite book |author=G. Anastasopoulos |title=Ιστορία της Ελληνικής Βιομηχανίας 1840–1940 |trans-title= History of Greek Industry 1840–1940|publisher= Elliniki Ekdotiki Etairia |year=1946 |location=Athens}}</ref><ref>{{cite book |author=L.S. Skartsis |title=Greek Vehicle & Machine Manufacturers 1800 to present: A Pictorial History (eBook)|url=https://www.academia.edu/2899187|year= 2012 |location= Marathon}}</ref> Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1843, 1860 and 1893.<ref>{{cite web|url=http://www.ekathimerini.com/4dcgi/_w_articles_wsite3_11833_27/03/2011_384716|title=A Greek Odyssey: 1821–2201|publisher=Ekathimerini.com|access-date=19 May 2011}}</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>{{cite web|url=https://www.cia.gov/library/publications/the-world-factbook/fields/2004.html|archive-url=https://web.archive.org/web/20070613003440/https://www.cia.gov/library/publications/the-world-factbook/fields/2004.html|url-status=dead|archive-date=13 June 2007|title=Field Listing:: GDP&nbsp;– Per Capita (PPP)|work=[[The World Factbook]]|publisher=[[Central Intelligence Agency]]|access-date=13 April 2013}}</ref>

The country's post-World War II development has largely been connected with the [[Greek economic miracle]].<ref name="Economic miracle">{{cite news|url=https://books.google.com/books?id=l4cON14zCgQC&pg=PA43 |title=The Greek paradox: promise vs. performance |author1=Graham T. Allison |author2=Kalypso Nicolaidis |year=1997 |publisher=MIT Press |isbn=9780262510929 |access-date=1 March 2012}}</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 ===
Greece enjoys a high [[standard of living]] and very high [[Human Development Index]], being ranked 32nd in the world in 2019.<ref name="HDI">{{cite web |title=Latest Human Development Index Ranking |url=http://hdr.undp.org/en/content/latest-human-development-index-ranking |website=[[Human Development Report]]s |publisher=[[United Nations Development Programme]] |access-date=15 December 2020 |location=New York |date=15 December 2020}}</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">{{cite web |title=GDP per capita in purchasing power standards |url=https://ec.europa.eu/eurostat/documents/2995521/5155842/2-13122012-AP-EN.PDF |archive-url=https://web.archive.org/web/20191217065119/https://ec.europa.eu/eurostat/documents/2995521/5155842/2-13122012-AP-EN.PDF |archive-date=2019-12-17 |url-status=live |publisher=Eurostat |access-date=15 December 2020 |location=Luxembourg |date=13 December 2012}}</ref><ref name="Eurostat PPS 2019">{{cite web |title=Consumption per capita in purchasing power standards in 2019 |url=https://ec.europa.eu/eurostat/documents/portlet_file_entry/2995521/2-15122020-BP-EN.pdf/cd3fcb0f-faee-d0ce-0916-9be3ac231210 |archive-url=https://web.archive.org/web/20201215212415/https://ec.europa.eu/eurostat/documents/portlet_file_entry/2995521/2-15122020-BP-EN.pdf/cd3fcb0f-faee-d0ce-0916-9be3ac231210 |archive-date=2020-12-15 |url-status=live |publisher=Eurostat |access-date=15 December 2020 |location=Luxembourg |date=15 December 2020}}</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 [[Competition (companies)|competitiveness]].<ref>{{cite news|url=http://www.economist.com/world/europe/displaystory.cfm?story_id=12756043&fsrc=rss|title=Premium content|newspaper=The Economist |date=9 December 2008|access-date=28 April 2010}}</ref><ref>{{cite web| url = http://www.ft.com/cms/s/0/0402c92e-4991-11df-9060-00144feab49a.html| title = Greek taxpayers sense evasion crackdown}} ''Financial Times''</ref>

Greece is ranked 59th in the world, and 21st among [[member state of the European Union|EU member states]], on the [[Corruption Perceptions Index]].<ref name="CPI">{{cite web |title=2024 Corruption Perceptions Index |url=https://www.transparency.org/en/cpi/2024/index/grc |publisher=[[Transparency International]] |access-date=17 February 2025 |location=Berlin |date=11 February 2025}}</ref> Thus, it has roughly returned to its ranking prior to the 2010–2018 debt crisis.<ref name="Corruption 2008">{{cite news |url= https://www.transparency.org/research/cpi/cpi_2008/0 |title= Transparency International Corruption Perceptions Index 2008 |work= Transparency International |access-date= 27 October 2018 |archive-date= 26 April 2020 |archive-url= https://web.archive.org/web/20200426043357/https://www.transparency.org/research/cpi/cpi_2008/0 |url-status= dead }}</ref> However, Greece still has the EU's lowest [[Index of Economic Freedom]] and second lowest [[Global Competitiveness Report|Global Competitiveness Index]], ranking 113th and 59th in the world respectively.<ref>{{cite web |title=2024 Index of Economic Freedom |url=https://www.heritage.org/index/pages/report |archive-url=https://web.archive.org/web/20240226210742/https://www.heritage.org/index/pages/report |url-status=unfit |archive-date=26 February 2024 |publisher=[[The Heritage Foundation]] |access-date=22 April 2024 |location=Washington, D.C. |date=26 February 2024}}</ref><ref>{{cite web|title=The Global Competitiveness Report 2019|url=http://reports.weforum.org/global-competitiveness-report-2019/competitiveness-rankings/|publisher=[[World Economic Forum]]|access-date=19 October 2019|location=Geneva|date=8 October 2019|archive-date=27 October 2021|archive-url=https://web.archive.org/web/20211027165822/http://reports.weforum.org/global-competitiveness-report-2019/competitiveness-rankings/|url-status=dead}}</ref>

[[File:Greece GDP growth 1961-2010.svg|thumb|350px|GDP growth rates of the Greek economy between 1961 and 2010]]

After fourteen consecutive years of economic growth, Greece went into recession in 2008.<ref>{{cite web|title=Report for Selected Countries and Subjects|url=http://www.imf.org/external/pubs/ft/weo/2014/01/weodata/weorept.aspx?pr.x=57&pr.y=10&sy=1980&ey=2019&scsm=1&ssd=1&sort=country&ds=.&br=1&c=174&s=NGDP_RPCH&grp=0&a=|work=World Economic Outlook Database|publisher=International Monetary Fund|access-date=13 April 2014|location=Washington, D.C.|date=8 April 2014}}</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>{{cite web|title=Provision of deficit and debt data for 2012 - second notification|url=http://ec.europa.eu/eurostat/documents/2995521/5163882/2-21102013-AP-EN.PDF |archive-url=https://web.archive.org/web/20160505003721/http://ec.europa.eu/eurostat/documents/2995521/5163882/2-21102013-AP-EN.PDF |archive-date=2016-05-05 |url-status=live|publisher=Eurostat|access-date=21 April 2016|location=Luxembourg|date=21 October 2013}}</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>{{cite news|url=https://www.washingtonpost.com/wp-dyn/content/story/2010/02/09/ST2010020904032.html?hpid=topnews|title='Greece's economic crisis could signal trouble for its neighbors'|newspaper=The Washington Post |date=10 February 2010|access-date=19 May 2011|first=Anthony|last=Faiola}}</ref> The allegation was prompted by the massive revision of the 2009 budget deficit forecast by the new [[Panhellenic Socialist Movement|PASOK]] government [[Greek legislative election, 2009|elected in October 2009]], from "6–8%" (estimated by the previous [[New Democracy (Greece)|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>{{cite web|url=http://www.skai.gr/news/politics/article/195496/vouli-nai-sti-sustasi-exetastikis-gia-to-elleimma-to-2009/ |title=Βουλή: "Ναι" στη σύσταση εξεταστικής για το έλλειμμα το 2009 |trans-title=Parliament: "Yes" to the creation of a committee to investigate the deficit of 2009 |work=[[Skai TV]] |date=23 February 2012 |access-date=23 February 2012}}</ref><ref>{{cite web|url=http://www.skai.gr/news/politics/article/193442/sti-vouli-i-dikografia-gia-tin-elstat-upd-/ |title=Υπόθεση ΕΛΣΤΑΤ: Για ποινικοποίηση της αλήθειας μίλησε ο Γ. Παπακωνσταντίνου |trans-title=ELSTAT case: Criminalization of the truth, says G. Papakonstantinou |quote=According to the referral of the case, 'from the entire collection of evidence, and especially from witnesses, there exists proof in relation to actions deserving of criminal punishment and with persons who held offices in the previous government of Greece' and from most interviews with witnesses it is noted that 'they speak of an artificial and arbitrary swelling of the national deficit in 2009 and for the liability of the -then- Prime Minister, members of the then-government and then-officials of the Ministry of Finance' |work=[[Skai TV]] |date=2 February 2012 |access-date=23 February 2012}}</ref>

{| style="width: 220px; font-size: 85%; text-align: left;" class="wikitable floatright"
|+Average GDP growth by era<ref>{{Cite web |title=Greece - Gross domestic product (GDP) growth rate 2028 |url=https://www.statista.com/statistics/263605/gross-domestic-product-gdp-growth-rate-in-greece/ |access-date=2023-10-11 |website=Statista |language=en}}</ref>
|-
!  style="text-align:left; background:#f0f0f0; vertical-align:top;"| 1961–1970
|  style="background:#f0f0f0; vertical-align:top;"| 8.44%
|-
!  style="text-align:left; vertical-align:top;"|1971–1980
|valign="top"| 4.70%
|-
!  style="text-align:left; background:#f0f0f0; vertical-align:top;"|1981–1990
|  style="background:#f0f0f0; vertical-align:top;"| 0.70%
|-
!  style="text-align:left; vertical-align:top;"|1991–2000
|valign="top"|2.36%
|-
!  style="text-align:left; background:#f0f0f0; vertical-align:top;"|2001–2007
|  style="background:#f0f0f0; vertical-align:top;"|  4.11%
|-
!  style="text-align:left; vertical-align:top;"|2008–2011
|valign="top"|−4.8%
|-
!  style="text-align:left; vertical-align:top;"|2012–2015
|valign="top"|−2.52%
|-
!2016-2019
|1.05%
|-
!2020-2022
|1.78%
|}

The Greek labor force, which amount around {{Nowrap|5 million}} 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">{{cite web|title=Average annual hours actually worked per worker|publisher=[[Organisation for Economic Co-operation and Development|OECD]]|type=database|url=http://stats.oecd.org/Index.aspx?DatasetCode=ANHRS|access-date=21 May 2013}}</ref> The [[University of Groningen|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>{{cite news |author1=Groningen Growth |author2=Development Centre |author3=Pegasus Interactive |url=http://www.ethnos.gr/article.asp?catid=12128&subid=2&tag=8784&pubid=1114536 |title=v4.ethnos.gr&nbsp;– Oι αργίες των Eλλήνων&nbsp;– ειδησεις, κοινωνια, ειδικες δημοσιευσεις |publisher=Ethnos.gr |date=6 October 2008 |access-date=6 January 2009 |archive-url=https://web.archive.org/web/20081220095845/http://www.ethnos.gr/article.asp?catid=12128&subid=2&tag=8784&pubid=1114536 |archive-date=20 December 2008 |url-status=dead }}</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">{{cite web|url=http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0503/PressReleases/A0503_DKT21_DT_MM_03_2011_01_P_EN.pdf|title=The Production Index in Industry recorded a decline of 8.0% in March 2011 compared with March 2010.|publisher=statistics.gr|access-date=25 May 2011|archive-url=https://web.archive.org/web/20110926210426/http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0503/PressReleases/A0503_DKT21_DT_MM_03_2011_01_P_EN.pdf|archive-date=26 September 2011|url-status=dead}}</ref> The volume of building activity saw a reduction of 73% in 2010.<ref name="ELSTAT building">{{cite web|url=http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0503/PressReleases/A0503_DKT21_DT_MM_03_2011_01_P_EN.pdf|title=Building Activity Survey: January 2011|publisher=statistics.gr|access-date=25 May 2011|archive-url=https://web.archive.org/web/20110926210426/http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0503/PressReleases/A0503_DKT21_DT_MM_03_2011_01_P_EN.pdf|archive-date=26 September 2011|url-status=dead}}</ref> Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011.<ref name="ELSTAT retail">{{cite web|url=http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0508/PressReleases/A0508_DKT39_DT_MM_02_2011_01_F_EN.pdf|title=The Turnover Index in Retail Trade, excluding automotive fuel, recorded a fall of 9.0% in February 2011 compared with February 2010.|publisher=statistics.gr|access-date=25 May 2011|archive-url=https://web.archive.org/web/20110926210533/http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0508/PressReleases/A0508_DKT39_DT_MM_02_2011_01_F_EN.pdf|archive-date=26 September 2011|url-status=dead}}</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>{{cite web|title=LABOUR FORCE SURVEY: June 2013|url=http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO02_DT_MM_06_2013_01_F_EN.pdf|publisher=Hellenic Statistical Authority|access-date=12 September 2013|location=Piraeus|date=12 September 2013|archive-url=https://web.archive.org/web/20131008042938/http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO02_DT_MM_06_2013_01_F_EN.pdf|archive-date=8 October 2013|url-status=dead}}</ref><ref>{{cite web|title=LABOUR FORCE SURVEY: 2nd quarter 2009|url=http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO01_DT_QQ_02_2009_01_F_EN.pdf|publisher=National Statistical Service of Greece|access-date=18 October 2011|date=17 September 2009|archive-url=https://web.archive.org/web/20120227144534/http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO01_DT_QQ_02_2009_01_F_EN.pdf|archive-date=27 February 2012|url-status=dead}}</ref><ref>{{cite web|title=LABOUR FORCE SURVEY: 3rd quarter 2009|url=http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO01_DT_QQ_03_2009_01_F_EN.pdf|publisher=National Statistical Service of Greece|access-date=18 October 2011|date=17 December 2009|archive-url=https://web.archive.org/web/20120227144537/http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO01_DT_QQ_03_2009_01_F_EN.pdf|archive-date=27 February 2012|url-status=dead}}</ref> Youth unemployment peaked at 64.9% in May 2013.<ref>{{cite web|title=LABOUR FORCE SURVEY: May 2013|url=http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO02_DT_MM_05_2013_01_F_EN.pdf|publisher=Hellenic Statistical Authority|access-date=11 August 2013|location=Piraeus|date=8 August 2013|archive-url=https://web.archive.org/web/20131101230918/http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO02_DT_MM_05_2013_01_F_EN.pdf|archive-date=1 November 2013|url-status=dead}}</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">{{cite web |title=LABOUR FORCE SURVEY: March 2025 |url=https://www.statistics.gr/documents/20181/99ddaf71-551c-0ac8-45dc-545208b14580 |publisher=Hellenic Statistical Authority |access-date=30 April 2025 |location=Piraeus |date=30 April 2025}}</ref><ref name="Eurostat unemployment">{{cite web |title=Euro area unemployment at 6.2% |url=https://ec.europa.eu/eurostat/en/web/products-euro-indicators/w/3-02052025-bp |publisher=Eurostat |access-date=2 May 2025 |location=Luxembourg |date=2 May 2025}}</ref><ref>{{cite web |title=Euro area unemployment at 6.3% |url=https://ec.europa.eu/eurostat/en/web/products-euro-indicators/w/3-30012025-bp |publisher=Eurostat |access-date=30 April 2025 |location=Luxembourg |date=30 January 2025}}</ref>

===Eurozone entry===
{| class="wikitable" style="text-align:center;float:left;margin:1em;"
|+ Average Public Debt-to-GDP<br/>(1909–2008{{efn|100-year period until the eve of the Greek debt crisis}})<ref name="Debt Past">{{cite news|title=2010-2018 Greek Debt Crisis and Greece's Past: Myths, Popular Notions and Implications |url =https://www.academia.edu/37583185 |publisher=Academia.edu |access-date=14 October 2018}}</ref><ref name="Historical Debt IMF">{{cite news|title=IMF Data Mapper|url =http://www.imf.org/external/datamapper/DEBT1@DEBT/OEMDC/ADVEC/WEOWORLD |publisher=IMF |access-date=8 September 2018}}</ref>
|-
! Country
! Average Public<br/>Debt-to-GDP (% of GDP)
|-
| United Kingdom
| style="padding-left: 2em" | 104.7
|-
| Belgium
| style="padding-left: 2em" |86.0
|-
| Italy
| style="padding-left: 2em" |76.0
|-
| Canada
| style="padding-left: 2em" |71.0
|-
| France
| style="padding-left: 2em" | 62.6
|-
| Greece
| style="padding-left: 2em" | 60.2
|-
| United States
| style="padding-left: 2em" | 47.1
|-
| Germany
| style="padding-left: 2em" | 32.1
|}

{{See also|Greek Financial Audit, 2004}}
[[File:Euro banknotes 2002.png|thumb|Greece entered the [[Eurozone]] in 2001]]
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 [[euro convergence criteria|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 (Greece)|New Democracy]] government in 2004, [[Eurostat]] revealed that the statistics for the budget deficit had been under-reported.<ref>{{cite web|title=Report by Eurostat on the revision of the Greek government deficit and debt figures|url=http://ec.europa.eu/eurostat/documents/4187653/5765001/GREECE-EN.PDF/2da4e4f6-f9f2-4848-b1a9-cb229fcabae3?version=1.0|publisher=Eurostat|access-date=20 June 2015|location=Luxembourg|date=22 November 2004}}</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>{{cite news|last1=Simitis|first1=Costas|last2=Stournaras|first2=Yannis|title=Greece did not cause the euro crisis|url=https://www.theguardian.com/global/2012/apr/26/greece-europe-north-south-divide|access-date=16 November 2014|work=[[The Guardian]]|date=27 April 2012}}</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>{{cite news |url=https://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=all |title=Wall St. Helped to Mask Debt Fueling Europe's Crisis |newspaper=The New York Times|first1=Louise |last1=Story |first2=Landon Jr. |last2=Thomas |first3=Nelson D. |last3=Schwartz |date=14 February 2010 }}<br />
{{cite web|url=http://www.cfr.org/italy/enron-italy-parallels-between-romes-efforts-qualify-euro-entry-financial-chicanery-texas/p4455|title=Enron and Italy: Parallels between Rome's efforts to qualify for euro entry and the financial chicanery in Texas|publisher=[[Council on Foreign Relations]]|date=21 February 2002|first=Benn|last=Steil|author-link=Benn Steil|url-status=dead|archive-url=https://web.archive.org/web/20111105110951/http://www.cfr.org/italy/enron-italy-parallels-between-romes-efforts-qualify-euro-entry-financial-chicanery-texas/p4455|archive-date=5 November 2011}}<br />
{{cite web|url=http://www.icmagroup.org/assets/documents/Derivatives%20and%20Public%20Debt%20Management.pdf |archive-url=https://web.archive.org/web/20130223015901/http://www.icmagroup.org/assets/documents/Derivatives%20and%20Public%20Debt%20Management.pdf |archive-date=2013-02-23 |url-status=live|title=Derivatives and Public Debt Management|publisher=International Securities Market Association (ISMA) in cooperation with the Council on Foreign Relations|first=Gustavo|last=Piga|year=2001}}</ref>
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">{{cite book |url=https://books.google.com/books?id=Wstn-8rGQZQC |title= OECD Economic Surveys (Greece), Vol. 2005/12, September 2005, p.47 |publisher= OECD Publishing |access-date=25 September 2011|isbn= 9789264011748 |date= 22 September 2005 }}</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>{{cite web|url=http://www.hri.org/news/greek/ana/2004/04-12-08.ana.html#09|title=Finmin says fiscal data saga has ended in wake of EU report|date=8 December 2004}}</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>{{cite web |url=http://georgewashington2.blogspot.com/2011/07/goldman-bet-against-its-european.html |title=Goldman bet against Entire European Nations|date=16 July 2011 |publisher=Washingtons Blog}}</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>{{cite news
|url=http://www.ft.com/cms/s/2/171aaa36-d8f1-11e0-aff1-00144feabdc0.html#ixzz1XWna9dha
|archive-url=https://ghostarchive.org/archive/20221210201250/https://www.ft.com/content/171aaa36-d8f1-11e0-aff1-00144feabdc0#ixzz1XWna9dha
|archive-date=10 December 2022
|url-access=subscription
|title=Look out for No. 1
|author=Tim Harford
|date=9 September 2011
|newspaper=Financial Times
|access-date=23 September 2014
|url-status=live
}}</ref><ref>{{cite journal|title=Fact and Fiction in EU-Governmental Economic Data|last1=Rauch|first1=Bernhard|last2=Max|first2=Göttsche|last3=Brähler|first3=Gernot|last4=Engel|first4=Stefan|journal=German Economic Review|volume=12|issue=3|pages=244–254|year=2011|doi=10.1111/j.1468-0475.2011.00542.x |s2cid=155072460}}</ref>

{{anchor|2010 debt crisis}} <!-- Linked from [[Greece]] and [[2010–2011 Greek protests]] -->

=== 2010–2018 government debt crisis ===
{{Main|Greek government-debt crisis}}
[[File:Greek debt and EU average since 1977.png|upright=1.364|290px|thumb|Greece's debt percentage since 1977, compared to the average of the [[Eurozone]]]]

==== Historical Debt ====

Greece, like other European nations, had faced [[List of sovereign debt crises|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]], [http://www.ggdc.net/MADDISON/Monitoring.shtml "Monitoring the World Economy 1820-1992"], OECD (1995)</ref> (for a quarter century from the early 1950s to mid 1970s, [[Greek economic miracle|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 Summer Olympics|2004 Athens Olympics]]), averaging 102%<ref name="Historical Debt IMF"/><ref name="Debt 1980">{{cite news |url=http://www.economicsinpictures.com/2011/09/greek-debtgdp-only-22-in-1980.html|title= Greek Debt/GDP: Only 22% In 1980|work= Economics in Pictures |date=1 September 2011 |access-date=31 August 2018}}</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 [[Greek financial audits, 2009–10|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 [[Greek financial audits, 2009–10|a maximum of about 10%]], resulted in a popular notion that "Greece was previously hiding its debt".

==== Evolution of the debt crisis ====

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">{{cite news |url=https://ec.europa.eu/eurostat/tgm/refreshTableAction.do?tab=table&plugin=1&pcode=teina225&language=en|title= Eurostat (Government debt data)|work= Eurostat |access-date=5 September 2018}}</ref> In addition, being a member of the Eurozone, the country had essentially no autonomous [[Economic and Monetary Union of the European Union#Monetary policy inflexibility|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 [[Greek financial audits, 2009–10|about 10%]], i.e., a public debt to GDP of about 100% until 2007), while there have been arguments about a possible effect of [[Greek government-debt crisis#Criticism of the role of news media and stereotyping|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 [[2010 European sovereign debt crisis|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''. [[Hoboken, New Jersey|Hobeken]], New Jersey: [[Bloomberg Press]].  {{ISBN|978-0-470-97611-1}}.</ref><ref>{{cite news|title = Greece's Sovereign-Debt Crunch: A Very European Crisis |newspaper=The Economist |url = http://www.economist.com/world/europe/displaystory.cfm?story_id=15452594 | date =  4 February 2010| access-date =2 May 2010 }}</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>{{cite web| title = Rehn: No Other State Will Need a Bail-Out| date = 5 May 2010 | url = http://euobserver.com/19/30015 |publisher=[[EU Observer]]| access-date =6 May 2010 }}</ref><ref name=Goldman>{{cite web| title = Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts| url =http://www.businessinsider.com/henry-blodget-greece-paid-goldman-300-million-to-help-it-hide-its-ballooning-debts-2010-2| archive-url =https://web.archive.org/web/20100305175636/http://www.businessinsider.com/henry-blodget-greece-paid-goldman-300-million-to-help-it-hide-its-ballooning-debts-2010-2| archive-date =5 March 2010| website=[[Business Insider]] | access-date =6 May 2010 }}</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>{{cite news|title=Global Business: Wall St. Helped to Mask Debt Fueling Europe's Crisis|url=https://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=all&_r=0|date=13 February 2010|newspaper=[[The New York Times]]|author=LOUISE STORY|author2=LANDON THOMAS Jr|author3=NELSON D. SCHWARTZ|quote=In dozens of deals across the Continent, banks provided cash upfront in return for government payments in the future, with those liabilities then left off the books. Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come.}}</ref><ref name=Bloomberg>{{cite news|title=Goldman Secret Greece Loan Shows Two Sinners as Client Unravels|url=https://www.bloomberg.com/news/2012-03-06/goldman-secret-greece-loan-shows-two-sinners-as-client-unravels.html|date=5 March 2012|publisher=Bloomberg|author1=Nicholas Dunbar |author2=Elisa Martinuzzi |quote=Greece actually executed the swap transactions to reduce its debt-to-gross-domestic-product ratio because all member states were required by the Maastricht Treaty to show an improvement in their public finances," Laffan said in an e- mail. "The swaps were one of several techniques that many European governments used to meet the terms of the treaty."}}</ref><ref name="The Telegraph">{{cite news|title=Did Goldman Sachs help Britain hide its debts too?|url=http://blogs.telegraph.co.uk/finance/edmundconway/100003757/did-goldman-sachs-help-britain-hide-its-debts-too/|archive-url=https://web.archive.org/web/20100218105208/http://blogs.telegraph.co.uk/finance/edmundconway/100003757/did-goldman-sachs-help-britain-hide-its-debts-too/|url-status=dead|archive-date=18 February 2010|date=15 February 2010|newspaper=[[The Daily Telegraph]]|author=Edmund Conway Economics|quote=One of the more intriguing lines from that latter piece says: "Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere." So, the obvious question goes, what about the UK? Did Britain hide its debts? Was Goldman Sachs involved? Should we panic?|location=London}}</ref><ref name="The Guardian">{{cite news|title=Banks that inflated Greek debt should be investigated, EU urges|url=https://www.theguardian.com/business/2010/feb/16/greek-debt-goldman-sachs|newspaper=[[The Guardian]]|date=16 February 2010|author=Elena Moya|quote="These instruments were not invented by Greece, nor did investment banks discover them just for Greece," said Christophoros Sardelis, who was chief of Greece's debt management agency when the contracts were conducted with Goldman Sachs.Such contracts were also used by other European countries until Eurostat, the EU's statistic agency, stopped accepting them later in the decade. Eurostat has also asked Athens to clarify the contracts.}}</ref><ref name="Der Spiegel">{{cite news|title=Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt|url=http://www.spiegel.de/international/europe/greek-debt-crisis-how-goldman-sachs-helped-greece-to-mask-its-true-debt-a-676634.html|access-date=29 October 2013|newspaper=[[Der Spiegel]]|date=8 February 2010|author=Beat Balzli|quote=This credit disguised as a swap didn't show up in the Greek debt statistics. Eurostat's reporting rules don't comprehensively record transactions involving financial derivatives. "The Maastricht rules can be circumvented quite legally through swaps," says a German derivatives dealer.  In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank.}}</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 [[Euro convergence criteria|monetary union guidelines]].<ref name="Europe derivatives 1">{{Cite news| title =  Greece not alone in exploiting EU accounting flaws | url =  https://www.reuters.com/article/idUSTRE61L3EB20100222 |work=Reuters  | date = 22 February 2010 |access-date=20 August 2010}}</ref><ref name="Europe derivatives 2">{{Cite news| title = Greece is far from the EU's only joker | url = http://www.newsweek.com/blogs/wealth-of-nations/2010/02/19/greece-is-far-from-the-eu-s-only-joker.html |work=Newsweek| date = 19 February 2010 |access-date=16 May 2011}}</ref><ref>{{Cite news | title = The Euro PIIGS out | url = http://librus.ca/2010/10/the-euro-piigs-out | work = Librus Magazine | date = 22 October 2010 | access-date = 17 May 2011 | url-status = dead | archive-url = https://web.archive.org/web/20110820012838/http://librus.ca/2010/10/the-euro-piigs-out/ | archive-date = 20 August 2011}}</ref><ref>{{Cite news | title = 'Creative accounting' masks EU budget deficit problems | url = http://www.highbeam.com/doc/1G1-133622280.html | work = Sunday Business | date = 26 June 2005 | access-date = 17 May 2011 | archive-url = https://web.archive.org/web/20130515060036/http://www.highbeam.com/doc/1G1-133622280.html | archive-date = 15 May 2013 | url-status = dead }}</ref><ref>{{Cite news| title = How Europe's governments have enronized their debts 
| url = http://www.euromoney.com/Article/1000384/BackIssue/50007/How-Europes-governments-have-enronized-their-debts.html
 |work=Euromoney | date = September 2005 |access-date=1 January 2014}}</ref><ref name="Italy swaps">{{cite news |url= https://www.euromoney.com/article/b1320nbmlzzpss/how-italy-shrank-its-deficit
| title= How Italy shrank its deficit |work= Euromoney|date= 1 December 2001 |access-date= 30 August 2017 }}</ref><ref name="FT Italy derivatives">{{cite news |url= https://www.ft.com/content/440007a8-dd9a-11e2-a756-00144feab7de |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/440007a8-dd9a-11e2-a756-00144feab7de |archive-date=10 December 2022 |url-access=subscription|title= Italy faces restructured derivatives hit
|work= Financial Times |date= 25 June 2013 |access-date= 7 January 2019}}</ref><ref name=Goldman /><ref>{{cite news| title = Wall St. Helped To Mask Debt Fueling Europe's Crisis |work=The New York Times | url =https://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=1&hp | date =  14 February 2010| access-date =6 May 2010 |author1=Story, Louise |author2=Thomas Jr, Landon |author3=Schwartz, Nelson D. }}</ref> In May 2010, the Greek government deficit was again revised and estimated to be 13.6%<ref>{{cite news | title = Papandreou Faces Bond Rout as Budget Worsens, Workers Strike | url = https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aUi3XLUwIIVA |publisher=Bloomberg|date=22 April 2010|access-date =2 May 2010 }}</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>{{cite news| author=Staff | title = Britain's Deficit Third Worst in the World, Table| url =https://www.telegraph.co.uk/finance/financialcrisis/7269629/Britains-deficit-third-worst-in-the-world-table.html| date =  19 February 2010| access-date =5 August 2011 |work=The Daily Telegraph |location=London }}</ref>{{dubious|date=March 2018}} Public debt was forecast, according to some estimates, to hit 120% of GDP during 2010.<ref>{{cite news|author1=Melander, Ingrid |author2=Papchristou, Harry | title = Greek Debt To Reach 120.8 Pct of GDP in '10&nbsp;– Draft| url =https://www.reuters.com/article/greece-budget-debt-idUSATH00496420091105 |work=Reuters  | date =  5 November 2009| access-date =5 August 2011}}</ref>

[[File:Greek bonds.webp|thumb|300px|Greek bonds
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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 €{{Nowrap|45 billion}} in bail-out loans, with more funds to follow, totaling €{{Nowrap|110 billion}}.<ref>{{cite news|title=Greece Faces 'Unprecedented' Cuts as $159B Rescue Nears|url=https://www.bloomberg.com/news/2010-05-02/greece-faces-unprecedented-cuts-as-159b-rescue-nears.html|access-date=6 March 2014|newspaper=Bloomberg|date=3 May 2010}}</ref><ref>{{cite news|author=Kerin Hope |title= EU Puts Positive Spin on Greek Rescue |url=http://www.ft.com/cms/s/0/08a87e4e-55c4-11df-b835-00144feab49a.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/08a87e4e-55c4-11df-b835-00144feab49a.html |archive-date=10 December 2022 |url-access=subscription |work=Financial Times  |date=2 May 2010 |access-date=6 May 2010}}</ref> In order to secure the funding, Greece was required to adopt harsh austerity measures to bring its deficit under control.<ref>{{cite news|last=Newman|first=Rick|title=Lessons for Congress From the Chaos in Greece|url=https://www.usnews.com/news/blogs/rick-newman/2011/11/03/lessons-for-congress-from-the-chaos-in-greece|access-date=3 November 2011|newspaper=US News|date=3 November 2011|archive-url=https://web.archive.org/web/20111104005053/http://www.usnews.com/news/blogs/rick-newman/2011/11/03/lessons-for-congress-from-the-chaos-in-greece|archive-date=4 November 2011|url-status=dead}}</ref> Their implementation was to be monitored and evaluated by the [[European Commission]], the [[European Central Bank]] and the IMF.<ref>[http://news.bbc.co.uk/2/hi/business/10099143.stm "Greece's Austerity Measures"]. [[BBC News]]. Retrieved 9 May 2010.</ref><ref>[http://dealbook.blogs.nytimes.com/2010/05/07/greek-parliament-passes-austerity-measures/?src=busln "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 [https://www.academia.edu/6655991/Media_Coverage_of_the_2010_Greek_Debt_Crisis_Inaccuracies_and_Evidence_of_Manipulation 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>{{cite news|url=http://topics.nytimes.com/top/reference/timestopics/organizations/e/european_union/index.html| newspaper=The New York Times|title=Times Topics European Union |date= 5 December 2011 |access-date=8 December 2011 |first=Kevin |last=Drew}}</ref><ref>{{cite news|url=https://www.huffingtonpost.com/2011/10/21/greek-austerity-budget-cuts_n_1025743.html| work=Huffington Post |title=Greek Austerity: Budget Cuts Deepen Recession, Quicken Reckoning  |date= 24 October 2011 |access-date=8 December 2011 |first=Bonnie |last=Kavoussi}}</ref><ref>{{cite news|url=https://www.huffingtonpost.com/2011/11/18/greek-deficit-austerity_n_1101133.html| work=Huffington Post |title=Greece: Country's Deficit Will Fall, No New Austerity Needed |date= 24 October 2011 |access-date=8 December 2011}}</ref><ref>{{cite news|url=https://www.wsj.com/articles/SB10001424052970204903804577080402358201814| newspaper=The Wall Street Journal |title=Greek Politician Expects Recession Will Linger |date= 6 December 2011 |access-date=8 December 2011 |first1=Alkman |last1=Granitsas |first2=Costas |last2=Paris}}</ref><ref>{{cite news|url=http://www.ft.com/cms/s/0/12165ab6-a599-11e0-83b2-00144feabdc0.html#axzz1fwD3Obmi|newspaper=[[Financial Times]]|title=Greece to see out year in recession|date=3 July 2011|access-date=8 December 2011|archive-url=https://web.archive.org/web/20110903071755/http://www.ft.com/cms/s/0/12165ab6-a599-11e0-83b2-00144feabdc0.html#axzz1fwD3Obmi|archive-date=3 September 2011|url-status=dead}}</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>{{cite news|url=https://www.bbc.co.uk/news/world-europe-28222362|title=Greek public sector workers hold 24-hour strike|work=BBC News|date=9 July 2014}}</ref> Immigrants are sometimes treated as scapegoats for economic problems by far-right extremists.<ref>{{cite news|url=http://www.economist.com/node/21564261|access-date=6 October 2012|title=Greek politics: Immigrants as scapegoats|newspaper=The Economist|date=6 October 2012}}</ref>

In 2013, Greece became the first [[developed market]] to be reclassified as an [[emerging markets|emerging market]] by different financial rating companies.<ref>{{cite news|title=Greece First Developed Market Cut to Emerging at MSCI|url=https://www.bloomberg.com/news/2013-06-11/greece-first-developed-market-cut-to-emerging-as-uae-upgraded.html|access-date=6 March 2014|newspaper=Bloomberg|date=12 June 2013}}</ref><ref>{{cite web|title=Market Classification|url=http://www.msci.com/products/indices/market_classification.html|publisher=[[MSCI]]|access-date=6 March 2014|location=New York}}</ref><ref>{{cite web|title=S&P Dow Jones Indices Announces Country Classification Consultation Results|url=http://www.spindices.com/documents/index-news-and-announcements/20131030-spdji-country-classification-results.pdf |archive-url=https://web.archive.org/web/20140223095738/http://www.spindices.com/documents/index-news-and-announcements/20131030-spdji-country-classification-results.pdf |archive-date=2014-02-23 |url-status=live|publisher=[[S&P Dow Jones Indices]]|access-date=6 March 2014|location=New York|date=30 October 2013}}</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">{{cite news|title=State workers in Greece hold strike to protest layoffs|url=http://www.greekherald.com/index.php/sid/223650639/scat/48158b5a5afd369b/ht/State-workers-in-Greece-hold-strike-to-protest-layoffs|access-date=9 July 2014|work=Greek Herald|archive-url=https://web.archive.org/web/20140714193741/http://www.greekherald.com/index.php/sid/223650639/scat/48158b5a5afd369b/ht/State-workers-in-Greece-hold-strike-to-protest-layoffs|archive-date=14 July 2014|url-status=dead}}</ref>

Greece exited its six-year recession in the second quarter of 2014,<ref>{{cite news |last1=Bensasson |first1=Marcus |title=Greece exited recession in second quarter, says EU Commission {{!}} eKathimerini.com |url=https://www.ekathimerini.com/economy/164391/greece-exited-recession-in-second-quarter-says-eu-commission/ |access-date=1 February 2024 |work=[[Kathimerini]] |date=4 November 2014 |location=Athens}}</ref> but the challenges of securing political stability and debt sustainability remained.<ref>{{cite news |title=PM eyes stability, says opposition proposals could undermine debt effort {{!}} eKathimerini.com |url=https://www.ekathimerini.com/news/164735/pm-eyes-stability-says-opposition-proposals-could-undermine-debt-effort/ |access-date=1 February 2024 |work=Kathimerini |date=15 November 2014 |location=Athens}}</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>{{Cite news | url=https://www.theguardian.com/world/2017/jun/22/greek-debt-imf-eu-bailout |title = Greek debt: IMF and EU's quick fix isn't enough &#124; Mohamed El-Erian|newspaper = The Guardian|date = 22 June 2017|last1 = El-Erian|first1 = Mohamed}}</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>{{cite web |url=https://www.theglobeandmail.com/report-on-business/economy/greece-gets-credit-lifeline-imf-joins-bailout/article35325652/ |title=Greece gets credit lifeline, IMF joins bailout - the Globe and Mail |website=[[The Globe and Mail]] |access-date=13 July 2017 |url-status=dead |archive-url=https://web.archive.org/web/20170627093322/https://www.theglobeandmail.com/report-on-business/economy/greece-gets-credit-lifeline-imf-joins-bailout/article35325652/ |archive-date=27 June 2017}}</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>{{Cite web | url=http://english.capital.gr/News.asp?id=2436103 | title=Greece reiterates pledge to IMF to implement 21 prior actions by June 2018}}</ref>

Greece's bailouts successfully ended (as declared) on 20 August 2018.<ref name="Bailout exit">{{cite news |url= https://www.reuters.com/article/us-eurozone-greece-bailout/greece-exits-final-bailout-successfully-esm-idUSKCN1L40OG |title= Greece exits final bailout successfully: ESM
|work= Reuters |date=20 August 2018 |access-date=31 August 2018}}</ref>

==== Effects of the bailout programmes on the debt crisis ====
There was a 25% drop in Greece's GDP, connected with the bailout programmes.<ref name="Tsipras Bloomberg">{{cite news |url= https://www.bloomberg.com/news/videos/2018-06-27/tsipras-says-greece-won-t-go-back-to-old-spending-ways-video
|title= Tsipras says Greece won't go back to old spending ways (Bloomberg) |date=27 June 2018 |access-date=30 July 2018}}</ref><ref name="Marianne">{{cite news |url=http://www.keeptalkinggreece.com/2013/01/22/marianne-the-incredible-errors-by-imf-experts-the-wrong-multiplier/ |title= (Keeptalkinggreece) Marianne: The incredible errors by IMF experts & the wrong multiplier |date=22 January 2013 |access-date=29 May 2017}}</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">{{cite web|url= https://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=teina225&plugin=1|title= General government gross debt - annual data|access-date = 31 August 2018}}</ref> to about 170%, solely due to the GDP drop (i.e., for the same Debt). Such a level is considered unsustainable.<ref>{{Citation |last1=Reinhart |first1=Carmen M. |title=Growth in a Time of Debt |date=January 2010 |type=Working Paper |url=https://www.nber.org/papers/w15639 |access-date=2024-06-03 |series=Working Paper Series |doi=10.3386/w15639 |last2=Rogoff |first2=Kenneth S.}}</ref> Reports show that, for government debt, the threshold for unhealthy Debt-to-GDPT ratio is around 85%.<ref>{{Cite journal |last1=Cecchetti |first1=Stephen G. |last2=Mohanty |first2=Madhusudan |last3=Zampolli |first3=Fabrizio |date=2011-09-16 |title=The real effects of debt |journal=Economic Symposium Conference Proceedings, Jackson Hole, 2011 |url=https://www.bis.org/publ/work352.htm |language=en}}</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">{{cite news |url=https://www.theguardian.com/business/2013/jun/05/imf-admit-mistakes-greek-crisis-austerity |title= IMF 'to admit mistakes' in handling Greek debt crisis and bailout (The Guardian) |date=5 June 2013 |access-date=22 June 2018}}</ref><ref name="IMF Reuters">{{cite news | url=https://www.reuters.com/article/us-imf-greece/for-hard-hit-greeks-imf-mea-culpa-comes-too-late-idUSBRE9550M320130606|title= For hard-hit Greeks, IMF mea culpa comes too late (Reuters)|date=6 June 2013 |access-date=22 June 2018}}</ref><ref name="IMF Telegraph">{{cite news |url=https://www.telegraph.co.uk/business/2016/07/28/imf-admits-disastrous-love-affair-with-euro-apologises-for-the-i/ |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/business/2016/07/28/imf-admits-disastrous-love-affair-with-euro-apologises-for-the-i/ |archive-date=12 January 2022 |url-access=subscription |url-status=live
|title= IMF admits disastrous love affair with the euro and apologises for the immolation of Greece (The Telegraph) |date=29 July 2016 |access-date=22 June 2018}}{{cbignore}}</ref><ref name="Marianne"/>

===COVID-19 recession===
The [[COVID-19 pandemic in Greece|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>{{cite web |url=https://abcnews.go.com/International/wireStory/eu-endorses-greeces-pandemic-recovery-spending-plan-78332172 |title=EU endorses massive pandemic relief for recession-hit Greece - ABC News |website=[[ABC News (United States)|ABC News]] |date=17 June 2021}}</ref>

===Current Greek economy===

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>{{cite web |title=Greek economy surges after decade of pain |url=https://www.reuters.com/markets/europe/greek-economy-surges-after-decade-pain-2024-04-18/ |website=reuters.com |access-date=23 April 2024}}</ref>

== Primary sector ==

=== Agriculture and fishery ===
{{Main|Agriculture in Greece}}
<gallery>
Vineyard in Naoussa, Central Macedonia, Greece.jpg|A vineyard in [[Naousa, Imathia|Naoussa]], central Macedonia
Fava (3711746562).jpg|Sacks with [[Fava Santorinis]]
Olive 60 C 0801.JPG|Olive oil production
</gallery>

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">{{cite web|url=http://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do |title=Crops products (excluding fruits and vegetables) (annual data) |publisher=[[Eurostat]] |access-date=19 October 2011 |url-status=dead |archive-url=https://web.archive.org/web/20141006122431/http://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do |archive-date=6 October 2014}}</ref> and ranked second in the production of rice (229,500 tons)<ref name="eurostat agriculture 1" /> and [[olive]]s (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">{{cite web |url=http://appsso.eurostat.ec.europa.eu/nui/show.do |title=Fruits and vegetables (annual data) |publisher=[[Eurostat]] |access-date=19 October 2011}}</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">{{cite web |url=http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-DW-09-001/EN/KS-DW-09-001-EN.PDF |title=Fishery statistics; Data 1995–2008 |publisher=[[Eurostat]] |access-date=20 October 2011 |url-status=dead |archive-url=https://web.archive.org/web/20120710190424/http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-DW-09-001/EN/KS-DW-09-001-EN.PDF |archive-date=10 July 2012}}</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>{{Cite web |date=2023-10-09 |title=Flood damage to Thessaly cotton ‘great,’ says expert {{!}} eKathimerini.com |url=https://www.ekathimerini.com/economy/1221982/flood-damage-to-thessaly-cotton-great-says-expert/ |access-date=2024-08-22 |website=www.ekathimerini.com |language=English}}</ref><ref>{{Cite web |date=2023-09-16 |title=The cost of damage from the record floods in Greece's breadbasket is estimated to be in the billions |url=https://apnews.com/article/greece-breadbasket-floods-thessaly-cost-c2369f2450542a9aa0dc94556e28be5e |access-date=2024-08-22 |website=AP News |language=en}}</ref><ref>{{Cite web |date=2024-06-05 |title=Reconstruction after floods in central Greece to cost €3.5 bln, PM says {{!}} eKathimerini.com |url=https://www.ekathimerini.com/economy/1240621/reconstruction-after-floods-in-central-greece-to-cost-e3-5-bln-pm-says/ |access-date=2024-08-22 |website=www.ekathimerini.com |language=English}}</ref>

== Secondary sector ==

=== Industry ===
[[File:12 NewKarelia-retouched-final300.tif|thumb|200px|[[Karelia Tobacco Company]] factory in [[Kalamata]]]]

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">{{cite web|url=http://epp.eurostat.ec.europa.eu/tgm/graph.do?tab=graph&plugin=0&pcode=teiis155&language=en&toolbox=data |title=Industrial turnover – mining, quarrying and manufacturing |publisher=[[Eurostat]] |access-date=22 February 2011}}</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">{{cite web |url=http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-CD-11-001/EN/KS-CD-11-001-EN.PDF |title=Europe in Figures – Yearbook 2011 |publisher=[[Eurostat]] |access-date=22 February 2011 |archive-url=https://web.archive.org/web/20130511205941/http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-CD-11-001/EN/KS-CD-11-001-EN.PDF |archive-date=11 May 2013 |url-status=dead}}</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>{{cite book|author1=Jill Dubois|author2=Xenia Skoura|author3=Olga Gratsaniti|title=Greece|url=https://books.google.com/books?id=DVzthRVC_SMC&pg=PA42|year=2003|publisher=Marshall Cavendish|isbn=978-0-7614-1499-5|page=42|quote=Greek ships make up 70 percent of the European Union's total merchant fleet. Greece has a large shipbuilding and ship refitting industry. Its six shipyards near Piraeus are among the biggest in Europe. As Greek ships primarily transport ...}}</ref> In recent years, Greece has become a leader in the construction and maintenance of luxury yachts.<ref>{{Cite web | url=http://www.ekathimerini.com/216308/article/ekathimerini/business/mega-yacht-owners-choose-greece-for-construction-and-maintenance |title = Mega yacht owners choose Greece for construction and maintenance, Ilias Bellos &#124; Kathimerini}}</ref>

<gallery class="center">
Polemistis (P 61).jpg|[[HSY-55-class gunboat]] ''Polemistis'', built by [[Hellenic Shipyards Co.]] for the Hellenic Navy
Dassault nEUROn.jpg|The fuselage for the [[Dassault nEUROn]] stealth jet is produced in Greece by the [[Hellenic Aerospace Industry]]
</gallery>

=== Mining ===
<gallery class="center">
Aluminium de Grece.jpg|[[Aluminium of Greece]] facilities
GR Thasos 81 Grube E1 01.jpg|Gold mine in [[Thasos]]
Yerakini Mine Pits.png|[[Gerakini]] mine
Skouries July 2013.JPG|[[Skouries mine]]
Quarry on Sifnos.JPG|Marble quarry in [[Sifnos]]
Kalk-kefalonia.jpg|[[Calcium carbonate]] loaded at the port of [[Argostoli]]
</gallery>

== Tertiary sector ==

=== Maritime industry ===
{{Main|Greek shipping|List of ports in Greece}}
[[File:Port de Thessalonique.jpg|thumb|The [[Port of Thessaloniki]]]]
[[File:Neorion Shipyard.JPG|thumb|[[Neorion]] shipyard, located in [[Ermoupolis]]]]
[[File:Greek tanker ship.png|thumb|23.2% of the world's total [[merchant fleet]] is owned by Greek companies{{citation needed|date=January 2021}}, making it the largest in the world. They are ranked in the top 5 for all kinds of ships, including first for tankers and bulk carriers.]]

Shipping has traditionally been a key sector in the Greek economy since ancient times.<ref name="shipping">{{cite web |url=http://www.greece.org/poseidon/work/articles/polemis_one.html |title=The History of Greek Shipping |author=Polemis, Spyros M. |publisher=greece.org |access-date=9 April 2007}}</ref> In 1813, the Greek merchant navy was made up of 615 ships.<ref name="Istoria ton Ellinon">{{cite book |title=Ιστορία των Ελλήνων – Ο Ελληνισμός υπό Ξένη Κυριαρχία 1453–1821 |trans-title=History of the Greeks – Hellenism under Foreign Rule 1453–1821 |publisher=Domi Publishings |location=Athens |isbn=960-8177-93-6 |pages=652–653 |volume=8 }}</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">{{cite news|url=http://upload.wikimedia.org/wikipedia/commons/a/a6/Greek_Fleet_1914.png|title=Greek Fleet|year=1914|access-date=9 June 2012}}</ref>

During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates [[Aristotle Onassis|Onassis]], [[Vardis Vardinogiannis|Vardinoyannis]], [[Peter Livanos|Livanos]] and [[Stavros Niarchos|Niarchos]].<ref name=slate>{{cite news|url=https://slate.com/news-and-politics/2005/08/what-s-with-the-greek-shipping-magnates.html |title=So Many Greek Shipping Magnates&nbsp;... |last=Engber |first=Daniel |work=Slate |publisher=Washington Post/slate.msn.com |date=17 August 2005 |access-date=9 April 2007 |url-status=live |archive-url=https://web.archive.org/web/20070608200204/http://slate.msn.com/id/2124542/ |archive-date=8 June 2007 }}</ref> The basis of the modern Greek maritime industry was formed after [[World War&nbsp;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 [[flag of Greece|Greek flag]] is the seventh-most-used internationally for shipping, while it ranks second in the [[European Union|EU]].<ref name=ECSA>{{cite web|url=http://www.ecsa.eu/files/Annual_report_ECSA_2012.pdf|work=[[European Community Shipowners' Associations]]|publisher=ecsa.eu|title=ECSA Annual report 2011–2012|url-status=dead|archive-url=https://web.archive.org/web/20131216055323/http://www.ecsa.eu/files/Annual_report_ECSA_2012.pdf|archive-date=16 December 2013}}</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>{{cite web|url=http://www.ecsa.eu/images/files/downloads_annualreports/Rapport%202010-2011.pdf |archive-url=https://web.archive.org/web/20150923233333/http://www.ecsa.eu/images/files/downloads_annualreports/Rapport%202010-2011.pdf |archive-date=2015-09-23 |url-status=live|work=European Community Shipowners' Association |publisher=ecsa.eu|title=ECSA Annual report 2010–2011}}</ref> employs about 160,000 people (4% of the workforce),<ref name =nbg>{{cite web|url=http://www.nbg.gr/en/pr_release_resb.asp?P_ID=463|work=National Bank of Greece|publisher=nbg.gr|title=Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy|date=11 May 2006|access-date=8 April 2007|archive-url=https://web.archive.org/web/20070831114031/http://www.nbg.gr/en/pr_release_resb.asp?P_ID=463|archive-date=31 August 2007}}</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>{{cite magazine|title=As Greece Struggles with Debt Crisis, Its Shipping Tycoons Still Cut a Profit|url=https://world.time.com/2013/05/16/amid-recession-and-crisis-greeces-shipping-industry-booms/|date=16 May 2013|access-date=4 June 2013|magazine=[[Time (magazine)|Time World]]}}</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$.<ref name="WTO-ITC-SeaTransportRankImports">{{cite web|title=ITC Trade Map: List of importers for ''Sea Transport'', i.e. country ranking in value of imports (services; data code 206; yearly times series)|url=http://www.trademap.org/|publisher=[[World Trade Organization|WTO]]-[[International Trade Centre|ITC]]|access-date= 23 May 2013}}</ref><ref name="WTO-ITC-SeaTransportRankTradeBalance">{{cite web|title=ITC Trade Map: List of markets for ''Sea Transport'', i.e. country ranking in value of trade balance (services; data code 206; yearly times series)|url=http://www.trademap.org/|publisher=[[World Trade Organization|WTO]]-[[International Trade Centre|ITC]]|access-date= 23 May 2013}}</ref> In 2022, Greek used vessel sales were second only to China's.<ref name=":2">{{Cite web |title=A Look Into the Greek Maritime Fleet {{!}} Hellenic Shipping News Worldwide |url=https://www.hellenicshippingnews.com/a-look-into-the-greek-maritime-fleet/ |access-date=2023-04-22 |website=www.hellenicshippingnews.com}}</ref>
{| class="wikitable"
|+ '''Greece, shipping services'''
!Year!!2000!!2001!!2002!!2003!!2004!!2005!!2006–2008!!2009!!2010!!2011
|-
|colspan="11"|
|- style="text-align:center;"
!Exports:
|colspan="10"|
|- style="text-align:center;"
!Global ranking<ref name="WTO-ITC-SeaTransportRankExports" />
|5th||5th||5th||4th||3rd||5th||-<sup>b</sup>||5th||6th||4th
|- style="text-align:center;"
!Value (US$ million)<ref name="WTO-ITC-SeaTransportRankExports" />
|7,558.995||7,560.559||7,527.175||10,114.736||15,402.209||16,127.623||-<sup>b</sup>||17,033.714||18,559.292||17,704.132
|- style="text-align:center;"
!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||-<sup>b</sup>||12,213.786||13,976.558||12,710.859
|- style="text-align:center;"
!Value (%GDP)
|5.93||5.76||5.08||5.18||6.68||6.71||n/a||5.29||6.29||6.10
|-
|colspan="11"|
|- style="text-align:center;"
!Imports:
|colspan="10"|
|- style="text-align:center;"
!Global ranking<ref name="WTO-ITC-SeaTransportRankImports" />
|14th||13th||14th||-<sup>b</sup>||14th||16th||-<sup>b</sup>||12th||13th||9th
|- style="text-align:center;"
!Value (US$ million)<ref name="WTO-ITC-SeaTransportRankImports" />
|3,314.718||3,873.791||3,757.000||-<sup>b</sup>||5,570.145||5,787.234||-<sup>b</sup>||6,653.395||7,846.950||7,076.605
|- style="text-align:center;"
!Value (€ million)<ref name="WTO-ITC-SeaTransportRankImports" />
|3,583.774||4,320.633||3,971.863||-<sup>b</sup>||4,478.129||4,646.929||-<sup>b</sup>||4,770.724||5,909.350||5,080.720
|- style="text-align:center;"
!Value (%GDP)
|2.60||2.95||2.54||n/a||2.42||2.41||n/a||2.06||2.66||2.44
|-
|colspan="11"|
|- style="text-align:center;"
!Trade balance:
|colspan="10"|
|- style="text-align:center;"
!Global ranking<ref name="WTO-ITC-SeaTransportRankTradeBalance" />
|1st||2nd||1st||1st<sup>e</sup>||1st||1st||-<sup>b</sup>||2nd||1st||2nd
|- style="text-align:center;"
!Value (US$ million)<ref name="WTO-ITC-SeaTransportRankTradeBalance" />
|4,244.277||3,686.768||3,770.175||10,114.736<sup>e</sup>||9,832.064||10,340.389||-<sup>b</sup>||10,340.389||10,380.319
|10,712.342
|- style="text-align:center;"
!Value (€ million)<ref name="WTO-ITC-SeaTransportRankTradeBalance" />
|4,588.785||4,112.037||3,985.791||8,934.660<sup>e</sup>||7,904.508||8,302.940||-<sup>b</sup>||7,443.063||8,067.208||7,630.140
|- style="text-align:center;"
!Value (%GDP)
|3.33||2.81||2.54||5.18<sup>e</sup>||4.27||4.30||n/a||3.22||3.63||3.66
|-
|colspan="11"|
|-
|colspan="11"|
|- style="text-align:center;"
!GDP (€ million)<ref>{{cite web|title=GDP and main components – Current prices|url=http://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-055480_QID_-20C49284_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;UNIT,L,Z,0;INDIC_NA,L,Z,1;INDICATORS,C,Z,2;&zSelection=DS-055480INDIC_NA,B1GM;DS-055480INDICATORS,OBS_FLAG;DS-055480UNIT,MIO_EUR;&rankName1=INDIC-NA_1_2_-1_2&rankName2=INDICATORS_1_2_-1_2&rankName3=UNIT_1_2_-1_2&rankName4=TIME_1_0_0_0&rankName5=GEO_1_0_0_1&sortR=ASC_-1_FIRST&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=ROLLING&time_most_recent=true&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23|publisher=[[Eurostat]]|access-date=10 May 2015|location=Luxembourg|date=13 April 2015}}</ref>
|137,930.1||146,427.6||156,614.3||172,431.8||185,265.7||193,049.7<sup>b</sup>||n/a||231,081.2<sup>p</sup>
|222,151.5<sup>p</sup>||208,531.7<sup>p</sup>
|-
|colspan="11"|
|-
|colspan="11"|
|-
!
| style="text-align:left;" colspan="10"|<span style="font-size:70%;">'''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</span>
|}

=== Telecommunications ===
{{Main|Telecommunications in Greece}}
[[File:Athens-Kiffisia-aerial.jpg|thumb|[[OTE]] headquarters in Athens]]

Between 1949 and the 1980s, [[telephone]] communications in Greece were a [[state monopoly]] by the [[OTE|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">{{cite web|title=Company Profile|url=https://www.ote.gr/en/web/guest/corporate/company/who-we-are/profile|publisher=[[OTE]]|access-date=10 January 2014|location=Athens}}</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">{{cite web |url=http://www.enet.gr/?i=news.el.ellada&id=100711 |work=Hellenic Tellecommunications Organization ([[OTE]]) |publisher=enet.gr |title=Δύο φορές ο πληθυσμός μας σε συνδέσεις |access-date=20 October 2011 |archive-url=https://web.archive.org/web/20110920233721/http://www.enet.gr/?i=news.el.ellada&id=100711 |archive-date=20 September 2011 |url-status=dead }}</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">{{cite web|title=Internet access and use in 2011|url=http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-14122011-BP/EN/4-14122011-BP-EN.PDF|publisher=Eurostat|access-date=19 December 2013|location=Luxembourg|date=14 December 2011|archive-url=https://web.archive.org/web/20120131144248/http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-14122011-BP/EN/4-14122011-BP-EN.PDF|archive-date=31 January 2012|url-status=dead}}</ref><ref name="Eurostat Internet 2013">{{cite web|title=Internet access and use in 2013|url=http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-18122013-BP/EN/4-18122013-BP-EN.PDF|publisher=Eurostat|access-date=19 December 2013|location=Luxembourg|date=18 December 2013|archive-url=https://web.archive.org/web/20131219063234/http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-18122013-BP/EN/4-18122013-BP-EN.PDF|archive-date=19 December 2013|url-status=dead}}</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>{{cite web |title=Survey on the Use of Information and Communications Technologies by Households and Individuals, 2023 |url=https://www.statistics.gr/documents/20181/f6542bff-1b44-2feb-a362-6d17818ec4a3 |publisher=Hellenic Statistical Authority |access-date=11 December 2023 |location=Piraeus |date=11 December 2023 |archive-date=11 December 2023 |archive-url=https://web.archive.org/web/20231211202833/https://www.statistics.gr/documents/20181/f6542bff-1b44-2feb-a362-6d17818ec4a3 |url-status=dead }}</ref>

=== Tourism ===
{{Main|Tourism in Greece}}
[[File:Porto Caras 1c.jpg|thumb|200px|[[Porto Carras]] resort, [[Chalkidiki]]]]
[[File:Santorini 07 02 09 0808.jpg|thumb|200px|The island of [[Santorini]], popular tourist destination.]]

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 [[Ancient Olympic Games|Olympic Games]].<ref name="Tourism 2">{{cite book |url=https://books.google.com/books?id=iAesDP7B4PwC&q=tourism+in+ancient+Greece&pg=PA93 |title=Digital culture and e-tourism |author1=Miltiadis Lytras |author2=Ernesto Damiani |author3=Lily Diaz |access-date=1 March 2012|isbn=9781615208685 |date=30 November 2010 |publisher=IGI Global }}</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">{{cite book |url=https://books.google.com/books?id=GE9KgqBj2nYC&q=Greece&pg=PA279 |title=Encyclopedia of tourism |author=Jafa Jafari |access-date=1 March 2012|isbn=9780415308908 |year=2003 |publisher=Routledge }}</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">{{cite book |url=https://books.google.com/books?id=CQrFdHCvKXMC&q=Tourism+in+Greece&pg=PA137 |title=Tourism in OECD Countries 2008: Trends and Policies |year=2008 |publisher=[[OECD]] |access-date=19 August 2011|isbn=9789264039674 }}</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 [[List of recognized economic sectors|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&nbsp;million tourists,<ref name="Eurostat Tourism table">{{cite web |url=http://appsso.eurostat.ec.europa.eu/nui/setupModifyTableLayout.do |title=Nights spent in tourist accommodation establishments – regional – annual data |year=2010 |publisher=Eurostat|access-date=19 May 2011}}</ref> a major increase from the 17.7&nbsp;million tourists the country welcomed in 2008.<ref name="Eurostat Tourism">{{cite web|url=http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-HA-10-001-11/EN/KS-HA-10-001-11-EN.PDF |title=Tourism |year=2010 |publisher=Eurostat |access-date=19 May 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110516161713/http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-HA-10-001-11/EN/KS-HA-10-001-11-EN.PDF |archive-date=16 May 2011}}</ref>

Among the member states of the European Union, Greece was the most popular destination for residents of [[Cyprus]] and [[Sweden]] in 2011.<ref>{{cite web|title=Spain, Italy and France: top destinations for holiday trips abroad of EU27 residents in 2011|url=http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-15042013-BP/EN/4-15042013-BP-EN.PDF|publisher=Eurostat|access-date=23 April 2013|location=Luxembourg|date=15 April 2013|archive-url=https://web.archive.org/web/20130418002622/http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-15042013-BP/EN/4-15042013-BP-EN.PDF|archive-date=18 April 2013|url-status=dead}}</ref>

The ministry responsible for tourism is the [[Ministry of Culture and Tourism (Greece)|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>{{cite web|url=http://www.lonelyplanet.com/canada/travel-tips-and-articles/39339 |title=Ultimate party cities |publisher=[[Lonely Planet]] |access-date=10 August 2011}}</ref> while in 2011 the island of [[Santorini]] was voted as the best island in the world by [[Travel + Leisure]].<ref name="Best Islands">{{cite magazine|url=http://www.travelandleisure.com/worldsbest/2011/islands/europe-islands/242 |title=World's Best Awards&nbsp;– Islands |magazine=[[Travel + Leisure]] |access-date=10 August 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110713144113/http://www.travelandleisure.com/worldsbest/2011/islands/europe-islands/242 |archive-date=13 July 2011 }}</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 ==
[[File:Buildings of the National Bank of Greece, Bank of Greece, and Ionian Bank (Alpha Bank) on Eleftherias Square, Thessaloniki.png|thumb|The [[Bank of Greece]]/[[National Bank of Greece]] and former [[Ionian Bank]] (today [[Alpha Bank]]) buildings in [[Thessaloniki]]]]

=== Foreign investment ===

Since the fall of communism, Greece has invested heavily in neighbouring [[Balkans|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">{{cite web |url=http://www.balkaninsight.com/en/article/macedonia-turkey-the-ties-that-bind |title=Macedonia-Turkey: The Ties That Bind |publisher=Balkan Insight |access-date=22 February 2012|date=10 February 2011 }}</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">{{cite news |url=http://sofiaecho.com/2008/03/28/659731_greek-investments-in-bulgaria-soar-since-2005 |title=Greek investments in Bulgaria soar since 2005 |newspaper=Sofia Echo |access-date=22 February 2012}}</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">{{cite web |url=http://ekathimerini.com/4dcgi/_w_articles_wsite2_1_04/05/2011_389553 |title=Greek investment in Serbia tops 2 billion euros |publisher=[[Kathimerini]] |access-date=22 February 2012}}</ref> [[Romania]]n statistics from 2016 show that Greek investment in the country exceeded €4 billion, ranking Greece fifth or sixth among foreign investors.<ref>{{cite news|title=Greek investments in Romania exceed 4.0 bln euros|url=https://www.amna.gr/en/business/article/177582/Greek-investments-in-Romania-exceed-40-bln-euros|access-date=4 September 2019|agency=[[Athens-Macedonian News Agency]]|date=7 August 2017}}</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>{{Cite web|url = http://albanians.gr/greqia-e-para-investitore-ne-shqiperi-25-te-totalit-te-investimeve.html|title = Greqia, e para investitore në Shqipëri me 25% te totalit të investimeve|date = October 2016|access-date = 2 October 2016|archive-date = 23 May 2018|archive-url = https://web.archive.org/web/20180523011529/https://albanians.gr/greqia-e-para-investitore-ne-shqiperi-25-te-totalit-te-investimeve.html|url-status = dead}}</ref>

=== Trade ===

During the [[Greek government-debt crisis|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">{{cite web |title=Imports / exports |url=http://www.statistics.gr/portal/page/portal/ESYE/PAGE-themes?p_param=A0902 |url-status=dead |archive-url=https://web.archive.org/web/20120118223527/http://www.statistics.gr/portal/page/portal/ESYE/PAGE-themes?p_param=A0902 |archive-date=18 January 2012 |access-date=22 February 2012 |publisher=[[Hellenic Statistical Authority]]}}</ref><ref>{{cite web |title=Commercial Transactions of Greece: December 2022 |url=https://www.statistics.gr/documents/20181/ab38d90f-3fc6-a1dd-1fd1-250142c7a4b4 |publisher=Hellenic Statistical Authority |access-date=7 February 2023 |location=Piraeus |date=7 February 2023 |archive-date=7 February 2023 |archive-url=https://web.archive.org/web/20230207143541/https://www.statistics.gr/documents/20181/ab38d90f-3fc6-a1dd-1fd1-250142c7a4b4 |url-status=dead }}</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>{{cite web |title=Commercial Transactions of Greece: December 2023 |url=https://www.statistics.gr/documents/20181/9383db38-01d7-59dd-b3ad-1791c47e87f7 |publisher=Hellenic Statistical Authority |access-date=7 February 2024 |location=Piraeus |date=7 February 2024}}</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">{{cite web |title=COMMERCIAL TRANSACTIONS OF GREECE : March 2025 |url=https://www.statistics.gr/documents/20181/db3db1e3-16fb-7ff9-fdb4-2466713a7685 |publisher=Hellenic Statistical Authority |access-date=9 May 2025 |location=Piraeus |date=8 May 2025}}</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>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/cyprus/ |title=The World Factbook – Cyprus |date=23 September 2021 |publisher=[[CIA]]}}</ref> and the largest export partner of [[Palau]] (82.4%).<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/palau/ |title=The World Factbook – Palau |date=22 September 2021 |publisher=[[CIA]]}}</ref>

{| class="wikitable sortable" style="width:700px;"
|+'''Imports and exports in 2012'''<ref name="WTO-ITC" />
|-  style="background:#ccc; text-align:center; vertical-align:middle;"
! !!colspan="3"|Imports!! !!colspan="3"|Exports
|-
!Rank data-sort-type="text" |Rank !!data-sort-type="text"|Origin!!Rank data-sort-type="number"|Value<br />(€ mil)
!Rank data-sort- type="number" style="width:80px;"|Value<br />(% of total)!!Rank data-sort-type="text"|Rank
!Rank data-sort-type="text"|Destination!!Rank data-sort-type="number"|Value<br />(€ mil)
!Rank data-sort- type="number" style="width:80px;"|Value<br />(% of total)
|- style="display:none;"
|0||a||0||||-1||0||a||0||-1
|- style="text-align:center;"
||1|| style="text-align:left;"|{{RUS}}||5,967.20132||12.6|| style="text-align:center;"|1|| style="text-align:left;"|{{TUR}}||2,940.25203||10.8
|- style="text-align:center;"
||2|| style="text-align:left;"|{{DEU}}||4,381.92656||9.2|| style="text-align:center;"|2|| style="text-align:left;"|{{ITA}}||2,033.77413||7.5
|- style="text-align:center;"
||3|| style="text-align:left;"|{{ITA}}||3,668.88622||7.7|| style="text-align:center;"|3|| style="text-align:left;"|{{DEU}}||1,687.03947||6.2
|- style="text-align:center;"
||4|| style="text-align:left;"|{{SAU}}||2,674.00587||5.6|| style="text-align:center;"|4|| style="text-align:left;"|{{BGR}}||1,493.75355||5.5
|- style="text-align:center;"
||5|| style="text-align:left;"|{{CHN}}||2,278.03883||4.8|| style="text-align:center;"|5|| style="text-align:left;"|{{CYP}}||1,319.28598||4.8
|- style="text-align:center;"
||6|| style="text-align:left;"|{{NLD}}||2,198.57126||4.6|| style="text-align:center;"|6|| style="text-align:left;"|{{USA}}||1,024.73686||3.8
|- style="text-align:center;"
||7|| style="text-align:left;"|{{FRA}}||1,978.48460||4.2|| style="text-align:center;"|7|| style="text-align:left;"|{{GBR}}||822.74077||3
|- style="text-align:center;"
||#α|| style="text-align:left;"|[[OECD]]||23,849.94650||50.2|| style="text-align:center;"|#α|| style="text-align:left;"|[[OECD]]
|13,276.48107||48.8
|- style="text-align:center;"
||#β|| style="text-align:left;"|[[G7]]||11,933.75417||25.1|| style="text-align:center;"|#β|| style="text-align:left;"|[[G7]]||6,380.86705||23.4
|- style="text-align:center;"
||#γ|| style="text-align:left;"|[[BRICS]]||8,682.10265||18.3|| style="text-align:center;"|#ε|| style="text-align:left;"|[[BRICS]]
|1,014.17146||3.7
|- style="text-align:center;"
||#δ|| style="text-align:left;"|[[BRIC (economics term)|BRIC]]||8,636.02946||18.2|| style="text-align:center;"|#ζ|| style="text-align:left;"|[[BRIC (economics term)|BRIC]]||977.76016||3.6
|- style="text-align:center;"
||#ε|| style="text-align:left;"|[[OPEC]]||8,090.76972||17|| style="text-align:center;"|#γ|| style="text-align:left;"|[[OPEC]]
|2,158.60420||7.9
|- style="text-align:center;"
||#ζ|| style="text-align:left;"|[[NAFTA]]||751.80608||1.6|| style="text-align:center;"|#δ|| style="text-align:left;"|[[NAFTA]]
|1,215.70257||4.5
|- style="text-align:center;"
||#a|| style="text-align:left;"|{{EU}} 27||21,164.89314||44.5|| style="text-align:center;"|#a|| style="text-align:left;"|{{EU}} 27
|11,512.31990||42.3
|- style="text-align:center;"
||#b|| style="text-align:left;"|{{EU}} 15||17,794.19344||37.4|| style="text-align:center;"|#b|| style="text-align:left;"|{{EU}} 15
|7,234.83595||26.6
|- style="text-align:center;"
||#3|| style="text-align:left;"|[[Africa]]||2,787.39502||5.9|| style="text-align:center;"|#3|| style="text-align:left;"|[[Africa]]
|1,999.46534||7.3
|- style="text-align:center;"
||#4|| style="text-align:left;"|[[Americas|America]]||1,451.15136||3.1
||#4||align="left"|[[Americas|America]]||1,384.04068||5.1
|- style="text-align:center;"
||#2|| style="text-align:left;"|[[Asia]]||14,378.02705||30.2|| style="text-align:center;"|#2
| style="text-align:left;"|[[Asia]]||6,933.51200||25.5
|- style="text-align:center;"
||#1|| style="text-align:left;"|[[Europe]]||28,708.38148||60.4|| style="text-align:center;"|#1|| style="text-align:left;"|[[Europe]]
|14,797.20641||54.4
|- style="text-align:center;"
||#5|| style="text-align:left;"|[[Oceania]]||71.70603||0.2|| style="text-align:center;"|#5|| style="text-align:left;"|[[Oceania]]||169.24085||0.6
|- style="text-align:center;"
||#|| style="text-align:left;"|World||47,537.63847||100|| style="text-align:center;"|#|| style="text-align:left;"|World
|27,211.06362||100
|- style="display:none;"
|24||z||1000000000000000000||101||24||z||1000000000000000000||101
|- class="sortbottom"
| colspan="8" span style="font-size:70%;"|the International Organisations or Country Groups list and ranking presented above (i.e. ''#greek_letters'' and/or ''#latin_letters''),<br /> is not indicative of the whole picture of Greece's trade;<br />this is instead only an incomplete selection of some major and well known such Organisations and Groups;<br />rounding errors possibly present
|}

== Transport ==
{{Main|Transport in Greece}}
[[File:Egnatia Odos.JPG|thumb|The [[A2 motorway (Greece)|Egnatia Odos]], part of [[European route E90]].]]
[[File:Canal of korinth greece.jpg|thumb|200px|[[Corinth Canal]]]]
[[File:The headquarters of the Greek railway organization.jpg|thumb|200px|[[Hellenic Railways Organisation|OSE]] HQs]]
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">{{cite web |url=http://www.hcaa.gr/content/index2.asp |title=Χάρτης Αερολιμένων |publisher=[[Hellenic Civil Aviation Authority]] |access-date=18 October 2011 |url-status=dead |archive-url=https://web.archive.org/web/20111005123633/http://www.hcaa.gr/content/index2.asp |archive-date=5 October 2011}}</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 Airlines|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">{{cite web|url=http://en.aegeanair.com/all-about-us/awards/ |title=Awards |publisher=[[Aegean Airlines]] |access-date=18 October 2011 |url-status=dead |archive-url=https://web.archive.org/web/20140326113327/http://en.aegeanair.com/all-about-us/awards/ |archive-date=26 March 2014}}</ref> and also has two gold and one silver awards by the [[European Regional Airlines Association|ERA]],<ref name="Aegean Awards" /> while Olympic Air holds one silver ERA award for "Airline of the Year"<ref name="ERA10-11">{{cite web|url=http://www.eraa.org/newsroom/news-releases/414-awards-for-binter-canarias-olympic-and-cimber|title=Awards for Binter Canarias, Olympic and Cimber|last=Shepherd|first=Lesley|date=24 September 2010|publisher=[[European Regions Airline Association]]|access-date=24 September 2010}}</ref> as well as a ''"[[Condé Nast Traveller]] 2011 Readers Choice Awards: Top Domestic Airline"'' award.<ref>{{cite web|url=http://www.olympicair.com/en-gb/news---events/2451-olympic-air-take-tops-in-conde-nast-traveller-awards-.cmt |title=Olympic Air Take Tops in Condé Nast Traveller Awards |date=14 July 2011 |publisher=Olympic Air |access-date=15 July 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110718110330/http://www.olympicair.com/en-gb/news---events/2451-olympic-air-take-tops-in-conde-nast-traveller-awards-.cmt |archive-date=18 July 2011 }}</ref>

The Greek road network is made up of 116,986&nbsp;km of roads,<ref name="CIAFactBook" /> of which 1863&nbsp;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 [[A2 motorway (Greece)|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 [[Railways of Greece|rail network]] is estimated to be at 2,548&nbsp;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&nbsp;km),<ref name="CIAFactBook" /> while the country also has 983&nbsp;km of [[narrow gauge]].<ref name="CIAFactBook" /> A total of 764&nbsp;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 (rapid transit)|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">{{cite web |url=http://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do?dvsc=9 |title=Maritime transport – Goods (gross weight) – Annual data – All ports – by direction |publisher=[[Eurostat]] |access-date=19 October 2011}}</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 [[China|Chinese]] logistics giant [[COSCO]]. In 2013, Piraeus was declared the fastest-growing port in the world.<ref>{{cite news|last=Bellos|first=Ilias|script-title=el:Ο Πειραιάς ανακηρύχθηκε το ταχύτερα αναπτυσσόμενο λιμάνι του πλανήτη το 2013|url=http://www.kathimerini.gr/751193/article/oikonomia/epixeirhseis/o-peiraias-anakhryx8hke-to-taxytera-anaptyssomeno-limani-toy-planhth-to-2013|access-date=12 May 2014|newspaper=[[Kathimerini]]|date=30 January 2014|language=el}}</ref>

In 2010 Piraeus handled 513,319 [[Twenty-foot equivalent unit|TEUs]],<ref name="OLP Statistical Data">{{cite web|url=http://www.olp.gr/el/stats/viewdownload/7-/372------2007-2008-2009-2010 |title=Ενιαίος Πίνακας Στατιστικών Στοιχείων Ετών 2007, 2008, 2009, 2010 |publisher=Piraeus Port Authority |access-date=19 October 2011 |url-status=dead |archive-url=https://web.archive.org/web/20120315031500/http://www.olp.gr/el/stats/viewdownload/7-/372------2007-2008-2009-2010 |archive-date=15 March 2012 }}</ref> followed by Thessaloniki, which handled 273,282 TEUs.<ref name="OLTH Statistical Data">{{cite web |url=http://www.thpa.gr/files/statistics/statistics2010en.pdf |archive-url=https://web.archive.org/web/20120330221531/http://www.thpa.gr/files/statistics/statistics2010en.pdf |archive-date=2012-03-30 |url-status=live |title=Statistical Data 2010 |publisher=Thessaloniki Port Authority |access-date=19 October 2011}}</ref> In the same year, 83.9 million people passed through Greece's ports,<ref name="Eurostat passengers ports">{{cite web |url=http://appsso.eurostat.ec.europa.eu/nui/show.do# |title=Maritime transport – Passengers – Annual data – All ports – by direction |publisher=[[Eurostat]] |access-date=19 October 2011}}</ref> 12.7 million through the port of [[Paloukia]] in [[Salamis Island|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 ==
{{Further|Energy in Greece}}
[[File:Greece GHI Solar-resource-map GlobalSolarAtlas World-Bank-Esmap-Solargis.png|thumb|200px|Solar-power generation potential in Greece]]

Energy production in Greece is dominated by the [[Public Power Corporation of Greece|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">{{cite web |url=http://www.dei.gr/Images/ENG%20REPORT%202010%20FINAL.pdf |archive-url=https://web.archive.org/web/20110927180029/http://www.dei.gr/Images/ENG%20REPORT%202010%20FINAL.pdf |archive-date=2011-09-27 |url-status=live |title=Public Power Corporation S.A. Financial Report (January 1, 2010 – December 31, 2010) |year=2010 |publisher=[[Public Power Corporation of Greece]] |access-date=24 October 2011}}</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">{{cite web |url=http://www.investingreece.gov.gr/default.asp?pid=36&sectorID=38&la=1 |title=Energy |publisher=Invest in Greece Agency |access-date=26 October 2011 |archive-url=https://web.archive.org/web/20110820004239/http://www.investingreece.gov.gr/default.asp?pid=36&sectorID=38&la=1 |archive-date=20 August 2011 |url-status=dead }}</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 [[Kilowatt hour|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">{{cite web |url=http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=tsdcc110&plugin=0 |title=Share of renewable energy in gross final energy consumption % |year=2008 |publisher=[[Eurostat]] |access-date=24 October 2011}}</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">{{cite web|url=http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-78-09-865/EN/KS-78-09-865-EN.PDF |title=Sustainable development in the European Union |year=2009 |publisher=[[Eurostat]] |access-date=24 October 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110826033757/http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-78-09-865/EN/KS-78-09-865-EN.PDF |archive-date=26 August 2011}}</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">{{cite web |url=http://ec.europa.eu/energy/renewables/targets_en.htm |title=Renewable energy >> Targets by 2020 |publisher=[[Eurostat]] |access-date=24 October 2011}}</ref> In 2013 and for several months, Greece produced more than 20% of its electricity from renewable energy sources and hydroelectric power plants.<ref>{{cite web|title=Monthly Energy Balance|url=http://www.admie.gr/en/operations-data/settlement/montlhy-energy-balance/|archive-url=https://web.archive.org/web/20120309061318/http://www.admie.gr/en/operations-data/settlement/montlhy-energy-balance/|url-status=dead|archive-date=9 March 2012|publisher=Independent Power Transmission Operator|access-date=23 August 2013|location=Athens}}</ref> Greece currently does not have any [[nuclear power plant]]s in operation, however in 2009 the [[Academy of Athens (modern)|Academy of Athens]] suggested that research in the possibility of Greek nuclear power plants begin.<ref name="Academy of Athens nuclear power">{{cite web|url=http://www.academyofathens.gr/Documents/christoforou_porismata.pdf |title=Πορίσματα της Ομάδας Εργασίας της Επιτροπής Ενέργειας της Ακαδημίας Αθηνών επί του θέματος "Πυρηνική Ενέργεια και Ενεργειακές Ανάγκες της Ελλάδος" |publisher=[[Academy of Athens (modern)|Academy of Athens]] |access-date=24 October 2011 |url-status=dead |archive-url=https://web.archive.org/web/20111122125502/http://www.academyofathens.gr/Documents/christoforou_porismata.pdf |archive-date=22 November 2011}}</ref>

Greece had 10 million [[Barrel (unit)|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">{{cite web |url=http://www.investingreece.gov.gr/default.asp?pid=25&la=1&n=1024 |title=Green Light for Hydrocarbon Exploration |publisher=Invest in Greece Agency |access-date=26 October 2011 |archive-url=https://web.archive.org/web/20111025083755/http://www.investingreece.gov.gr/default.asp?pid=25&la=1&n=1024 |archive-date=25 October 2011 |url-status=dead }}</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 [[euro]]s 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 [[Aegean dispute|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">{{cite web |url=http://www.skai.gr/news/greece/article/190770/mesa-stin-anoixi-oi-seismikes-ereunes-se-ionio-kai-n-kriti-gia-udrogonanthrakes-/ |title=Μέσα στην άνοιξη οι σεισμικές έρευνες σε Ιόνιο και Ν. Κρήτη για υδρογονάνθρακες |date=3 January 2012 |trans-title=(Oil and gas) exploration in the Ionian Sea and Crete to start this spring |publisher=[[Skai TV]] |access-date=6 March 2012}}</ref><ref name="Skai oil 2">{{cite web |url=http://www.skai.gr/news/greece/article/196297/endiaferon-etaireion-gia-udrogonanthrakes-se-ionio-kriti/ |title=Ενδιαφέρον ξένων εταιρειών για υδρογονάνθρακες σε Ιόνιο – Κρήτη |date=2 March 2012 |trans-title=Interest from foreign companies for hydrocarbon exploration in the Ionian Sea and Crete |publisher=[[Skai TV]] |access-date=6 March 2012}}</ref> The [[Ministry of the Environment, Energy and Climate Change (Greece)|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>{{cite news|title=Greek natural gas reserves could reach 427 bln euros according to Deutsche Bank report|url=http://ekathimerini.com/4dcgi/_w_articles_wsite2_1_05/12/2012_473090|access-date=11 December 2012|newspaper=[[Kathimerini]]|date=5 December 2012}}</ref>

A number of [[oil pipeline|oil]] and [[gas pipeline]]s 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 [[high-voltage direct current|HVDC]] [[submarine power cable|undersea power cable]].<ref name="EA">{{cite web| url = http://www.euroasia-interconnector.com/wp-content/uploads/2018/01/EuroAsia_Interconnector_Project_Overall_leaflet_English.pdf| title = The EuroAsia Interconnector document}}</ref><ref name=mirror35197>{{cite news
 | title = ENERGY: EU backs EuroAsia Interconnector with €14.5m for pre-works study
 | newspaper = [[Financial Mirror]]
 | date = 24 February 2017
 | url = http://www.financialmirror.com/news-details.php?nid=35197
 | access-date = 4 January 2017
 | archive-date = 25 February 2017
 | archive-url = https://web.archive.org/web/20170225002828/http://www.financialmirror.com/news-details.php?nid=35197
 | url-status = dead
 }}</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&nbsp;million per year.<ref name="CRE">{{cite web| url = http://www.cretalive.gr/crete/hmerida-gia-thn-hlektrikh-diasyndesh-euroasia-interconnector-meso-ths-krhths| title = The EuroAsia Interconnector will provide energy to Crete, Crete Live, 7. February 2018 (in Greek)}}</ref>

<gallery class="center">
Amyndeo, Florina prefecture, Greece - Lignite power station and lignite mines - 01 cropped.jpg|[[Amyntaio Power Plant]]
AHS AgDimitrios2.JPG|[[Agios Dimitrios Power Plant]]
Θέα προς ΒΑ από την κορυφή του Παναχαϊκού... - panoramio.jpg|View of a wind farm, [[Panachaiko]] mountain
Kavala-oil.jpg|[[Prinos oil field]] near [[Kavala]]
Plastira dam DJI 0043v.jpg|[[Plastiras Dam|Plastiras Hydroelectric Dam]]
</gallery>

== Taxation and tax evasion ==
{{Main|Taxation in Greece}}
[[File:Greece EU average revenues 1999-2010.png|thumb|Revenues of Greece between 1999 and 2010 as a percentage of GDP, compared to the EU average.]]

Greece has a tiered tax system based on [[progressive taxation]]. Greek law recognizes six categories of taxable income:<ref name="Eurostat Taxation">{{cite web |url=http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-DU-11-001/EN/KS-DU-11-001-EN.PDF |title=Taxation trends in the European Union 2011 Edition |year=2011 |publisher=[[Eurostat]] |access-date=30 October 2011 |archive-url=https://web.archive.org/web/20111025053125/http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-DU-11-001/EN/KS-DU-11-001-EN.PDF |archive-date=25 October 2011 |url-status=dead}}</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 exemption]]s 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">{{cite web |url=http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_07/10/2011_409919 |title=Tax bill to hurt lower incomes |year=2011 |publisher=[[Kathimerini|ekathimerini]] |access-date=5 March 2012}}</ref> while further future changes, for example abolition of this ceiling, are already being planned.<ref name="New Tax Bill">{{cite web  |url=http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_24/02/2012_429833 |title=Tax burden to get bigger in June |year=2012  |publisher=[[Kathimerini|ekathimerini]] |access-date=5 March 2012}}</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 [[Tax#Social-security contributions|social contribution taxes]], which apply at a rate of 16%<ref name="Eurostat Taxation" /> for [[White-collar worker|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">{{cite web |url=http://www.vatlive.com/country-guides/europe/greece/greek-vat-compliance-and-rates/ |title=Greek VAT Rates |year=2017 |publisher=[[Avalara VATlive]] |access-date=11 August 2017 |archive-url=https://web.archive.org/web/20170812062223/http://www.vatlive.com/country-guides/europe/greece/greek-vat-compliance-and-rates/ |archive-date=12 August 2017 |url-status=dead }}</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.{{update inline|date=September 2020}}

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">{{cite web|url=http://www.minfin.gr/content-api/f/binaryChannel/minfin/datastore/03/59/99/03599935df46e7658a790bf311646f9424ec43a2/application/pdf/PROSXEDIO_2012.pdf |script-title=el:Προϋπολογισμός 2012 |year=2011 |publisher=Ministry of Finance |access-date=12 October 2011 |language=el |url-status=dead |archive-url=https://web.archive.org/web/20111027003834/http://www.minfin.gr/content-api/f/binaryChannel/minfin/datastore/03/59/99/03599935df46e7658a790bf311646f9424ec43a2/application/pdf/PROSXEDIO_2012.pdf |archive-date=27 October 2011 }}</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 ===
{{Main|Tax evasion and corruption in Greece}}

Greece suffers from very high levels of [[tax evasion]]. In the last quarter of 2005, tax evasion reached 49%,<ref name="Ethnos Forodiafygi">{{cite web |url=http://www.ethnos.gr/article.asp?catid=22770&subid=2&pubid=29345 |script-title=el:Πτώση της φοροδιαφυγής στο 41,6% από 49% το τελευταίο εξάμηνο |year=2006 |publisher=Ethnos |access-date=12 October 2011 |language=el |archive-url=https://web.archive.org/web/20130512060357/http://www.ethnos.gr/article.asp?catid=22770&subid=2&pubid=29345 |archive-date=12 May 2013 |url-status=dead}}</ref> while in January 2006 it fell to 41.6%.<ref name="Ethnos Forodiafygi" /> It is worth noting that the newspaper [[Ethnos (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>{{cite web| url = http://www.politisonline.com/%CE%B5%CE%BB%CE%BB%CE%AC%CE%B4%CE%B1/438149/louketo-ston-pigaso-klinoun-ethnos-imerisia-sto-dromo-450-ergazomeni/| title = Κλείνει το Εθνος (12 September 2017)| date = 12 June 2017}}</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) [https://www.theguardian.com/world/2012/sep/09/greece-tax-evasion-professional-classes?CMP=twt_gu 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 [[Switzerland|Swiss]] bank accounts held by Greeks.<ref name="Skai TJN">{{cite web |url=http://www.skai.gr/news/finance/article/182717/20-dis-euro-ehoun-krupsei-oi-ellines-stin-elvetia/ |title=20 δισ. ευρώ έχουν κρύψει οι Έλληνες στην Ελβετία |year=2011  |publisher=[[Skai TV]] |access-date=12 October 2011}}</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>{{cite news|last=Boyes|first=Roger|title=Rich greeks pack up their troubles along with their euros|newspaper=The Times}}</ref> Additionally, the TJN put the number of Greek-owned [[Offshore investment|off-shore companies]] at over 10,000.<ref name="Ta Nea TJN">{{cite web |url=http://www.tanea.gr/ellada/article/?aid=4515967 |script-title=el:Υπερδύναμη στις οφ σορ η Ελλάδα |year=2011 |publisher=[[Ta Nea]] |access-date=12 October 2011|language=el|title=Article }}</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>{{Cite news | url=http://www.spiegel.de/international/europe/greece-and-switzerland-set-to-sign-tax-treaty-a-852526.html | title=Greek-Swiss Treaty: Athens Closes in on Wealthy Tax Evaders| newspaper=Spiegel Online| date=28 August 2012}}</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">{{cite web|title=Greek minister slams Swiss over tax evasion|url=http://www.thelocal.ch/20150624/greek-minister-slams-swiss-over-tax-evasion|publisher=The Local ch|date=24 June 2015}}</ref><ref name="Swissinfo.ch">{{cite web|title=Swiss await Greek input on hidden billions|url=http://www.swissinfo.ch/eng/swiss-await-greek-input-on-hidden-billions/41292816|publisher=Swissinfo.ch|date=25 February 2015}}</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>{{Cite news | url=https://www.nytimes.com/2017/02/18/world/europe/greece-bailout-black-market.html |archive-url=https://ghostarchive.org/archive/20220102/https://www.nytimes.com/2017/02/18/world/europe/greece-bailout-black-market.html |archive-date=2022-01-02 |url-access=limited |url-status=live |title = Greeks Turn to the Black Market as Another Bailout Showdown Looms|newspaper = The New York Times|date = 18 February 2017|last1 = Alderman|first1 = Liz}}{{cbignore}}</ref> A January 2017 report<ref>{{Cite web | url=http://www.dianeosis.org/en/2016/06/tax-evasion-in-greece/ |title = Tax Evasion in Greece – A Study|date = 22 June 2016}}</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">{{Cite web|url = http://www.keeptalkinggreece.com/2017/03/23/tax-evasion-in-greece-between-e11bn-e16bn-annually/|title = Tax evasion in Greece between €11bn-€16bn annually|date = 23 March 2017|access-date = 30 August 2017|archive-url = https://web.archive.org/web/20180615055546/http://www.keeptalkinggreece.com/2017/03/23/tax-evasion-in-greece-between-e11bn-e16bn-annually/|archive-date = 15 June 2018|url-status = dead}}</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>{{Cite news|date=23 June 2017|title=If Poland Can Fix Tax Fraud, So Can Greece|url=https://www.bloomberg.com/view/articles/2017-06-23/if-poland-can-fix-tax-fraud-so-can-greece|access-date=26 September 2020|website=Bloomberg.com}}</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 ====
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">{{cite web |url=http://www.skai.gr/news/finance/article/184756/mehri-to-telos-tou-2011-i-sumfonia-gia-ti-forologisi-ton-katatheseon-stin-elvetia-/ |script-title=el:Μέχρι το τέλος του 2011 η συμφωνία για τη φορολόγηση των καταθέσεων στην Ελβετία |trans-title=Deal to tax Swiss bank accounts to be reached by end of 2011 |publisher=[[Skai TV]] |access-date=30 October 2011|language=el|date=30 October 2011 }}</ref> The [[Minister for Finance (Greece)|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>{{Cite web | url=http://europa.eu/rapid/press-release_MEMO-16-3185_en.htm |title = European Commission - PRESS RELEASES - Press release - EU-Swiss relations}}</ref>

In 2016 and 2017, the government was encouraging the use of [[credit card]]s or [[debit card]]s 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>{{Cite web | url=http://www.tornosnews.gr/en/greek-news/economy/26979-tax-evasion-safari-in-greek-tourist-spots-snags-major-violators.html |title = Tax evasion 'safari' in Greek tourist spots snags major violators}}</ref> that tactic had been used by various companies to avoid payment of VAT (sales) tax as well as income tax.<ref>{{cite web|url=http://greece.greekreporter.com/2016/12/13/fin-ministry-bill-gives-tax-breaks-to-greeks-making-payments-with-credit-and-debit-cards/|access-date=28 August 2017|title=Fin Ministry Bill Gives Tax Breaks to Greeks Making Payments With Credit and Debit Cards|date=13 December 2016}}</ref><ref>{{cite journal|url=https://www.csmonitor.com/World/Europe/2016/0411/Why-Greeks-swap-of-cash-for-cards-could-end-a-culture-of-tax-evasion|access-date=28 August 2017|title=WORLD EUROPE Why Greeks' swap of cash for cards could end a culture of tax evasion|journal=Christian Science Monitor|date=11 April 2016}}</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>{{Cite web | url=http://www.ekathimerini.com/220705/article/ekathimerini/business/clear-incentives-for-greater-card-use | title=Clear incentives for greater card use, Nick Malkoutzis &#124; Kathimerini}}</ref>

== Wealth and standards of living ==

=== National and regional GDP ===
{{Main|List of Greek subdivisions by GDP}}
[[File:Greece peripheries GDP per capita.svg|thumb|GDP per capita of the [[administrative regions of Greece|regions of Greece]] in 2008.]]
[[File:GDP of Attica, Thessaloniki and the rest of Greece.svg|thumb|The country's two largest metropolitan areas account for almost 62% of the national economy.]]

Greece's most economically important [[administrative regions of Greece|regions]] are [[Attica (region)|Attica]], which contributed €87.378 billion to the economy in 2018, and [[Central Macedonia]], which contributed €25.558 billion.<ref name="Eurostat Regional GDP">{{cite web|title=GDP per capita in EU regions|url=https://ec.europa.eu/eurostat/documents/2995521/10474907/1-05032020-AP-EN.pdf |archive-url=https://web.archive.org/web/20200604143258/https://ec.europa.eu/eurostat/documents/2995521/10474907/1-05032020-AP-EN.pdf |archive-date=2020-06-04 |url-status=live|publisher=[[Eurostat]]|access-date=5 March 2020|location=Luxembourg|date=5 March 2020}}</ref> The smallest regional economies were those of the [[North Aegean]] (€2.549 billion) and [[Ionian Islands (region)|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 (region)|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" />

{|class="wikitable sortable"
|+'''Regional GDP, 2018'''<ref name="Eurostat Regional GDP" />
|-  style="text-align:center; background:#ccc;"
! data-sort-type="number"|Rank
! data-sort-type="text"|Region
! data-sort-type="number"|GDP<br />(€, [[1,000,000,000|billions]])
! data-sort-type="number"|Share in EU-27/national GDP<br />(%)
! data-sort-type="number"|GDP<br />per capita<br />(€)
! data-sort-type="number"|GDP<br />per capita<br />([[purchasing power parity|PPS]])
! data-sort-type="number"|GDP<br />per capita<br />(€, EU27=100)
! data-sort-type="number"|GDP<br />per capita<br />(PPS, EU27=100)
! data-sort-type="number"|GDP<br />per person employed<br />(PPS, EU27=100)
|- style="display:none;"
|0||a||0||0||0||0||0||0||0
|- style="text-align:center;"
| 1 || style="text-align:left;"| [[Attica (region)|Attica]] || 87.378 || 47.3 || 23,300 || 28,000 || 77 || 93 || 99
|- style="text-align:center;"
| 2 || style="text-align:left;"| [[Central Macedonia]] || 25.558 || 13.8 || 13,600 || 16,400 || 45 || 54 || 69
|- style="text-align:center;"
| 3 || style="text-align:left;"| [[Thessaly]] || 9.658 || 5.2 || 13,400 || 16,100 || 44 || 53 || 65
|- style="text-align:center;"
| 4 || style="text-align:left;"| [[Crete]] || 9.386 || 5.1 || 14,800 || 17,800 || 49 || 59 || 68
|- style="text-align:center;"
| 5 || style="text-align:left;"| [[Central Greece (administrative region)|Central Greece]] || 8.767 || 4.7 || 15,800 || 18,900 || 52 || 63 || 81
|- style="text-align:center;"
| 6 || style="text-align:left;"| [[Western Greece]] || 8.322 || 4.5 || 12,700 || 15,200 || 42 || 50 || 65
|- style="text-align:center;"
| 7 || style="text-align:left;"| [[Peloponnese (region)|Peloponnese]] || 8.245 || 4.5 || 14,300 || 17,200 || 48 || 57 || 68
|- style="text-align:center;"
| 8 || style="text-align:left;"| [[Eastern Macedonia and Thrace]] || 7.166 || 3.9 || 11,900 || 14,300 || 40 || 48 || 61
|- style="text-align:center;"
| 9 || style="text-align:left;"| [[South Aegean]] || 6.387 || 3.5 || 18,700 || 22,400 || 62 || 74 || 79
|- style="text-align:center;"
| 10 || style="text-align:left;"| [[Epirus (region)|Epirus]] || 4.077 || 2.2 || 12,200 || 14,700 || 40 || 49 || 63
|- style="text-align:center;"
| 11 || style="text-align:left;"| [[Western Macedonia]] || 3.963 || 2.1 || 14,800 || 17,700 || 49 || 59 || 79
|- style="text-align:center;"
| 12 || style="text-align:left;"| [[Ionian Islands (region)|Ionian Islands]] || 3.257 || 1.8 || 16,000 || 19,100 || 53 || 63 || 71
|- style="text-align:center;"
| 13 || style="text-align:left;"| [[North Aegean]] || 2.549 || 1.4 || 11,800 || 14,200 || 39 || 47 || 67
|-
|colspan="7"|
|- style="text-align:center;"
| – || style="text-align:left;"| [[Greece]] || 184.714 || 1 || 17,200 || 20,700 || 57 || 69 || 81
|-
|colspan="7"|
|- style="text-align:center;"
| – || style="text-align:left;"| [[European Union|EU27]] || 13,483.857 || 100 || 30,200 || 30,200 || 100 || 100 || 100
|- style="display:none;"
|100||z||1000000000000000||1000||100||1000000000||1000
|}

=== Welfare state ===
{{See also|Health care in Greece}}

Greece is a [[welfare state]] which provides a number of [[social services]] such as quasi-[[universal health care]] and [[pension]]s. 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 ==
{{See also|List of Greek companies}}
According to the 2024 [[Forbes Global 2000]] index, Greece's largest publicly traded companies are:

{|class="wikitable sortable"
|+'''Forbes Global 2000'''<ref name="Forbes global">{{cite magazine |url=https://www.forbes.com/global2000/list/#country:Greece |archive-url=https://web.archive.org/web/20110423003358/http://www.forbes.com/global2000/list#country:Greece |url-status=dead |archive-date=23 April 2011 |title=Forbes The World's Biggest Public Companies 2016 Ranking |magazine=[[Forbes]] |access-date=7 January 2017}}</ref>
|-  style="background:#ccc; text-align:center; vertical-align:middle;"
! Rank !! Company !! Revenues<br />(€ billion) !! Profit<br />(€ billion) !! Assets<br />(€ billion)
|- style="text-align:right;"
| style="text-align:center;"| 1 || style="text-align:left;"|[[Eurobank Ergasias]]||6.1
|1.3
|85.7
|- style="text-align:right;"
| style="text-align:center;"| 2 || style="text-align:left;"| [[National Bank of Greece]] ||3.9
|1.3
|78.2
|- style="text-align:right;"
| style="text-align:center;" | 3 || style="text-align:left;" | [[Piraeus Bank]]||3.7
|0.9
|83.4
|- style="text-align:right;"
| style="text-align:center;"| 4 || style="text-align:left;"| [[Alpha Bank]] ||4.7
|0.7
|80.3
|- style="text-align:right;"
| style="text-align:center;" | 5 || style="text-align:left;" |[[Bank of Greece]]||7.5
|0.1
|250.2
|- style="text-align:right;"
| style="text-align:center;" | 6 || style="text-align:left;" |[[Motor Oil Hellas]]||14.4
|0.8
|8.4
|- style="text-align:right;"
| style="text-align:center;" | 7 || style="text-align:left;" |[[Hellenic Petroleum]]||14.1
|0.6
|9.0
|- style="text-align:right;"
| style="text-align:center;" | 8 || style="text-align:left;" |[[Public Power Corporation]]||8.8
|0.4
|21.2
|}

== Labour force ==

=== Working hours ===
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">{{Cite web|url=http://www.statistics.gr/en/statistics?p_p_id=documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN&p_p_lifecycle=2&p_p_state=normal&p_p_mode=view&p_p_cacheability=cacheLevelPage&p_p_col_id=column-2&p_p_col_count=4&p_p_col_pos=1&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_javax.faces.resource=document&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_ln=downloadResources&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_documentID=230502&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_locale=en|title=2011 Population and Housing Census: Statistical data on the hours usually worked by employed persons|website=www.statistics.gr|access-date=13 December 2018|archive-date=15 December 2018|archive-url=https://web.archive.org/web/20181215225250/http://www.statistics.gr/en/statistics?p_p_id=documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN&p_p_lifecycle=2&p_p_state=normal&p_p_mode=view&p_p_cacheability=cacheLevelPage&p_p_col_id=column-2&p_p_col_count=4&p_p_col_pos=1&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_javax.faces.resource=document&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_ln=downloadResources&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_documentID=230502&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_locale=en|url-status=dead}}</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" /> &nbsp;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>{{Cite web|url=http://www.statistics.gr/en/statistics?p_p_id=documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN&p_p_lifecycle=2&p_p_state=normal&p_p_mode=view&p_p_cacheability=cacheLevelPage&p_p_col_id=column-2&p_p_col_count=4&p_p_col_pos=1&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_javax.faces.resource=document&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_ln=downloadResources&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_documentID=230501&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_locale=en|title=2011 Population and Housing Census: Economic characteristics of the Resident Population of Greece|website=www.statistics.gr|access-date=13 December 2018|archive-date=15 December 2018|archive-url=https://web.archive.org/web/20181215225157/http://www.statistics.gr/en/statistics?p_p_id=documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN&p_p_lifecycle=2&p_p_state=normal&p_p_mode=view&p_p_cacheability=cacheLevelPage&p_p_col_id=column-2&p_p_col_count=4&p_p_col_pos=1&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_javax.faces.resource=document&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_ln=downloadResources&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_documentID=230501&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_locale=en|url-status=dead}}</ref> &nbsp;In 2014, the average number of [[Working time|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">{{Cite book|url=https://www.oecd-ilibrary.org/docserver/factbook-2015-en.pdf?expires=1544702243&id=id&accname=ocid194641&checksum=1FCA9DDC12312B750ED3B2B0CC8DCA25|title=OECD Factbook 2015-2016|year=2016 |publisher=Organisation for Economic Co-operation and Development }}</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 service]]s with the goal of reducing unemployment, increasing the total, but decreasing the average number of hours worked per employee.<ref>{{Cite web|url=https://www.eurofound.europa.eu/publications/report/2009/working-time-in-the-european-union-greece|title=Working time in the European Union: Greece {{!}} Eurofound|website=www.eurofound.europa.eu|access-date=13 December 2018|archive-date=15 December 2018|archive-url=https://web.archive.org/web/20181215224135/https://www.eurofound.europa.eu/publications/report/2009/working-time-in-the-european-union-greece|url-status=dead}}</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>{{Cite web|url=https://www.oecd-ilibrary.org/oecd-economic-surveys-greece-2018_5j8wmn9lfj38.pdf?itemId=/content/publication/eco_surveys-grc-2018-en&mimeType=pdf|title=OECD Economic Survey: Greece|website=www.oecd-ilibrary.org|access-date=13 December 2018}}</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>{{Cite web|url=https://www.oecd-ilibrary.org/docserver/oecd_lfs-2018-en.pdf?expires=1544702439&id=id&accname=ocid194641&checksum=FDBF5954F550F21BBA129598D36C42B2|title=OECD Labour Force Statistics 2018|website=www.oecd-ilibrary.org|access-date=13 December 2018}}</ref>

== Currency ==
Between 1832 and 2002 the currency of Greece was the [[Modern drachma|drachma]]. After signing the [[Maastricht Treaty]], Greece applied to join the [[eurozone]]. The two main [[euro convergence criteria|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">{{cite web|title=Deadline for the exchange of Drachma Banknotes |url=http://www.bankofgreece.gr/Pages/en/Bank/News/Announcements/DispItem.aspx?Item_ID=3852&List_ID=1af869f3-57fb-4de6-b9ae-bdfd83c66c95&Filter_by=AN |publisher=[[Bank of Greece]] |access-date=23 February 2012}}</ref>

Prior to the adoption of the euro, 64% of Greek citizens viewed the new currency positively,<ref name="Public Issue Evro">{{cite web |url=http://www.publicissue.gr/wp-content/uploads/2011/09/eurosurvey-09-2011.pdf |archive-url=https://web.archive.org/web/20111027003750/http://www.publicissue.gr/wp-content/uploads/2011/09/eurosurvey-09-2011.pdf |archive-date=2011-10-27 |url-status=live |title=Οι Έλληνες, το Ευρώ και η Δραχμή Νο. 2 |trans-title=The Greeks, the Euro and the Drachma No. 2 |publisher=Public Issue ([[Kathimerini]]) |access-date=2 November 2011}}</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 ==
<gallery>
Greece, UK, Germany, Italy and Spain social protection expenditures 1998-2009.png|Greek social expenditures as a percentage of GDP (1998–2009)
Distribution Of Income In Greece.png|Distribution of income in Greece over the years
DistributionOfTotalNationalIncomeInGreece.png|Distribution of total income in Greece over the years
EmploymentAndUnemploymentInGreece.png|Employment and unemployment in Greece since 2004
HellenicOeconomy(inCurrentEuros).png|Greek GDP, Debt (various) and Budget Deficit over the years
HellenicOeconomy.jpg|Greek GDP, Debt and Deficit (Int. 1990 [[Geary-Khamis dollars]])
DepositsAndReposOfPrivateSectorNon-MFIsInMFIsInGreeceByResidentsOfGreece.png|Greek bank deposits (including [[Repurchase agreement|repos]]) since 1998
Domestic bank deposits of Greek households in Greece (by type of bank account).png|Domestic bank deposits of Greek households by type of account
Domestic Bank lending-credit in Greece since 1980.png|Domestic lending by domestic banks in Greece since 1980
Dwelling Price Index, Greece.png|House Price Index, Greece (including flats)
</gallery>

== Poverty rate==
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>{{cite web |title=Risk of Poverty, 2023 |url=https://www.statistics.gr/documents/20181/4a7c0bc6-3a5c-7423-1438-4f70aed6b01e |publisher=Hellenic Statistical Authority |access-date=3 April 2024 |location=Piraeus |date=3 April 2024}}</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">{{cite web |last1=Georgakopoulos |first1=Thodoris |title=Extreme Poverty in Greece |url=https://www.dianeosis.org/en/2016/06/extreme-poverty-greece-survey/ |publisher=diaNEOsis |date=8 June 2016}}</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 fund]]s due to fewer workers making social security contributions, resulting in higher poverty rates in intergenerational households reliant on the reduced [[pension]]s received by their [[retirement|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 spending|welfare]] benefits. From 2008 to 2013, Greeks became 40% poorer on average, and in 2014 saw their [[disposable and discretionary income|disposable household income]] drop below 2003 levels.<ref name="Reuters">{{cite news|last1=Georgiopoulos|first1=George|title=Greeks 40 percent poorer than in 2008|url=https://www.reuters.com/article/us-greece-incomes-idUSBRE99L0I420131022|newspaper=Reuters|access-date=1 December 2016|date=22 October 2013}}</ref>

{{Graph:Chart
| colors = red, black
| width = 300
| xAxisTitle = Year
| x = 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015
| yAxisTitle = Unemployment rate
| yAxisFormat = %
| y1=, .094, .118, .146, .148, .143, .141, .139
| y2=.0776, .096, .128, .179, .245, .275, .265, .247
| showSymbols = |yGrid= 
}}
{{legend|red|IMF projection (%)}}
{{legend|black|Actual unemployment rate (%)}}

== References ==
{{reflist}}
{{notelist}}

== Further reading ==
* {{cite journal |author1-last=Argenti |author1-first=Nicolas |author2-last=Knight |author2-first=Daniel M. |date=December 2015 |title=Sun, wind, and the rebirth of extractive economies: renewable energy investment and metanarratives of crisis in Greece |journal=[[Journal of the Royal Anthropological Institute]] |publisher=[[Wiley-Blackwell]] on behalf of the [[Royal Anthropological Institute]] |volume=21 |issue=4 |pages=781–802 |doi=10.1111/1467-9655.12287 |doi-access=free |issn=1467-9655 |jstor=43907903 |s2cid=161293322|hdl=10023/8405 |hdl-access=free }}
* 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.
* {{cite book|title=Greece's 'Odious' Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community.|author=Manolopoulos, J.|url=http://greecesodiousdebt.anthempressblog.com|location=London, May 2011|publisher=Anthem Press|url-status=dead|archive-url=https://web.archive.org/web/20110817115807/http://greecesodiousdebt.anthempressblog.com/|archive-date=17 August 2011}}

== External links ==
{{portal|Greece}}
{{Commons category|Economy of Greece}}
* [https://macroaffairs.com/2018/04/ten-years-after-the-financial-crisis-the-problem-for-greece-is-the-same-but-bigger/finance-economics/ Economy of Greece Ten Years After the Financial Crisis] {{Webarchive|url=https://web.archive.org/web/20180509063116/https://macroaffairs.com/2018/04/ten-years-after-the-financial-crisis-the-problem-for-greece-is-the-same-but-bigger/finance-economics/ |date=9 May 2018 }} – Macro Affairs
* Nick Malkoutzis [http://library.fes.de/pdf-files/id/ipa/08208.pdf Greece – A Year in Crisis] – Friedrich-Ebert-Stiftung, June 2011
* [http://www.cepr.net/documents/greek-economy-2015-01.pdf The Greek Economy: Which Way Forward?], from the [[Center for Economic and Policy Research]], January 2015
* [https://archive.today/20130217160856/http://www.statistics.gr/portal/page/portal/lang-en/ESYE/PAGE-economy The Greek Economy] – a bi-monthly publication by the [[Hellenic Statistical Authority]] on the state of the economy
* [https://web.archive.org/web/20150207195707/https://www.exportgate.gr/main/ The Greek Exports] – Database of Greek Exporters
* [http://www.banksgreece.com/ Greek Banks Digest] – (in English)
* [http://wits.worldbank.org/CountryProfile/Country/GRC/Year/2012/Summary World Bank Summary Trade Statistics Greece]
* [http://www.europarl.europa.eu/committees/pt/studiesdownload.html?languageDocument=EN&file=42869 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 [https://data.oecd.org/greece.htm Greece]
* [[Federal Reserve Economic Data]] for [https://fred.stlouisfed.org/categories/32330 Greece]

{{Economy of Europe}}
{{Organisation for Economic Co-operation and Development}}
{{Greece topics}}

[[Category:Economy of Greece| ]]
[[Category:European Union member economies|Greece]]
[[Category:OECD member economies|Greece]]
[[Category:Economies of Europe by country|Greece]]
[[Category:World Trade Organization member economies|Greece]]