Greece Economy
Is Greece a wealthy country?
Greece's economy has shown signs of recovery and growth after a prolonged period of financial crisis that began in 2009. The crisis was characterized by high levels of public debt, a significant budget deficit, and structural weaknesses in the economy, leading to severe austerity measures and international bailouts.
Key Points of Greece's Economy:
Economic Growth: Greece has experienced moderate economic growth in recent years. The tourism sector, a vital part of the economy, has been a significant driver of this growth, alongside a resurgence in exports and increased foreign investment.
Unemployment: Unemployment rates, which soared during the crisis, have been gradually declining but remain high compared to the European Union average. Youth unemployment is particularly concerning, although it has improved somewhat.
Public Debt: Greece's public debt remains one of the highest in the world relative to its GDP. Debt relief measures and restructuring by the EU and IMF have provided some relief, but managing this debt continues to be a major challenge.
Reforms and Austerity: The government has implemented numerous economic reforms and austerity measures aimed at stabilizing the economy. These include pension cuts, tax hikes, and privatizations, which have been necessary for securing international financial assistance but have also led to social and political unrest.
Banking Sector: The Greek banking sector has undergone significant restructuring, with banks recapitalized and efforts made to address the high levels of non-performing loans. Confidence in the banking system is slowly being restored.
Investment and Business Climate: Efforts to improve the business climate have been ongoing, with initiatives to reduce bureaucracy, enhance digital infrastructure, and attract foreign direct investment. These measures aim to foster entrepreneurship and innovation.
Challenges and Outlook: Despite positive signs, challenges remain. These include the need for further structural reforms, reducing unemployment, managing public debt, and addressing social inequalities. The geopolitical situation in the region and global economic trends also impact Greece's economic outlook.
Greece Economy Data
What is the GDP of Greece?
| Currency Name and Code | Euro (EUR) |
| GDP - Gross Domestic Product (PPP) | $292,400,000,000 (USD) |
| GDP - official exchange rate | $193,000,000,000 (USD) |
| GDP - real growth rate | -2.3% |
| GDP Per Capita | $25,600.00 (USD) |
| GDP by Sector- agriculture | 3.9% |
| GDP by Sector- Industry | 13.3% |
| GDP by Sector- services | 82.8% |
| GDP - composition, by end use |
household consumption: 71.9% government consumption: 19% investment in fixed capital: 9.3% investment in inventories: -1.7% exports of goods and services: 31.8% imports of goods and services: -30.3% |
| Population Below Poverty Line | 20% |
| Inflation Rate | 1.1% |
| Labor Force | 4,951,000 |
| Labor Force By Occupation- agriculture | 12.4% |
| Labor Force By Occupation- industry | 22.4% |
| Labor Force By Occupation- services | 65.1% |
| Unemployment Rate | 24.4% |
| Fiscal Year | calendar year |
| Annual Budget | $108,700,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -4% |
| Public Debt (% of GDP) | 161.3% |
| Taxes and other revenues - percent of GDP | 43.7% |
| Major Industries | tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum |
| Industrial Growth Rate | -8.5% |
| Agriculture Products | wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products |
| Exchange Rate per US Dollar | euro (EUR) |
| Commercial Bank Prime Lending Rate | 7.1% |