 Greek tourism, shipping and agriculture, important sectors of the Greek economy | |
| Currency | Euro (EUR, €) |
|---|---|
| Calendar year[1] | |
Trade organisations | EU,WTO,OECD,BIS,BSEC[1] |
Country group |
|
| Statistics | |
| Population |  10,380,000 (2025 est.)[4] |
| GDP | |
| GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
| |
Population belowpoverty line |  26.9% at risk of poverty or social exclusion (2024)[8] |
 31.8medium (2024)[9] | |
| |
| 49 out of 100 points (2024,59th)[12] | |
Labour force | |
Labour force by occupation |
|
| Unemployment | |
Average gross salary | €1,565,67 / $1,784,86 monthly[16][17] (2024) |
| €1,225 / $1,396.5 monthly[16][17] (2024) | |
Main industries | shipping and shipbuilding (4th; 2011),[18][19] tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum[1] |
| External | |
| Exports | €49.9978 billion ( −2.0%; 2024 est.)[20] |
Export goods |
|
Main export partners | |
| Imports | €85.0635 billion ( 2.4%; 2024 est.)[20] |
Import goods |
|
Main import partners | |
FDI stock | $65.12 billion (31 December 2017 est.)[1] |
| −$3.114 billion (2019 est.)[1] | |
Grossexternal debt |  €436.071 billion (Q2 2016, provisional)[24] |
| Public finances | |
| €2.911 billion ( 1.2% of GDP, 2024 est.)[25][26] | |
| Revenues | €117.124 billion ( 49.47% of GDP, 2024 est.)[25][26] |
| Expenses | €114.213 billion ( 48.24% of GDP, 2024 est.)[25][26] |
| Economic aid |
|
| Economy of Greece |
|---|
 |
| Overview |
| History |
| Related |
Greece has anadvanced,high-income economy.[2][3] It is the50th-largest in the world, with an annual nominalgross domestic product (GDP) of $282 billion.[4] In terms ofpurchasing power parity (PPP), Greece is the world's54th-largest economy, at $467 billion in annual output.[4] It is the16th-largest economy in theEuropean Union and eleventh largest in theeurozone.[36] According to theInternational Monetary Fund's figures for 2025, Greece's GDP per capita is $27,170 atnominal value and $44,985 atpurchasing power parity.[4] Greece is awelfare state and ranks relatively highly amongOECD nations in terms ofsocial spending, which stood at 23.7% of GDP in 2024.[37]
It is adeveloped country, with an economy based on theservice (80%) andindustrialsectors (16%), and theagricultural sector contributing an estimated 4% of national economic output in 2017.[1] Important Greek industries includetourism andshipping. With 31.3 million international tourists in 2019, Greece was the 7th-most-visited country in the European Union and 13th in the world,[38] marking a steady increase from 18 million tourists in 2013.[39] TheGreek Merchant Navy is the largest in the world, withGreek-owned vessels accounting for 21% of globaldeadweight tonnage as of 2021; the total capacity of the Greek-owned fleet has increased by 45.8% compared to 2014.[40][41] The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.[42]
The country is a significant agricultural producer within the EU. Greece has the largest economy inSoutheast Europe and is an important regional investor.[43][44] Greece was the largest foreign investor inAlbania in 2013,[45] the third inBulgaria, in the top-three inRomania andSerbia and the most important trading partner and largest foreign investor inNorth Macedonia.[46][47][48] The Greek telecommunications companyOTE has made significant public investment across Southeast Europe.[46]
Greece was a founding member of theOrganisation for Economic Co-operation and Development (OECD) and of theOrganization of the Black Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981.[49] In 2001 Greece adopted theeuro as its currency, replacing theGreek drachma at an exchange rate of 340.75 drachmae per euro.[49][50] Greece is a member of theInternational Monetary Fund and of theWorld Trade Organization, and ranked 34th on Ernst & Young'sGlobalization Index 2011.[51]
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 theGreek economic miracle.[52] 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.[53] The subsequentGreat Recession andGreek government-debt crisis, a central focus of the widereuro area crisis, plunged the economy into a sharp downturn, withreal 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.[53][54] In 2011, the country'sgovernment debt reached €356 billion (172% of nominal GDP).[55] After negotiating the biggestdebt restructuring in history with theprivate sector, which sustained losses in the order of €100 billion for privatebond investors,[56] Greece reduced its sovereign debt burden to €280 billion (137% of GDP) in the first quarter of 2012.[57] 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.[54][58] The country returned to modest growth rates of 1.5% in 2017, 2.1% in 2018 and 2.3% in 2019.[54] GDP contracted by 9.2% in 2020 during theglobal recession caused by theCOVID-19 pandemic.[54] However, the economy rebounded by 8.7% in 2021, 5.5% in 2022, 2.1% in 2023 and 2.1% in 2024.[54] On 20 August 2022, Greece formally exited the EU's "enhanced surveillance framework", which had been in place since the conclusion of thethird bailout programme exactly four years earlier.[59] On 2 December 2022, Berlin-basedcredit rating agency Scope assigned a positive outlook to Greece's BB+ rating, presaging the country's return toinvestment grade.[60] On 31 July 2023, Greece's investment-grade status was restored by Japanese credit rating agency R&I.[61][62] Scope,DBRS,S&P andFitch followed suit on 4 August,[63][64] 8 September,[65][66] 20 October and 1 December 2023 respectively,[67][68][69] butMoody's delayed doing so until 14 March 2025.[31]The Economist ranked Greece the world's top economic performer for 2022 and 2023, citing significant improvements in five key economic and financial indicators.[70][71]Tourism reached an all-time record in 2023, with approximately 32 million tourists making Greece one of the most visited countries in the world.[72]
 | This sectionappears to beslanted towards recent events. Please try to keep recent events in historical perspective andadd more content related to non-recent events.(October 2011) |
The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world because of theIndustrial Revolution) has been little researched. Recent research from 2006[73] 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 inErmoupolis andPiraeus.[74][75] Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1843, 1860 and 1893.[76]
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,[77][78] 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009.[79][80]
The country's post-World War II development has largely been connected with theGreek economic miracle.[52] During that period, Greece saw growth rates second only to those ofJapan, while ranking first in Europe in terms of GDP growth.[52] 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 theOECD.[52] Also during that period, exports grew by an average annual rate of 12.6%.[52]
Greece enjoys a highstandard of living and very highHuman Development Index, being ranked 32nd in the world in 2019.[81] 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.[82][83] During the same period, Actual Individual Consumption (AIC) per capita fell from 104% to 78% of the EU average.[82][83]
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 sectorbureaucracy,tax evasion,corruption and low globalcompetitiveness.[84][85]
Greece is ranked 59th in the world, and 21st amongEU member states, on theCorruption Perceptions Index.[12] Thus, it has roughly returned to its ranking prior to the 2010–2018 debt crisis.[86] However, Greece still has the EU's lowestIndex of Economic Freedom and second lowestGlobal Competitiveness Index, ranking 113th and 59th in the world respectively.[87][88]
After fourteen consecutive years of economic growth, Greece went into recession in 2008.[89] By the end of 2009, the Greek economy faced the highestbudget deficit andgovernment debt-to-GDP ratio in the EU. After several upward revisions, the 2009 budget deficit is now estimated at 15.7% of GDP.[90] 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.[91]
Greece was accused of trying to cover up the extent of its massive budget deficit during the2008 financial crisis.[92] The allegation was prompted by the massive revision of the 2009 budget deficit forecast by the newPASOK governmentelected in October 2009, from "6–8%" (estimated by the previousNew 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 theHellenic Parliament voted in favor of an official investigation following accusations by a former member of theHellenic Statistical Authority that the deficit had been artificially inflated in order to justify harsher austerity measures.[93][94]
| 1961–1970 | 8.44% |
|---|---|
| 1971–1980 | 4.70% |
| 1981–1990 | 0.70% |
| 1991–2000 | 2.36% |
| 2001–2007 | 4.11% |
| 2008–2011 | −4.8% |
| 2012–2015 | −2.52% |
| 2016-2019 | 1.05% |
| 2020-2022 | 1.78% |
The Greek labor force, which amount around5 million workers, average 2,032 hours of work per worker annually in 2011, is ranked fourth amongOECD countries, afterMexico,South Korea andChile.[96] TheGroningen 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).[97]
As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011,[98] The volume of building activity saw a reduction of 73% in 2010.[99] Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011.[100]
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.[101][102][103] Youth unemployment peaked at 64.9% in May 2013.[104] Unemployment figures have steadily improved in recent years, with the overall rate falling to 8.2% in August and September 2025 and youth unemployment dropping to 16.1% in September 2024.[13][15][105] Male and female unemployment stood at 6.0% and 10.9% in September 2025, the twelfth- and second-highest in the European Union respectively.[13][15]
| Country | Average Public Debt-to-GDP (% of GDP) |
|---|---|
| United Kingdom | 104.7 |
| Belgium | 86.0 |
| Italy | 76.0 |
| Canada | 71.0 |
| France | 62.6 |
| Greece | 60.2 |
| United States | 47.1 |
| Germany | 32.1 |
Greece was accepted into theEconomic and Monetary Union of the European Union by theEuropean Council on 19 June 2000, based on a number ofcriteria (inflation rate, budget deficit, public debt, long-term interest rates, exchange rate) using 1999 as the reference year. After an audit commissioned by the incomingNew Democracy government in 2004,Eurostat revealed that the statistics for the budget deficit had been under-reported.[108] 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).[b]
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.[110] 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)[111]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,[112] 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.[113]
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 withGoldman 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.[114]
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 fromBenford'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".[115][116]
Greece, like other European nations, had faceddebt crises in the 19th century, as well as a similar crisis in 1932 during theGreat Depression. In general, however, during the 20th century it enjoyed one of the highest GDP growth rates on the planet[117] (for a quarter century from the early 1950s to mid 1970s,second in the world after Japan). Average Greek government debt-to-GDP for the entire century before the crisis (1909–2008) was lower than that for the UK, Canada, or France,[106][107] while for the 30-year period (1952–1981) until entrance into theEuropean Economic Community, the Greek governmentdebt-to-GDP ratio averaged only 19.8%.[107]
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 the2008 financial crisis), Greece's government debt-to-GDP ratio remained roughly unchanged (the value was not affected by the2004 Athens Olympics), averaging 102%[107][118] - a value lower than that for Italy (107%) and Belgium (110%) during the same 15-year period,[107] 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 afteraudits 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 bya maximum of about 10%, resulted in a popular notion that "Greece was previously hiding its debt".
The Greek crisis was triggered by the turmoil of theGreat Recession, which led the budget deficits of several Western nations to reach or exceed 10% of GDP.[106] 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[106]). Thus, the country appeared to lose control of its public debt to GDP ratio, which already reached 127% of GDP in 2009.[119] In addition, being a member of the Eurozone, the country had essentially no autonomousmonetary 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 byabout 10%, i.e., a public debt to GDP of about 100% until 2007), while there have been arguments about a possible effect ofmedia reports. Consequently, Greece was "punished" by the markets which increased borrowing rates, making impossible for the country to finance its debt since early 2010, exacerbating theeuro area crisis.
The Greek economy faced its most-severe crisis since the restoration of democracy in 1974 as the Greek government revised its deficit forecasts from 3.7% in early 2009 and 6% in September 2009, to 12.7% of gross domestic product (GDP) in October 2009.[120][121]
The aforementioned budget deficit and debt revisions were connected with findings that, through the assistance ofGoldman 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.[122][123] 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".[123][124][125][126][127][128]
According toDer 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 toDer 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."[128] 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 themonetary union guidelines.[129][130][131][132][133][134][135][123][136] In May 2010, the Greek government deficit was again revised and estimated to be 13.6%[137] which was among the highest relative to GDP, withIceland in first place at 15.7% and theUnited Kingdom third with 12.6%.[138][dubious –discuss] Public debt was forecast, according to some estimates, to hit 120% of GDP during 2010.[139]
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 €45 billion in bail-out loans, with more funds to follow, totaling €110 billion.[140][141] In order to secure the funding, Greece was required to adopt harsh austerity measures to bring its deficit under control.[142] Their implementation was to be monitored and evaluated by theEuropean Commission, theEuropean Central Bank and the IMF.[143][144]
The2008 financial crisis – particularly theausterity package put forth by the EU and the IMF – has been met with anger by the Greek public, leading toriots andsocial unrest, while there have been theories about the effect ofinternational 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.[145][146][147][148][149]
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.[150] Immigrants are sometimes treated as scapegoats for economic problems by far-right extremists.[151]
In 2013, Greece became the firstdeveloped market to be reclassified as anemerging market by different financial rating companies.[152][153][154]
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.[155]
Greece exited its six-year recession in the second quarter of 2014,[156] but the challenges of securing political stability and debt sustainability remained.[157]
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.[158] TheInternational 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.[159] 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.[160]
Greece's bailouts successfully ended (as declared) on 20 August 2018.[161]
There was a 25% drop in Greece's GDP, connected with the bailout programmes.[162][163] 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%[164] to about 170%, solely due to the GDP drop (i.e., for the same Debt). Such a level is considered unsustainable.[165] Reports show that, for government debt, the threshold for unhealthy Debt-to-GDPT ratio is around 85%.[166] 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.[167][168][169][163]
TheCOVID-19 pandemic significantly impacted all sectors of the Greek economy, and tourism in particular. As a result, GDP shrank by 9.2% in 2020,[54] but rebounded by 8.7% in 2021, 5.5% in 2022, 2.1% in 2023 and 2.1% in 2024.[54] In June 2021, theEuropean Commission agreed to disburse approximately 30 billion Euros in COVID-19 related economic aid (12 billion in loans and 18 billion in grants).[170]
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%.[171]
.jpg)
In 2010, Greece was the European Union's largest producer ofcotton (183,800 tons) andpistachios (8,000 tons)[172] and ranked second in the production of rice (229,500 tons)[172] andolives (147,500 tons),[173] third in the production of figs (11,000 tons) and[173] almonds (44,000 tons),[173] tomatoes (1,400,000 tons)[173] and watermelons (578,400 tons)[173] and fourth in the production oftobacco (22,000 tons).[172] Agriculture contributes 3.8% of the country's GDP[1] and employs 12.4% of the country's labor force.[1]
Greece is a major beneficiary of theCommon 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 2007organic farming in Greece increased by 885%, the highest change percentage in the EU.[174]
In 2007, Greece accounted for 19% of the EU's fishing haul in theMediterranean Sea,[175] ranked third with 85,493 tons,[175] and ranked first in the number of fishing vessels in the Mediterranean between European Union members.[175] Additionally, the country ranked 11th in the EU in total quantity of fish caught, with 87,461 tons.[175]
In September 2023, the main agricultural production was severely affected by a deadly flood in theThessaly region, with estimated losses of 3.7 billion.[176][177][178]
Between 2005 and 2011, Greece has had the highest percentage increase in industrial output compared to 2005 levels out of allEuropean Union members, with an increase of 6%.[179]Eurostat statistics show that the industrial sector was hit by theGreek government-debt crisis throughout 2009 and 2010,[180] with domestic output decreasing by 5.8% and industrial production in general by 13.4%.[180] 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%),[180] while it decreased by 11.3% in 2009.[180] The only sector that did not see negative growth in 2009 was administration and services, with a marginal growth of 2.0%.[180]
In 2009, Greece's labor productivity was 98% that of the EU average,[180] but its productivity-per-hour-worked was 74% that the Eurozone average.[180] The largest industrial employer in the country (in 2007) was the manufacturing industry (407,000 people),[180] followed by the construction industry (305,000)[180] and mining (14,000).[180]
Greece has a significant shipbuilding and ship maintenance industry. The six shipyards around the port of Piraeus are among the largest in Europe.[181] In recent years, Greece has become a leader in the construction and maintenance of luxury yachts.[182]
.jpg)
Shipping has traditionally been a key sector in the Greek economy since ancient times.[183] In 1813, the Greek merchant navy was made up of 615 ships.[184] Its total tonnage was 153,580 tons and was manned with 37,526 crewmembers and 5,878 cannons.[184] In 1914 the figures stood at 449,430 tons and 1,322 ships (of which 287 were steam boats).[185]
During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnatesOnassis,Vardinoyannis,Livanos andNiarchos.[186] The basis of the modern Greek maritime industry was formed afterWorld War II when Greek shipping businessmen were able to amass surplus ships sold to them by the United States Government through the Ship Sales Act of the 1940s.[186]
Greece has the largestmerchant navy in the world, accounting for more than 15% of the world's totaldeadweight tonnage (dwt) according to theUnited Nations Conference on Trade and Development.[41] The Greek merchant navy's total dwt of nearly 245 million is comparable only toJapan's, which is ranked second with almost 224 million.[41] Additionally, Greece represents 39.52% of all of the European Union's dwt.[187] However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s.[183]
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.[188] AEuropean Community Shipowners' Associations report for 2011–2012 reveals that theGreek flag is the seventh-most-used internationally for shipping, while it ranks second in theEU.[187]
In terms of ship categories, Greek companies have 22.6% of the world's tankers[187] and 16.1% of the world's bulk carriers (in dwt).[187] An additional equivalent of 27.45% of the world's tanker dwt is on order,[187] with another 12.7% of bulk carriers also on order.[187] Shipping accounts for an estimated 6% of Greek GDP,[189] employs about 160,000 people (4% of the workforce),[190] and represents 1/3 of the country's trade deficit.[190] Earnings from shipping amounted to €14.1 billion in 2011,[187] while between 2000 and 2010 Greek shipping contributed a total of €140 billion[189] (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000–2013).[189] The 2011 ECSA report showed that there are approximately 750 Greek shipping companies in operation.[189]
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".[191]
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 $; onlyDenmark, Germany andSouth Korea ranked higher during that year.[18] Similarly counting shipping services provided to Greece by other countries as quasi-imports and the difference between exports and imports as a trade balance, Greece in 2011 ranked in the latter second behind Germany, having imported shipping services worth 7,076.605 million US$ and having run a trade surplus of 10,712.342 million US$.[192][193] In 2022, Greek used vessel sales were second only to China's.[188]
| Year | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006–2008 | 2009 | 2010 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|
| Exports: | ||||||||||
| Global ranking[18] | 5th | 5th | 5th | 4th | 3rd | 5th | -b | 5th | 6th | 4th |
| Value (US$ million)[18] | 7,558.995 | 7,560.559 | 7,527.175 | 10,114.736 | 15,402.209 | 16,127.623 | -b | 17,033.714 | 18,559.292 | 17,704.132 |
| Value (€ million)[18] | 8,172.559 | 8,432.670 | 7,957.654 | 8,934.660 | 12,382.636 | 12,949.869 | -b | 12,213.786 | 13,976.558 | 12,710.859 |
| Value (%GDP) | 5.93 | 5.76 | 5.08 | 5.18 | 6.68 | 6.71 | n/a | 5.29 | 6.29 | 6.10 |
| Imports: | ||||||||||
| Global ranking[192] | 14th | 13th | 14th | -b | 14th | 16th | -b | 12th | 13th | 9th |
| Value (US$ million)[192] | 3,314.718 | 3,873.791 | 3,757.000 | -b | 5,570.145 | 5,787.234 | -b | 6,653.395 | 7,846.950 | 7,076.605 |
| Value (€ million)[192] | 3,583.774 | 4,320.633 | 3,971.863 | -b | 4,478.129 | 4,646.929 | -b | 4,770.724 | 5,909.350 | 5,080.720 |
| Value (%GDP) | 2.60 | 2.95 | 2.54 | n/a | 2.42 | 2.41 | n/a | 2.06 | 2.66 | 2.44 |
| Trade balance: | ||||||||||
| Global ranking[193] | 1st | 2nd | 1st | 1ste | 1st | 1st | -b | 2nd | 1st | 2nd |
| Value (US$ million)[193] | 4,244.277 | 3,686.768 | 3,770.175 | 10,114.736e | 9,832.064 | 10,340.389 | -b | 10,340.389 | 10,380.319 | 10,712.342 |
| Value (€ million)[193] | 4,588.785 | 4,112.037 | 3,985.791 | 8,934.660e | 7,904.508 | 8,302.940 | -b | 7,443.063 | 8,067.208 | 7,630.140 |
| Value (%GDP) | 3.33 | 2.81 | 2.54 | 5.18e | 4.27 | 4.30 | n/a | 3.22 | 3.63 | 3.66 |
| GDP (€ million)[194] | 137,930.1 | 146,427.6 | 156,614.3 | 172,431.8 | 185,265.7 | 193,049.7b | n/a | 231,081.2p | 222,151.5p | 208,531.7p |
| b source reports break in time series;p source characterises data as provisional;e reported data may be erroneous because of relevant break in "Imports" time series | ||||||||||
Between 1949 and the 1980s,telephone communications in Greece were astate monopoly by theHellenic 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 inSoutheast Europe.[195] Since 2011, the company's majorshareholder isDeutsche Telekom with a 40% stake, while the Greek state continues to own 10% of the company's shares.[195] OTE owns several subsidiaries across inSoutheast Europe, includingCosmote, Greece's top mobile telecommunications provider,Cosmote Romania andAlbanian Mobile Communications.[195]
Othermobile telecommunications companies active in Greece areWind Hellas andVodafone Greece. The total number of activecellular phone accounts in the country in 2009 based on statistics from the country's mobile phone providers was over 20 million,[196] a penetration of 180%.[196] Additionally, there are 5.745 million active landlines in the country.[1]
Greece has tended to lag behind its European Union partners in terms ofInternet use, with the gap closing rapidly in recent years. The percentage of households withInternet access more than doubled between 2006 and 2013, from 23% to 56% respectively (compared with an EU average of 49% and 79%).[197][198] At the same time, there was a massive increase in the proportion of households with abroadband connection, from 4% in 2006 to 55% in 2013 (compared with an EU average of 30% and 76%).[197][198] By 2023, the percentage of Greek households with Internet access had reached 86.9%.[199]
Tourism in the modern sense only started to flourish in Greece in the years post-1950,[200][201] although tourism in ancient times is also documented in relation to religious or sports festivals such as theOlympic Games.[201] Since the 1950s, the tourism sector saw an unprecedented boost as arrivals went from 33,000 in 1950 to 11.4 million in 1994.[200]
Greece attracts more than 16 million tourists each year, thus contributing 18.2% to the nation's GDP in 2008 according to anOECD report.[202] The same survey showed that the average tourist expenditure while in Greece was $1,073, ranking Greece 10th in the world.[202] The number of jobs directly or indirectly related to the tourism sector were 840,000 in 2008 and represented 19% of the country's total labor force.[202] In 2009, Greece welcomed over 19.3 million tourists,[203] a major increase from the 17.7 million tourists the country welcomed in 2008.[204]
Among the member states of the European Union, Greece was the most popular destination for residents ofCyprus andSweden in 2011.[205]
The ministry responsible for tourism is theMinistry of Culture and Tourism, while Greece also owns theGreek National Tourism Organization which aims in promoting tourism in Greece.[202]
In recent years a number of well-known tourism-related organizations have placed Greek destinations in the top of their lists. In 2009Lonely Planet rankedThessaloniki, the country's second-largest city, the world's fifth best "Ultimate Party Town", alongside cities such asMontreal andDubai,[206] while in 2011 the island ofSantorini was voted as the best island in the world byTravel + Leisure.[207] The neighbouring island ofMykonos was ranked as the 5th best island Europe.[207]Thessaloniki was theEuropean Youth Capital in 2014.
_on_Eleftherias_Square%2c_Thessaloniki.png)
Since the fall of communism, Greece has invested heavily in neighbouring countries inSoutheast Europe. Between 1997 and 2009, 12.11% offoreign direct investment capital inNorth Macedonia was Greek, ranking fourth. In 2009 alone, Greeks invested €380 million in the country,[208] with companies such asHellenic Petroleum having made important strategic investments.[208]
Greece invested €1.38 billion inBulgaria between 2005 and 2007[209] and many important companies (includingBulgarian Postbank,United Bulgarian Bank Coca-Cola Bulgaria) are owned by Greek financial groups.[209] InSerbia, 250 Greek companies are active with a total investment of over €2 billion.[210]Romanian statistics from 2016 show that Greek investment in the country exceeded €4 billion, ranking Greece fifth or sixth among foreign investors.[211] Greece has been the largest investor inAlbania 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.[212]
During thedebt crisis and subsequentCOVID-19 recession, Greece's negativebalance of trade decreased significantly–from €44.3 billion in 2008 to €18.15 billion in 2020–due to a substantial drop in imports.[213][214] 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.[215] This was followed by a correction in 2023, with exports and imports decreasing by 8.5% and 12.1% respectively.[20] In 2024, exports decreased by 2% and imports increased by 2.4%.[20]
Greece is also the largest import partner ofCyprus (18.0%)[216] and the largest export partner ofPalau (82.4%).[217]
| Imports | Exports | |||||||
|---|---|---|---|---|---|---|---|---|
| Rank | Origin | Value (€ mil) | Value (% of total) | Rank | Destination | Value (€ mil) | Value (% of total) | |
| 0 | a | 0 | -1 | 0 | a | 0 | -1 | |
| 1 |  Russia | 5,967.20132 | 12.6 | 1 |  Turkey | 2,940.25203 | 10.8 | |
| 2 |  Germany | 4,381.92656 | 9.2 | 2 |  Italy | 2,033.77413 | 7.5 | |
| 3 | Italy | 3,668.88622 | 7.7 | 3 | Germany | 1,687.03947 | 6.2 | |
| 4 |  Saudi Arabia | 2,674.00587 | 5.6 | 4 |  Bulgaria | 1,493.75355 | 5.5 | |
| 5 |  China | 2,278.03883 | 4.8 | 5 |  Cyprus | 1,319.28598 | 4.8 | |
| 6 |  Netherlands | 2,198.57126 | 4.6 | 6 |  United States | 1,024.73686 | 3.8 | |
| 7 |  France | 1,978.48460 | 4.2 | 7 |  United Kingdom | 822.74077 | 3 | |
| #α | OECD | 23,849.94650 | 50.2 | #α | OECD | 13,276.48107 | 48.8 | |
| #β | G7 | 11,933.75417 | 25.1 | #β | G7 | 6,380.86705 | 23.4 | |
| #γ | BRICS | 8,682.10265 | 18.3 | #ε | BRICS | 1,014.17146 | 3.7 | |
| #δ | BRIC | 8,636.02946 | 18.2 | #ζ | BRIC | 977.76016 | 3.6 | |
| #ε | OPEC | 8,090.76972 | 17 | #γ | OPEC | 2,158.60420 | 7.9 | |
| #ζ | NAFTA | 751.80608 | 1.6 | #δ | NAFTA | 1,215.70257 | 4.5 | |
| #a |  European Union 27 | 21,164.89314 | 44.5 | #a | European Union 27 | 11,512.31990 | 42.3 | |
| #b | European Union 15 | 17,794.19344 | 37.4 | #b | European Union 15 | 7,234.83595 | 26.6 | |
| #3 | Africa | 2,787.39502 | 5.9 | #3 | Africa | 1,999.46534 | 7.3 | |
| #4 | America | 1,451.15136 | 3.1 | #4 | America | 1,384.04068 | 5.1 | |
| #2 | Asia | 14,378.02705 | 30.2 | #2 | Asia | 6,933.51200 | 25.5 | |
| #1 | Europe | 28,708.38148 | 60.4 | #1 | Europe | 14,797.20641 | 54.4 | |
| #5 | Oceania | 71.70603 | 0.2 | #5 | Oceania | 169.24085 | 0.6 | |
| # | World | 47,537.63847 | 100 | # | World | 27,211.06362 | 100 | |
| 24 | z | 1000000000000000000 | 101 | 24 | z | 1000000000000000000 | 101 | |
| the International Organisations or Country Groups list and ranking presented above (i.e.#greek_letters and/or#latin_letters), is not indicative of the whole picture of Greece's trade; this is instead only an incomplete selection of some major and well known such Organisations and Groups; rounding errors possibly present | ||||||||
As of 2012, Greece had a total of 82 airports,[1] of which 67 were paved and six had runways longer than 3,047 meters.[1] Of these airports, two are classified as "international" by theHellenic Civil Aviation Authority,[218] but 15 offer international services.[218] Additionally Greece has 9 heliports.[1] Greece does not have aflag carrier, but the country's airline industry is dominated byAegean Airlines and its subsidiaryOlympic Air.
Between 1975 and 2009,Olympic Airways (known after 2003 as Olympic Airlines) was the country's state-owned flag carrier, but financial problems led to its privatization and relaunch as Olympic Air in 2009. Both Aegean Airlines and Olympic Air have won awards for their services; in 2009 and 2011, Aegean Airlines was awarded the "Best regional airline in Europe" award bySkytrax,[219] and also has two gold and one silver awards by theERA,[219] while Olympic Air holds one silver ERA award for "Airline of the Year"[220] as well as a"Condé Nast Traveller 2011 Readers Choice Awards: Top Domestic Airline" award.[221]
The Greek road network is made up of 116,986 km of roads,[1] of which 1863 km arehighways, ranking 24th worldwide, as of 2016.[1] Since the entry of Greece to theEuropean Community (now the European Union), a number of important projects (such as theEgnatia Odos and theAttiki 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'srail network is estimated to be at 2,548 km.[1] Rail transport in Greece is operated byTrainOSE, a current subsidiary of theFerrovie dello Stato Italiane after theHellenic Railways Organisation had sold its 100% stake on the operator. Most of the country's network isstandard gauge (1,565 km),[1] while the country also has 983 km ofnarrow gauge.[1] A total of 764 km of rail are electrified.[1] Greece has rail connections withBulgaria,North Macedonia andTurkey. A total of threesuburban railway systems (Proastiakos) are in operation (inAthens,Thessaloniki andPatras), while onemetro system, theAthens Metro, is operational inAthens with another, theThessaloniki Metro, under construction.
According toEurostat, Greece's largest port by tons of goods transported in 2010 is the port ofAghioi Theodoroi, with 17.38 million tons.[222] ThePort of Thessaloniki comes second with 15.8 million tons,[222] followed by thePort of Piraeus, with 13.2 million tons,[222] and the port ofEleusis, with 12.37 million tons.[222] The total number of goods transported through Greece in 2010 amounted to 124.38 million tons,[222] a considerable drop from the 164.3 million tons transported through the country in 2007.[222] Since then, Piraeus has grown to become the Mediterranean's third-largest port thanks to heavy investment byChinese logistics giantCOSCO. In 2013, Piraeus was declared the fastest-growing port in the world.[223]
In 2010 Piraeus handled 513,319TEUs,[224] followed by Thessaloniki, which handled 273,282 TEUs.[225] In the same year, 83.9 million people passed through Greece's ports,[226] 12.7 million through the port ofPaloukia inSalamis,[226] another 12.7 through the port ofPerama,[226] 9.5 million throughPiraeus[226] and 2.7 million throughIgoumenitsa.[226] 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 production in Greece is dominated by thePublic 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,[227] while the number fell to 77.3% in 2010.[227] Almost half (48%) of DEI's power output is generated usinglignite, a drop from the 51.6% in 2009.[227] Another 12% comes from Hydroelectric power plants[228] and another 20% fromnatural gas.[228] Between 2009 and 2010, independent companies' energy production increased by 56%,[227] from 2,709Gigawatt hour in 2009 to 4,232 GWh in 2010.[227]
In 2008 renewable energy accounted for 8% of the country's total energy consumption,[229] a rise from the 7.2% it accounted for in 2006,[229] but still below the EU average of 10% in 2008.[229] 10% of the country's renewable energy comes fromsolar power,[174] while most comes frombiomass and waste recycling.[174] In line with theEuropean Commission's Directive on Renewable Energy, Greece aims to get 18% of its energy from renewable sources by 2020.[230] In 2013 and for several months, Greece produced more than 20% of its electricity from renewable energy sources and hydroelectric power plants.[231] Greece currently does not have anynuclear power plants in operation, however in 2009 theAcademy of Athens suggested that research in the possibility of Greek nuclear power plants begin.[232]
Greece had 10 millionbarrels of provenoil reserves as of 1 January 2012.[1]Hellenic Petroleum is the country's largest oil company, followed byMotor Oil Hellas. Greece's oil production stands at 1,751 barrels per day (bbl/d), ranked 95th worldwide,[1] while it exports 19,960 bbl/d, ranked 53rd,[1] and imports 355,600 bbl/d, ranked 25th.[1]
In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece,[233] with an estimated output of 250 to 300 million barrels over the next 15 to 20 years.[233] The estimated output ineuros of the three deposits is €25 billion over a 15-year period,[233] of which €13–€14 billion will enter state coffers.[233] Greece's dispute with Turkeyover the Aegean poses substantial obstacles to oil exploration in theAegean Sea.
In addition to the above, Greece is also to start oil and gas exploration in other locations in theIonian Sea, as well as theLibyan Sea, within the Greekexclusive economic zone, south ofCrete.[234][235] TheMinistry of the Environment, Energy and Climate Change announced that there was interest from various countries (includingNorway and theUnited States) in exploration,[235] and the first results regarding the amount of oil and gas in these locations were expected in the summer of 2012.[235] In November 2012, a report published by Deutsche Bank estimated the value of natural gas reserves south ofCrete at €427 billion.[236]
A number ofoil andgas pipelines are currently under construction or under planning in the country. Such projects include theInterconnector Turkey-Greece-Italy (ITGI) andSouth Stream gas pipelines.[228]
EuroAsia Interconnector will electrically connect Attica andCrete in Greece withCyprus andIsrael with 2000 MWHVDCundersea power cable.[237][238]EuroAsia Interconnector is specially important for isolated systems, like Cyprus and Crete.Crete is energetically isolated from mainland Greece and Hellenic Republic covers for Crete electricity costs difference of around €300 million per year.[239]
Greece has a tiered tax system based onprogressive taxation. Greek law recognizes six categories of taxable income:[240]immovable property,movable property (investment), income from agriculture, business, employment, and income from professional activities. Greece'spersonal income tax rate, until recently, ranged from 0% for annual incomes below €12,000[240] to 45% for annual incomes over €100,000.[240] Under the new 2010 tax reform,tax exemptions have been abolished.[240]
Also under the new austerity measures and among other changes, the personal income tax-free ceiling has been reduced to €5,000 per annum[241] while further future changes, for example abolition of this ceiling, are already being planned.[242]
Greece'scorporate tax dropped from 40% in 2000[240] to 20% in 2010.[240] For 2011 only, corporate tax was at 24%.[240]Value added tax (VAT) has gone up in 2010 compared to 2009: 23% as opposed to 19%.[240]
The lowest VAT possible is 6.5% (previously 4.5%)[240] for newspapers, periodicals and cultural event tickets, while a tax rate of 13% (from 9%)[240] applies to certainservice sector professions. Additionally, both employers and employees have to paysocial contribution taxes, which apply at a rate of 16%[240] forwhite collar jobs and 19.5%[240] forblue collar jobs, and are used forsocial insurance. In 2017 the VAT tax rate was 24%[243] 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.[needs update]
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),[244] an increase of 5.8% from 2011.[244] 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).[244]
Greece suffers from very high levels oftax evasion. In the last quarter of 2005, tax evasion reached 49%,[245] while in January 2006 it fell to 41.6%.[245] It is worth noting that the newspaperEthnos which published these figures went bankrupt; it is no longer published and some sources suggest that the information it had published was highly debatable.[246] A study by researchers from theUniversity 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.[247]
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.).[106]
TheTax Justice Network estimated in 2011 that there were over 20 billion euros inSwiss bank accounts held by Greeks.[248] The former Finance Minister of Greece, Evangelos Venizelos, was quoted as saying, "Around 15,000 individuals and companies owe the taxman 37 billion euros".[249] Additionally, the TJN put the number of Greek-ownedoff-shore companies at over 10,000.[250]
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.[251] 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.[252][253]
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.[254] A January 2017 report[255] 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.[256]
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.[257] 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.[256]
Following similar actions by theUnited Kingdom andGermany, the Greek government was in talks withSwitzerland in 2011, attempting to force Swiss banks to reveal information on the back accounts of Greek citizens.[258] TheMinistry 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.[258] The Greek and Swiss governments were to reach a deal on the matter by the end of 2011.[258]
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.[252][253] 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.[259]
In 2016 and 2017, the government was encouraging the use ofcredit cards ordebit cards to pay for goods and services in order to reduce cash only payments. By January 2017, taxpayers were only granted tax-allowances or deductions when payments were made electronically, with a "paper trail" of the transactions that the government could easily audit. This was expected to reduce the problem of businesses taking payments but not issuing an invoice;[260] that tactic had been used by various companies to avoid payment of VAT (sales) tax as well as income tax.[261][262]
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.[263]
Greece's most economically importantregions areAttica, which contributed €87.378 billion to the economy in 2018, andCentral Macedonia, which contributed €25.558 billion.[264] The smallest regional economies were those of theNorth Aegean (€2.549 billion) andIonian Islands (€3.257 billion).[264]
In terms of GDP per capita, Attica (€23,300) far outranks any other Greek region.[264] The poorest regions in 2018 were theNorth Aegean (€11,800),Eastern Macedonia and Thrace (€11,900) andEpirus (€12,200).[264] At the national level, GDP per capita in 2018 was €17,200.[264]
| Rank | Region | GDP (€,billions) | Share in EU-27/national GDP (%) | GDP per capita (€) | GDP per capita (PPS) | GDP per capita (€, EU27=100) | GDP per capita (PPS, EU27=100) | GDP per person employed (PPS, EU27=100) |
|---|---|---|---|---|---|---|---|---|
| 0 | a | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | Attica | 87.378 | 47.3 | 23,300 | 28,000 | 77 | 93 | 99 |
| 2 | Central Macedonia | 25.558 | 13.8 | 13,600 | 16,400 | 45 | 54 | 69 |
| 3 | Thessaly | 9.658 | 5.2 | 13,400 | 16,100 | 44 | 53 | 65 |
| 4 | Crete | 9.386 | 5.1 | 14,800 | 17,800 | 49 | 59 | 68 |
| 5 | Central Greece | 8.767 | 4.7 | 15,800 | 18,900 | 52 | 63 | 81 |
| 6 | Western Greece | 8.322 | 4.5 | 12,700 | 15,200 | 42 | 50 | 65 |
| 7 | Peloponnese | 8.245 | 4.5 | 14,300 | 17,200 | 48 | 57 | 68 |
| 8 | Eastern Macedonia and Thrace | 7.166 | 3.9 | 11,900 | 14,300 | 40 | 48 | 61 |
| 9 | South Aegean | 6.387 | 3.5 | 18,700 | 22,400 | 62 | 74 | 79 |
| 10 | Epirus | 4.077 | 2.2 | 12,200 | 14,700 | 40 | 49 | 63 |
| 11 | Western Macedonia | 3.963 | 2.1 | 14,800 | 17,700 | 49 | 59 | 79 |
| 12 | Ionian Islands | 3.257 | 1.8 | 16,000 | 19,100 | 53 | 63 | 71 |
| 13 | North Aegean | 2.549 | 1.4 | 11,800 | 14,200 | 39 | 47 | 67 |
| – | Greece | 184.714 | 1 | 17,200 | 20,700 | 57 | 69 | 81 |
| – | EU27 | 13,483.857 | 100 | 30,200 | 30,200 | 100 | 100 | 100 |
| 100 | z | 1000000000000000 | 1000 | 100 | 1000000000 | 1000 | ||
Greece is awelfare state which provides a number ofsocial services such as quasi-universal health care andpensions. In the 2012 budget, expenses for the welfare state (excluding education) stand at an estimated €22.487 billion[244] (€6.577 billion for pensions[244] and €15.910 billion for social security and health care expenses),[244] or 31.9% of the all state expenses.[244]
According to the 2024Forbes Global 2000 index, Greece's largest publicly traded companies are:
| Rank | Company | Revenues (€ billion) | Profit (€ billion) | Assets (€ billion) |
|---|---|---|---|---|
| 1 | Eurobank Ergasias | 6.1 | 1.3 | 85.7 |
| 2 | National Bank of Greece | 3.9 | 1.3 | 78.2 |
| 3 | Piraeus Bank | 3.7 | 0.9 | 83.4 |
| 4 | Alpha Bank | 4.7 | 0.7 | 80.3 |
| 5 | Bank of Greece | 7.5 | 0.1 | 250.2 |
| 6 | Motor Oil Hellas | 14.4 | 0.8 | 8.4 |
| 7 | Hellenic Petroleum | 14.1 | 0.6 | 9.0 |
| 8 | Public Power Corporation | 8.8 | 0.4 | 21.2 |
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.[266] 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.[266] 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.[267] In 2014, the average number ofworking hours for Greek employees was 2124 hours, ranking as the third highest amongOECD countries and the highest in theEurozone.[268]
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.[268] In 1998, Greece passed legislation introducing part-time employment inpublic services with the goal of reducing unemployment, increasing the total, but decreasing the average number of hours worked per employee.[269] 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.[270] 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.[271]
Between 1832 and 2002 the currency of Greece was thedrachma. After signing theMaastricht Treaty, Greece applied to join theeurozone. The two mainconvergence 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.[272]
Prior to the adoption of the euro, 64% of Greek citizens viewed the new currency positively,[273] but in February 2005 this figure fell to 26% and by June 2005 it fell further to 20%.[273] Since 2010 the figure has risen again, and a survey in September 2011 showed that 63% of Greek citizens viewed of the euro positively.[273]
.png)
.png)
As a result of the recession sparked by the public debt crisis,poverty has increased. The rate of people at risk of poverty orsocial exclusion reached a high of 36% in 2014, before subsiding over the following years to 26.1% in 2023.[274] The rate ofextreme 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%.[275] In 2015, the rate among children aged 0–17 was 17.6% and for young people aged 18–29 the rate was 24.4%.[275] Withunemployment 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.[275] Those out of work lose theirhealth 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 depletedpension funds due to fewer workers making social security contributions, resulting in higher poverty rates in intergenerational households reliant on the reducedpensions received by theirretired members. Over the course of the economic crisis, Greeks have endured significant job losses andwage cuts, as well as deep cuts toworkers' compensation andwelfare benefits. From 2008 to 2013, Greeks became 40% poorer on average, and in 2014 saw theirdisposable household income drop below 2003 levels.[276]
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green.[277]
| Year | GDP (bn US$ PPP) | GDP per capita (US$ PPP) | GDP (bn US$ nominal) | GDP per capita (US$ nominal) | GDP growth (real) | Inflation (%) | Unemployment (%) | Gov. debt (% of GDP) |
|---|---|---|---|---|---|---|---|---|
| 1980 | 84.2 | 8,784.9 | 56.5 | 5,898.2 | 0.7 | 24.7 | 2.7 | 22.7 |
| 1981 | 90.7 | 9,352.6 | 52.2 | 5,377.0 | -1.6 | 24.5 | 4.0 | 26.9 |
| 1982 | 95.2 | 9,760.8 | 54.4 | 5,576.5 | -1.1 | 21.1 | 5.8 | 29.6 |
| 1983 | 97.9 | 9,969.0 | 49.2 | 5,008.0 | -1.1 | 20.2 | 7.9 | 33.9 |
| 1984 | 103.5 | 10,481.7 | 47.9 | 4,854.2 | 2.0 | 18.5 | 8.1 | 40.4 |
| 1985 | 109.4 | 11,032.0 | 47.5 | 4,791.8 | 2.5 | 19.3 | 7.8 | 47.0 |
| 1986 | 112.2 | 11,278.4 | 55.9 | 5,623.2 | 0.5 | 23.0 | 7.4 | 47.5 |
| 1987 | 112.4 | 11,255.5 | 65.1 | 6,522.4 | -2.3 | 16.4 | 7.4 | 52.9 |
| 1988 | 121.3 | 12,115.0 | 75.8 | 7,568.3 | 4.3 | 13.5 | 7.7 | 57.6 |
| 1989 | 130.9 | 13,013.5 | 78.6 | 7,812.8 | 3.8 | 13.7 | 7.5 | 60.3 |
| 1990 | 135.8 | 13,416.8 | 97.1 | 9,597.7 | — | 20.4 | 7.0 | 73.8 |
| 1991 | 144.7 | 14,089.5 | 104.7 | 10,196.2 | 3.1 | 19.5 | 7.7 | 75.3 |
| 1992 | 149.1 | 14,378.8 | 115.5 | 11,139.4 | 0.7 | 15.9 | 8.7 | 80.6 |
| 1993 | 150.2 | 14,395.6 | 108.1 | 10,363.6 | -1.6 | 14.4 | 9.7 | 101.1 |
| 1994 | 156.4 | 14,912.9 | 115.7 | 11,029.1 | 2.0 | 10.9 | 9.6 | 99.1 |
| 1995 | 163.1 | 15,477.3 | 135.8 | 12,887.9 | 2.1 | 8.8 | 10.0 | 99.8 |
| 1996 | 170.8 | 16,131.6 | 144.6 | 13,660.5 | 2.9 | 7.9 | 10.3 | 102.2 |
| 1997 | 181.5 | 17,079.6 | 142.1 | 13,370.3 | 4.5 | 5.4 | 10.3 | 100.3 |
| 1998 | 190.7 | 17,837.2 | 143.4 | 13,412.6 | 3.9 | 4.5 | 11.2 | 98.3 |
| 1999 | 199.4 | 18,549.7 | 148.2 | 13,784.4 | 3.1 | 2.1 | 12.1 | 99.7 |
| 2000 | 211.9 | 19,662.6 | 131.1 | 12,164.7 | 3.9 | 2.9 | 11.4 | 105.8 |
| 2001 | 225.6 | 20,819.6 | 135.2 | 12,473.3 | 4.1 | 3.6 | 10.8 | 108.0 |
| 2002 | 238.1 | 21,868.1 | 153.2 | 14,065.8 | 3.9 | 3.9 | 10.4 | 105.8 |
| 2003 | 256.9 | 23,532.4 | 200.6 | 18,378.3 | 5.8 | 3.5 | 9.8 | 102.3 |
| 2004 | 277.1 | 25,330.0 | 238.8 | 21,829.5 | 5.1 | 3.0 | 10.6 | 103.7 |
| 2005 | 287.5 | 26,210.1 | 245.9 | 22,417.6 | 0.6 | 3.5 | 10.0 | 108.3 |
| 2006 | 313.1 | 28,455.7 | 271.3 | 24,648.9 | 5.7 | 3.3 | 9.0 | 104.5 |
| 2007 | 332.1 | 30,095.9 | 316.3 | 28,656.2 | 3.3 | 3.0 | 8.4 | 104.0 |
| 2008 | 337.4 | 30,501.3 | 352.9 | 31,902.0 | -0.3 | 4.2 | 7.8 | 110.3 |
| 2009 | 324.9 | 29,287.1 | 328.2 | 29,577.6 | -4.3 | 1.3 | 9.6 | 127.8 |
| 2010 | 310.8 | 27,953.5 | 297.4 | 26,743.4 | -5.5 | 4.7 | 12.7 | 147.5 |
| 2011 | 285.1 | 25,628.8 | 282.9 | 25,437.0 | -10.1 | 3.1 | 17.9 | 184.0 |
| 2012 | 275.1 | 24,818.2 | 242.2 | 21,845.0 | -7.1 | 1.0 | 24.4 | 162.1 |
| 2013 | 284.9 | 25,895.9 | 238.9 | 21,712.0 | -2.5 | -0.9 | 27.5 | 178.8 |
| 2014 | 290.0 | 26,541.3 | 235.5 | 21,554.2 | 0.5 | -1.4 | 26.5 | 181.8 |
| 2015 | 289.6 | 26,676.0 | 195.7 | 18,023.9 | -0.2 | -1.1 | 24.9 | 179.1 |
| 2016 | 296.4 | 27,489.2 | 193.1 | 17,906.1 | -0.5 | 0.0 | 23.6 | 183.7 |
| 2017 | 307.1 | 28,518.2 | 199.8 | 18,552.2 | 1.1 | 1.1 | 21.5 | 183.2 |
| 2018 | 319.7 | 29,761.3 | 212.1 | 19,750.7 | 1.7 | 0.8 | 19.3 | 190.7 |
| 2019 | 331.3 | 30,887.7 | 205.2 | 19,130.4 | 1.8 | 0.5 | 17.3 | 185.6 |
| 2020 | 305.0 | 28,456.6 | 188.7 | 17,603.4 | -9.0 | -1.3 | 16.4 | 212.4 |
| 2021 | 344.2 | 32,229.8 | 216.4 | 20,263.3 | 8.3 | 0.6 | 15.0 | 199.4 |
| 2022 | 387.8 | 36,465.5 | 222.0 | 20,875.8 | 5.2 | 9.2 | 12.6 | 177.6 |
| 2023 | 408.9 | 38,607.6 | 226.3 | 21,371.7 | 1.8 | 3.2 | 12.2 | 169.8 |
| 2024 | 426.6 | 40,441.5 | 235.3 | 22,307.3 | 2.2 | 1.6 | 11.4 | 163.8 |
| 2025 | 442.3 | 42,111.4 | 244.8 | 23,303.7 | 1.8 | 1.8 | 11.0 | 159.1 |
| 2026 | 458.0 | 43,782.8 | 254.6 | 24,339.5 | 1.6 | 1.8 | 10.7 | 154.4 |
| 2027 | 473.2 | 45,420.9 | 262.8 | 25,227.7 | 1.4 | 1.9 | 10.4 | 149.9 |
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 ...
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 ...
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
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 ...
which is a powerful tool of tax policy for the shipping industry in Greece.25 4.
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
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.
{{cite web}}: CS1 maint: archived copy as title (link){{cite web}}: CS1 maint: archived copy as title (link)Greece is the Balkan region's largest economy and has been an important investor in Southeast Europe over the past decade.
Greece has a larger economy than all the Balkan countries combined. Greece is also an important regional investor
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.
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.
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.
{{cite book}}: CS1 maint: location missing publisher (link)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'
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.
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."
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?
"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.
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.
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}}: CS1 maint: location (link)
