In 1813, the Greek merchant navy was made up of 615 ships.
Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1826, 1843, 1860 and 1893. Other studies support the above view on the general trends in the economy, providing comparative measures of standard of living.
Recent research from 2006 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.
Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1826, 1843, 1860 and 1893. 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, 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009. The country's post-World War II development has largely been connected with the Greek economic miracle.
Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1826, 1843, 1860 and 1893. 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, 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009. The country's post-World War II development has largely been connected with the Greek economic miracle.
Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1826, 1843, 1860 and 1893. Other studies support the above view on the general trends in the economy, providing comparative measures of standard of living.
Recent research from 2006 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.
In 1914 the figures stood at 449,430 tons and 1,322 ships (of which 287 were steam boats). During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis, Vardinoyannis, Livanos and Niarchos.
The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938, 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009. The country's post-World War II development has largely been connected with the Greek economic miracle.
The basis of the modern Greek maritime industry was formed after World War II when Greek shipping businessmen were able to amass surplus ships sold to them by the United States Government through the Ship Sales Act of the 1940s. 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.
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. 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.
In general, however, during the 20th century it enjoyed one of the highest GDP growth rates on the planet (for a quarter century from the early 1950s to mid 1970s, second in the world after Japan).
Since the 1950s, the tourism sector saw an unprecedented boost as arrivals went from 33,000 in 1950 to 11.4 million in 1994. 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.
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.
In 1914 the figures stood at 449,430 tons and 1,322 ships (of which 287 were steam boats). During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis, Vardinoyannis, Livanos and Niarchos.
In general, however, during the 20th century it enjoyed one of the highest GDP growth rates on the planet (for a quarter century from the early 1950s to mid 1970s, second in the world after Japan).
However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s. Greece is ranked fourth in the world by number of ships (3,695), behind China (5,313), Japan (3,991), and Germany (3,833).
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.
Greece does not have a flag carrier, but the country's airline industry is dominated by Aegean Airlines and its subsidiary Olympic Air. Between 1975 and 2009, Olympic Airways (known after 2003 as Olympic Airlines) was the country's state-owned flag carrier, but financial problems led to its privatization and relaunch as Olympic Air in 2009.
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. 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.
The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938, 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009. The country's post-World War II development has largely been connected with the Greek economic miracle.
Such a level is considered unsustainable. 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 . == Data == The following table shows the main economic indicators in 1980–2018.
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.
The country joined what is now the European Union in 1981.
Greece's GDP growth has also, as an average, since the early 1990s been higher than the EU average.
Since the 1950s, the tourism sector saw an unprecedented boost as arrivals went from 33,000 in 1950 to 11.4 million in 1994. 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.
The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country whose workers have the most hours/year work among European nations; Greeks worked an average of 1,900 hours per year, followed by Spaniards (average of 1,800 hours/year). As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011, The volume of building activity saw a reduction of 73% in 2010.
Between 1997 and 2009, 12.11% of foreign direct investment capital in North Macedonia was Greek, ranking fourth.
Unemployment figures have steadily improved in recent years, with the overall rate falling to 14.4% and youth unemployment dropping to 32.4% in March 2020. ===Eurozone entry=== Greece was accepted into the Economic and Monetary Union of the European Union by the European Council on 19 June 2000, based on a number of criteria (inflation rate, budget deficit, public debt, long-term interest rates, exchange rate) using 1999 as the reference year.
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%), while it decreased by 11.3% in 2009.
From 2000 Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.8% in 2003 and 5.7% in 2006.
Unemployment figures have steadily improved in recent years, with the overall rate falling to 14.4% and youth unemployment dropping to 32.4% in March 2020. ===Eurozone entry=== Greece was accepted into the Economic and Monetary Union of the European Union by the European Council on 19 June 2000, based on a number of criteria (inflation rate, budget deficit, public debt, long-term interest rates, exchange rate) using 1999 as the reference year.
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.
Between 2000 and 2007 organic farming in Greece increased by 885%, the highest change percentage in the EU. In 2007, Greece accounted for 19% of the EU's fishing haul in the Mediterranean Sea, ranked third with 85,493 tons, and ranked first in the number of fishing vessels in the Mediterranean between European Union members.
Earnings from shipping amounted to €14.1 billion in 2011, while between 2000 and 2010 Greek shipping contributed a total of €140 billion (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000–2013).
In 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachmae per euro.
From 2000 Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.8% in 2003 and 5.7% in 2006.
Greece does not have a flag carrier, but the country's airline industry is dominated by Aegean Airlines and its subsidiary Olympic Air. Between 1975 and 2009, Olympic Airways (known after 2003 as Olympic Airlines) was the country's state-owned flag carrier, but financial problems led to its privatization and relaunch as Olympic Air in 2009.
After an audit commissioned by the incoming New Democracy government in 2004, Eurostat revealed that the statistics for the budget deficit had been under-reported. 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.
The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country whose workers have the most hours/year work among European nations; Greeks worked an average of 1,900 hours per year, followed by Spaniards (average of 1,800 hours/year). As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011, The volume of building activity saw a reduction of 73% in 2010.
Additionally, the country ranked 11th in the EU in total quantity of fish caught, with 87,461 tons. == Secondary sector == === Industry === 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%.
In 2009 alone, Greeks invested €380 million in the country, with companies such as Hellenic Petroleum having made important strategic investments. Greece invested €1.38 billion in Bulgaria between 2005 and 2007 and many important companies (including Bulgarian Postbank, United Bulgarian Bank Coca-Cola Bulgaria) are owned by Greek financial groups.
From 2000 Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.8% in 2003 and 5.7% in 2006.
Recent research from 2006 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.
The debt-to-GDP values for 2006 and 2007 (about 105%) were established after audits resulted in corrections according to Eurostat methodology, of up to 10 percentage points for the particular years (as well as similar corrections for the years 2008 and 2009).
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%).
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%).
The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938, 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009. The country's post-World War II development has largely been connected with the Greek economic miracle.
The debt-to-GDP values for 2006 and 2007 (about 105%) were established after audits resulted in corrections according to Eurostat methodology, of up to 10 percentage points for the particular years (as well as similar corrections for the years 2008 and 2009).
In addition, being a member of the Eurozone, the country had essentially no autonomous monetary policy flexibility. Finally, there was an effect of controversies about Greek statistics (due the aforementioned drastic budget deficit revisions which lead to an increase in the calculated value of the Greek public debt by about 10%, i.e., a public debt to GDP of about 100% until 2007), while there have been arguments about a possible effect of media reports.
Between 2000 and 2007 organic farming in Greece increased by 885%, the highest change percentage in the EU. In 2007, Greece accounted for 19% of the EU's fishing haul in the Mediterranean Sea, ranked third with 85,493 tons, and ranked first in the number of fishing vessels in the Mediterranean between European Union members.
The largest industrial employer in the country (in 2007) was the manufacturing industry (407,000 people), followed by the construction industry (305,000) and mining (14,000). Greece has a significant shipbuilding and ship maintenance industry.
In 2009 alone, Greeks invested €380 million in the country, with companies such as Hellenic Petroleum having made important strategic investments. Greece invested €1.38 billion in Bulgaria between 2005 and 2007 and many important companies (including Bulgarian Postbank, United Bulgarian Bank Coca-Cola Bulgaria) are owned by Greek financial groups.
The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of −0.3% in 2008, −4.3% in 2009, −5.5% in 2010, −10.1% in 2011, −7.1% in 2012 and −2.7% in 2013.
The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938, 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009. The country's post-World War II development has largely been connected with the Greek economic miracle.
However, Greece still has the EU's lowest Index of Economic Freedom and second lowest Global Competitiveness Index, ranking 100th and 59th in the world respectively. After fourteen consecutive years of economic growth, Greece went into recession in 2008.
Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011. 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.
The debt-to-GDP values for 2006 and 2007 (about 105%) were established after audits resulted in corrections according to Eurostat methodology, of up to 10 percentage points for the particular years (as well as similar corrections for the years 2008 and 2009).
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).
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%), while it decreased by 11.3% in 2009.
Since the 1950s, the tourism sector saw an unprecedented boost as arrivals went from 33,000 in 1950 to 11.4 million in 1994. 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.
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.
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. === Trade === Since the start of the debt crisis, Greece's negative balance of trade has decreased significantly—from €44.3 billion in 2008 to €18 billion in 2020.
The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of −0.3% in 2008, −4.3% in 2009, −5.5% in 2010, −10.1% in 2011, −7.1% in 2012 and −2.7% in 2013.
The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938, 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009. The country's post-World War II development has largely been connected with the Greek economic miracle.
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.
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.
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. Greece was accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis.
The allegation was prompted by the massive revision of the 2009 budget deficit forecast by the new PASOK government elected in October 2009, from "6–8%" (estimated by the previous New Democracy government) to 12.7% (later revised to 15.7%).
The debt-to-GDP values for 2006 and 2007 (about 105%) were established after audits resulted in corrections according to Eurostat methodology, of up to 10 percentage points for the particular years (as well as similar corrections for the years 2008 and 2009).
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).
Thus, the country appeared to lose control of its public debt to GDP ratio, which already reached 127% of GDP in 2009.
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% to about 170%, solely due to the GDP drop (i.e., for the same Debt).
Eurostat statistics show that the industrial sector was hit by the Greek financial crisis throughout 2009 and 2010, with domestic output decreasing by 5.8% and industrial production in general by 13.4%.
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%), while it decreased by 11.3% in 2009.
The only sector that did not see negative growth in 2009 was administration and services, with a marginal growth of 2.0%. In 2009, Greece's labor productivity was 98% that of the EU average, but its productivity-per-hour-worked was 74% that the Eurozone average.
Earnings from shipping amounted to €14.1 billion in 2011, while between 2000 and 2010 Greek shipping contributed a total of €140 billion (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000–2013).
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, a penetration of 180%.
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, while in 2011 the island of Santorini was voted as the best island in the world by Travel + Leisure.
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, with companies such as Hellenic Petroleum having made important strategic investments. Greece invested €1.38 billion in Bulgaria between 2005 and 2007 and many important companies (including Bulgarian Postbank, United Bulgarian Bank Coca-Cola Bulgaria) are owned by Greek financial groups.
Greece does not have a flag carrier, but the country's airline industry is dominated by Aegean Airlines and its subsidiary Olympic Air. Between 1975 and 2009, Olympic Airways (known after 2003 as Olympic Airlines) was the country's state-owned flag carrier, but financial problems led to its privatization and relaunch as Olympic Air in 2009.
The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of −0.3% in 2008, −4.3% in 2009, −5.5% in 2010, −10.1% in 2011, −7.1% in 2012 and −2.7% in 2013.
The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country whose workers have the most hours/year work among European nations; Greeks worked an average of 1,900 hours per year, followed by Spaniards (average of 1,800 hours/year). As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011, The volume of building activity saw a reduction of 73% in 2010.
Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011. 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.
In May 2010, the Greek government deficit was again revised and estimated to be 13.6% which was among the highest relative to GDP, with Iceland in first place at 15.7% and the United Kingdom third with 12.6%.
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 € in bail-out loans, with more funds to follow, totaling €.
Inflation under 2% is in green. == Primary sector == === Agriculture and fishery === In 2010, Greece was the European Union's largest producer of cotton (183,800 tons) and pistachios (8,000 tons) and ranked second in the production of rice (229,500 tons) and olives (147,500 tons), third in the production of figs (11,000 tons) and almonds (44,000 tons), tomatoes (1,400,000 tons) and watermelons (578,400 tons) and fourth in the production of tobacco (22,000 tons).
Eurostat statistics show that the industrial sector was hit by the Greek financial crisis throughout 2009 and 2010, with domestic output decreasing by 5.8% and industrial production in general by 13.4%.
Earnings from shipping amounted to €14.1 billion in 2011, while between 2000 and 2010 Greek shipping contributed a total of €140 billion (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000–2013).
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. 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.
The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of −0.3% in 2008, −4.3% in 2009, −5.5% in 2010, −10.1% in 2011, −7.1% in 2012 and −2.7% in 2013.
In 2011, the country's public debt reached €356 billion (172% of nominal GDP).
The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country whose workers have the most hours/year work among European nations; Greeks worked an average of 1,900 hours per year, followed by Spaniards (average of 1,800 hours/year). As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011, The volume of building activity saw a reduction of 73% in 2010.
Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011. 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.
Additionally, the country ranked 11th in the EU in total quantity of fish caught, with 87,461 tons. == Secondary sector == === Industry === 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%.
A European Community Shipowners' Associations report for 2011–2012 reveals that the Greek flag is the seventh-most-used internationally for shipping, while it ranks second in the EU. In terms of ship categories, Greek companies have 22.6% of the world's tankers and 16.1% of the world's bulk carriers (in dwt).
Earnings from shipping amounted to €14.1 billion in 2011, while between 2000 and 2010 Greek shipping contributed a total of €140 billion (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000–2013).
The 2011 ECSA report showed that there are approximately 750 Greek shipping companies in operation. 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". 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.
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.
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, while in 2011 the island of Santorini was voted as the best island in the world by Travel + Leisure.
The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of −0.3% in 2008, −4.3% in 2009, −5.5% in 2010, −10.1% in 2011, −7.1% in 2012 and −2.7% in 2013.
After negotiating the biggest debt restructuring in history with the private sector, a loss of 100 billions for bonds private investors, Greece reduced its sovereign debt burden to €280 billion (137% of GDP) in the first quarter of 2012.
This represents a steady improvement over recent years; in 2012, it was ranked 94th in the world and a distant last in the EU.
In 2020, exports decreased by 9.2% and imports fell by 12.7%. Greece is also the largest import partner of Cyprus (18.0%) and the largest export partner of Palau (82.4%). == Transport == As of 2012, Greece had a total of 82 airports, of which 67 were paved and six had runways longer than 3,047 meters.
With 18 million international tourists in 2013, Greece was the 7th most visited country in the European Union and 16th in the world.
The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013.
Greece was the largest foreign investor in Albania in 2013, 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.
The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of −0.3% in 2008, −4.3% in 2009, −5.5% in 2010, −10.1% in 2011, −7.1% in 2012 and −2.7% in 2013.
Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011. 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.
Youth unemployment peaked at 64.9% in May 2013.
Such a level is considered unsustainable. 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 . == Data == The following table shows the main economic indicators in 1980–2018.
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%).
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%).
Greece achieved a real GDP growth rate of 0.7% in 2014—after 6 years of economic decline—but contracted by 0.4% in 2015 and by 0.5% in 2016.
Thessaloniki was the European Youth Capital in 2014. == Trade and investment == === Foreign investment === Since the fall of communism, Greece has invested heavily in neighbouring Balkan countries.
Greece achieved a real GDP growth rate of 0.7% in 2014—after 6 years of economic decline—but contracted by 0.4% in 2015 and by 0.5% in 2016.
Greece achieved a real GDP growth rate of 0.7% in 2014—after 6 years of economic decline—but contracted by 0.4% in 2015 and by 0.5% in 2016.
Romanian statistics from 2016 show that Greek investment in the country exceeded €4 billion, ranking Greece fifth or sixth among foreign investors.
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. === Trade === Since the start of the debt crisis, Greece's negative balance of trade has decreased significantly—from €44.3 billion in 2008 to €18 billion in 2020.
According to IMF figures for 2021, Greece's GDP per capita is $19,673 at nominal value and $30,495 at purchasing power parity. Greece is a developed country with an economy based on the service (80%) and industrial sectors (16%), with the agricultural sector contributing an estimated 4% of national economic output in 2017.
The country returned to modest growth rates of 1.3% in 2017, 1.6% in 2018 and 1.9% in 2019, but suffered a severe recession of an estimated 8.2% of GDP in 2020 due to the COVID-19 pandemic. == History == 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.
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.
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.
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.
The country returned to modest growth rates of 1.3% in 2017, 1.6% in 2018 and 1.9% in 2019, but suffered a severe recession of an estimated 8.2% of GDP in 2020 due to the COVID-19 pandemic. == History == 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.
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. Greece's bailouts successfully ended (as declared) on 20 August 2018. ==== Effects of the bailout programmes on the debt crisis ==== There was a 25% drop in Greece's GDP, connected with the bailout programmes.
The country returned to modest growth rates of 1.3% in 2017, 1.6% in 2018 and 1.9% in 2019, but suffered a severe recession of an estimated 8.2% of GDP in 2020 due to the COVID-19 pandemic. == History == 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.
Also during that period, exports grew by an average annual rate of 12.6%. === Strengths and weaknesses === Greece enjoys a high standard of living and very high Human Development Index, being ranked 32nd in the world in 2019.
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.
By 2019, the percentage of Greek households with Internet access and a broadband connection had reached 78.5% and 78.1% respectively. === Tourism === Tourism in the modern sense has only started to flourish in Greece in the years post-1950, although tourism in ancient times is also documented in relation to religious or sports festivals such as the Olympic Games.
The country returned to modest growth rates of 1.3% in 2017, 1.6% in 2018 and 1.9% in 2019, but suffered a severe recession of an estimated 8.2% of GDP in 2020 due to the COVID-19 pandemic. == History == 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.
Unemployment figures have steadily improved in recent years, with the overall rate falling to 14.4% and youth unemployment dropping to 32.4% in March 2020. ===Eurozone entry=== Greece was accepted into the Economic and Monetary Union of the European Union by the European Council on 19 June 2000, based on a number of criteria (inflation rate, budget deficit, public debt, long-term interest rates, exchange rate) using 1999 as the reference year.
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. === Trade === Since the start of the debt crisis, Greece's negative balance of trade has decreased significantly—from €44.3 billion in 2008 to €18 billion in 2020.
In 2020, exports decreased by 9.2% and imports fell by 12.7%. Greece is also the largest import partner of Cyprus (18.0%) and the largest export partner of Palau (82.4%). == Transport == As of 2012, Greece had a total of 82 airports, of which 67 were paved and six had runways longer than 3,047 meters.
As of 2021, Greece is the fourteenth-largest economy in the 27-member European Union.
According to IMF figures for 2021, Greece's GDP per capita is $19,673 at nominal value and $30,495 at purchasing power parity. Greece is a developed country with an economy based on the service (80%) and industrial sectors (16%), with the agricultural sector contributing an estimated 4% of national economic output in 2017.
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Page generated on 2021-08-05