The economy of Greece is the 54th largest in the world, with a nominal gross domestic product (GDP) of $250.276 billion per annum. In terms of purchasing power parity, Greece is the world's 55th largest economy, at $430.125 billion per annum. As of 2023, Greece is the sixteenth largest economy in the European Union and eleventh largest in the eurozone. According to the International Monetary Fund's figures for 2024, Greece's GDP per capita is $23,966 at nominal value and $41,188 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. Important Greek industries include tourism and shipping. With 31.3 million international tourists in 2019, Greece was the 7th most visited country in the European Union and 13th in the world, marking a steady increase from 18 million tourists in 2013. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 21% of global deadweight tonnage as of 2021. The total capacity of the Greek-owned fleet has increased by 45.8% compared to 2014. The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.<br>The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is an important regional investor. 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 Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries.
Top Sectors in Greece
Agriculture and fishery in Greece
Agriculture contributes 3.8% of the country's GDP and employs 12.4% of the country's labor force. Greece is a major beneficiary of the Common Agricultural Policy of the European Union. As a result of the country's entry to the European Community, much of its agricultural infrastructure has been upgraded and agricultural output increased.
Industry in Greece
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. Greece has a significant shipbuilding and ship maintenance industry. The six shipyards around the port of Piraeus are among the largest in Europe. In recent years, Greece has become a leader in the construction and maintenance of luxury yachts.
Maritime industry in Greece
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. The Greek merchant navy's total dwt of nearly 245 million is comparable only to Japan's, which is ranked second with almost 224 million. Additionally, Greece represents 39.52% of all of the European Union's dwt. 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. 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). An additional equivalent of 27.45% of the world's tanker dwt is on order, with another 12.7% of bulk carriers also on order. Shipping accounts for an estimated 6% of Greek GDP, employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit. 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". In 2022, Greek used vessel sales were second only to China's.
Tourism in Greece
Among the member states of the European Union, Greece was the most popular destination for residents of Cyprus and Sweden in 2011. The ministry responsible for tourism is the Ministry of Culture and Tourism, while Greece also owns the Greek National Tourism Organization which aims in promoting tourism in Greece. In recent years a number of well-known tourism-related organizations have placed Greek destinations in the top of their lists. In 2009 Lonely Planet ranked Thessaloniki, the country's second-largest city, the world's fifth best "Ultimate Party Town", alongside cities such as Montreal and Dubai, while in 2011 the island of Santorini was voted as the best island in the world by Travel + Leisure. The neighboring island of Mykonos was ranked as the 5th best island Europe. Thessaloniki was the European Youth Capital in 2014.
17 Dec 2024
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