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Business images of Greece

Economy of Greece

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.


Greece - Key Economic Indicators

Exports & Imports

Greece's economy relies on exports of goods and services, particularly: (i) Tourism: Tourism is a major source of foreign exchange, with Greece attracting millions of visitors annually. (ii) Shipping: Greece boasts a large merchant marine fleet, contributing significantly to export earnings. (iii) Agricultural products: Greece exports products like olives, olive oil, fruits, and vegetables.(iv) Industrial goods: Manufactured goods like chemicals, pharmaceuticals, and refined petroleum products are also exported.

Infrastructure Development

Greece has made strides in infrastructure development in recent years. The total road network is estimated to be over 116,000 kilometers, with ongoing efforts to improve highways and rural roads. Other infrastructure projects include upgrades to ports, railways, and the power grid.

Fiscal Policy

The Greek government aims to achieve a balance between promoting economic growth and managing public debt. In the wake of the financial crisis, they focused on austerity measures to reduce the debt burden. However, they are now shifting towards policies that support growth through investments and social programs.

Monetary Policy

As a member of the Eurozone, Greece doesn't have an independent monetary policy. The European Central Bank (ECB) sets monetary policy for the entire Eurozone, focusing on maintaining price stability through interest rate adjustments and other measures.

Trade Agreements

Greece benefits from its membership in the European Union (EU), which grants access to a large free trade market with minimal trade barriers. Additionally, they have trade agreements with other countries, further expanding their export opportunities.

Environmental Regulations

Greece faces environmental challenges like desertification, air pollution, and water resource management. The country has implemented environmental regulations to address these issues, promoting renewable energy sources and waste management practices. However, enforcing these regulations effectively remains a challenge due to limited resources and competing economic interests.

Tax system

Capital Gains Tax: Capital gains tax rates in Greece can vary depending on the type of asset and holding period. (i) Capital gains from the sale of most stocks and bonds are generally taxed at a flat rate of 15%. (ii) Capital gains on real estate held for less than one year are taxed at the taxpayer's marginal income tax rate (which can be as high as 45%). However, if the property is held for longer, the capital gains tax rate may be reduced or even eliminated.
Corporate Tax Rate: The general corporate tax rate in Greece is 22%. However, some exceptions exist: (i) Small and medium-sized enterprises (SMEs) may qualify for a lower corporate tax rate. (ii)iSpecific industries or newly established businesses may benefit from temporary tax breaks or lower rates.
Sales Tax: Greece uses a Value Added Tax (VAT) system with a standard rate of 24% applied to most goods and services. A reduced VAT rate of 13% applies to certain essential goods and services like food and public transportation.
Property Tax: An annual property tax is levied on real estate in Greece. Rates can vary depending on the property type, location, and value. There are also additional property taxes levied on transactions like inheritance and property transfers.
Payroll Tax: Greece has a social security system funded in part by payroll taxes. Employers and employees each contribute a percentage of wages and salaries towards social security. The combined contribution rate is around 38.3%.
Tax Deductions and Credits: Greece offers various tax deductions and credits to incentivize specific activities, such as: (i) Investment deductions for businesses in certain sectors. (ii) Tax breaks for research and development activities.(iii) Exemptions for specific industries or types of income. (iv) Deductions for medical expenses, charitable contributions, and mortgage interest.
Tax Compliance: The efficiency of tax collection in Greece has improved in recent years. However, challenges persist, particularly with regards to the informal sector.

2877 Live Notices for Greece ....

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Personal Building
country Greece
posting date29 Mar 2025
deadline13 Apr 2025
Personal Building
country Greece
posting date29 Mar 2025
deadline13 Apr 2025
Personal Building
country Greece
posting date29 Mar 2025
deadline13 Apr 2025
Supply & Installation Of Third Industrial Spature And Industrial Roll.
country Greece
posting date29 Mar 2025
deadline13 Apr 2025
"Call For Expressions Of Interest For The Supply Of Dada Vehicle Repair Repair Spare Parts."
country Greece
posting date29 Mar 2025
deadline13 Apr 2025
Expenses Of Cultural Activities (Supply Of Posters, Banner, Promotions & Programs For The Event
country Greece
posting date29 Mar 2025
deadline13 Apr 2025
Supply Of Dishes For The Event Organized By The Sykouri Music Association
country Greece
posting date29 Mar 2025
deadline13 Apr 2025
Responsible Money, Municipality Of Mandoudiou - Limis -Ag. Anna
country Greece
posting date29 Mar 2025
deadline02 May 2025
Energy Upgrading Of The Department Of Pedagogy Of The University Of Patras
country Greece
posting date29 Mar 2025
deadline25 Apr 2025
Maintenance And Repair Networks
country Greece
posting date29 Mar 2025
deadline16 Apr 2025
Maintenance Municipality Municipality Of Kesarianis
country Greece
posting date29 Mar 2025
deadline24 Apr 2025
"Rehabilitation Of The Catholic Holy Monastery Of Vosakos"
country Greece
posting date29 Mar 2025
deadline28 Apr 2025
Anthochoriou Source Reporting (Project 18/2024)
country Greece
posting date29 Mar 2025
deadline16 Apr 2025
Flood -Proof Works Pe Argolidas 2024
country Greece
posting date29 Mar 2025
deadline14 Apr 2025
Replacements In Vlachopoulou Pylou Primary School And In The Pylos Gym
country Greece
posting date29 Mar 2025
deadline23 Apr 2025
Creation Of A Down Primary Zone Performance Of Settings, Introduction Of Or Orders And Forthers
country Greece
posting date29 Mar 2025
deadline15 Apr 2025
Reduction Of New Water Grounds For Treatment Of Lipsydria Phenomenon In Dk Dafnoulas, Kallikomou, Makrision, Samamios Municipality - Kreston
country Greece
posting date29 Mar 2025
deadline10 Apr 2025
Restore Functional Deep Port Of Souvala Aegina
country Greece
posting date29 Mar 2025
deadline04 Apr 2025
Kozanhs General Hospital "Mamatsio" - 2Nd Consultation On The Supply "Training Cardings Of Hospital Wastes"
country Greece
posting date29 Mar 2025
deadline05 Apr 2025
Greak "The Saint Anargys" - 2Nd Consultation For The Supply Of "Spillon Maper System"
country Greece
posting date29 Mar 2025
deadline05 Apr 2025

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