What is the situation with the Greek economy?

The economy of Greece is the 15th largest economy in the 27-person European Union and the 34th largest country in the world by nominal gross domestic product.

Greece is very dependent on the EU structural funds, since January 2001 it has been part of the euro zone.

A developed Greek economy is based on the services sector (85%) and industry (12%), while the agricultural sector represents only 3% of national economic production.

Greece has a capitalist economy with a public sector accounting for around 40% of GDP and with a per capita GDP of around 2/3 of the leading economies in the euro zone. Tourism is a major source of income and offers 18% of GDP.

Immigrants make up nearly one fifth of the labor force, mainly in agricultural and unskilled jobs. Greece benefits from EU aid, around 3.3% of annual GDP.

Greece Economic growth

Economic growth is very slow this year. A slight upturn in private consumption, supported by falling unemployment and recent minimum wage increases, and a recovery in investment activity amid a better business climate, should support overall expansion.

written by ILBE staff

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