IMF..............................................WB...........................................CIA
rank/measure...........................rank/measure...............................rank/measure
2 7/28,152..........................21/32,166....................................28/29,385
Greek agriculture, shipping and tourism
| |
| Rank | 42nd (nominal, 2012 est.)[1] 45th (PPP, 2012 est.)[2] |
|---|---|
| Currency | 1 euro (ευρώ) = 100 cents (λεπτά)[3] |
| Fiscal year | Calendar year[4] |
| Trade organisations | EU, WTO, OECD, BSEC[4] |
| Statistics | |
| GDP |
$249.199 billion (nominal, 2012)[6] $273.897 billion (PPP, 2012)[6] |
| GDP growth | −3.0% (Q3 2013 est.)[7] |
| GDP per capita |
$22,072 (nominal, 2012)[6] $24,260 (PPP, 2012)[6] |
| GDP by sector | services: 80.6%; industry: 16%; agriculture: 3.4% (2012 est.) |
| Inflation (CPI) | −1.7% (December 2013)[8] |
| Population below poverty line | 34.6% (3.795 million) at risk of poverty or social exclusion (2012)[9] |
| Gini coefficient | 34.3 (2012)[10] |
| Labour force | 4,985,299 (October 2013)[11] |
| Labour force by occupation | services: 70.3%; industry: 16.7%; agriculture: 13% (2012 est.)[12] |
| Unemployment | 27.8% (October 2013)[11] |
| Average gross salary | €20,435 (2011; annual)[13] |
| Average net salary | €10,676 (2012; annual, equivalised)[14] |
| Median net salary | €9,513 (2012; annual, equivalised)[14] |
| Main industries | shipping (4th; 2011),[15][16] tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum[4] |
| Ease of doing business rank | 72nd[17] |
| External | |
| Exports | €27.6 billion ( 13.5%; 2012 est.)[18] |
| Export goods | petroleum oils (not crude), etc 38.88%, aluminium and articles thereof 4.38%; electrical, electronic equipment 3.75%; pharmaceutical products 3.48%; plastics and articles thereof 3.32%; vegetables, fruits, etc 3.18%; iron and steel products 3.03% (2012)[19] |
| Main export partners |  Turkey 10.8%, Italy 7.5%, Germany 6.2%, Bulgaria 5.5%, Cyprus 4.8%, USA 3.8%, UK 3% (2012)[19] |
| Imports | €49.2 billion (1.7%; 2012 est.)[18] |
| Import goods | crude petroleum oils, etc 37.47%; electrical, electronic equipment 6.48%; pharmaceutical products 5.92%; machinery, etc 4.2%; ships, boats, etc 4.13%; plastics and articles thereof 2.72%; cars, car parts, motorcycles, etc 2.72% (2012)[19] |
| Main import partners |  Russia 12.6%, Germany 9.2%, Italy 7.7%, Saudi Arabia 5.6%, China 4.8%, Netherlands 4.6%, France 4.2% (2012) |
The economy of Greece is the 42nd or 45th largest in the world at $249 billion or $286 billion by nominal gross domestic product orpurchasing power parity respectively, according to World Bank statistics for the year 2012. As of 2013, Greece is the thirteenth largest economy in the 28-member European Union. In terms of per capita income, Greece is ranked 37th or 40th in the world at $22,083 and $25,331 for nominal GDP and purchasing power parity respectively.
A developed country, the economy of Greece mainly revolves around the service sector (80.6%) and industry (16%), while agriculture made up an estimated 3.4% of the national economic output in 2012. Important Greek industries include tourism and shipping. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15.17% of global deadweight tonnage as of 1 January 2013. With 15.5 million international tourist arrivals in 2012, Greece was the seventh most visited country in the European Union and sixteenth in the world. The country is also a significant agricultural producer within the EU. With an economy larger than all the Balkan economies combined, Greece is the largest economy in the Balkans, and an important regional investor. Greece is the number-two foreign investor of capital in Albania, the number-three foreign investor in Bulgaria, at the top-three foreign investors in Romania and Serbia and the most important trading partner and largest foreign investor of the Republic of Macedonia. Greek banks open a new branch somewhere in the Balkans on an almost weekly basis. The Greek telecommunications company OTE has become a strong investor in Yugoslavia and other Balkan countries.
Greece is classified as an advanced, high-income economy, and was a founding member of the Organisation for Economic Co-operation and Development (OECD) and the Organization of the Black Sea Economic Cooperation (BSEC). The Treaty of Accession of Greece to the European Communities was signed in Athens on 28 May 1979, and the country formally joined what is now the European Unionon 1 January 1981. On 1 January 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachmae per euro. Greece is also a member of the International Monetary Fund and the World Trade Organization, and is ranked 31st on the KOF Globalization Index for 2010 and 34th on the Ernst & Young’s Globalization Index 2011.
The country's economy was devastated by the Second World War, and the high levels of economic growth that followed throughout the 1950s to 1970s are dubbed the Greek economic miracle. Since the turn of the millennium, Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.9% in 2003 and 5.5% in 2006. The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider Eurozone crisis, plunged the economy into a sharp downturn, with real GDP growth rates of −0.2% in 2008, −3.1% in 2009, −4.9% in 2010, −7.1% in 2011 and −6.4% in 2012. In 2011, the country's public debt reached €355.141 billion (170.3% of nominal GDP). After negotiating the biggest debt restructuring in history with the private sector, Greece reduced its sovereign debt burden to €280.4 billion (136.5% of GDP) in the first quarter of 2012.
