Economy of Greece

From Wikipedia, the free encyclopedia

Economy of Greece
Greece economy collage.png
Greek agriculture, shipping and tourism, important sectors of the Greek economy
CurrencyEuro (EUR, €)
Calendar year[1]
Trade organisations
Country group
PopulationDecrease 10,432,481 (23 November 2021)[5]
  • Increase $222.008 billion (nominal, 2022 est.)[6]
  • Increase $387.801 billion (PPP, 2022 est.)[6]
GDP rank
GDP growth
GDP per capita
  • Increase $20,876 (nominal, 2022 est.)[6]
  • Increase $36,466 (PPP, 2022 est.)[6]
GDP per capita rank
GDP by sector
  • 6.1% (February 2023)[12]
  • 9.2% (2022 est.)[6]
  • 0.6% (2021)[6]
  • −1.3% (2020)[6]
Population below poverty line
Negative increase 28.3% at risk of poverty or social exclusion (2021)[13]
Negative increase 32.4 medium (2021)[14]
Labour force
  • Decrease 4,647,477 (January 2023)[17]
  • Increase 62.6% employment rate (20 to 64-year-olds, 2021)[18]
Labour force by occupation
  • Positive decrease 10.8% (January 2023)[17]
  • Positive decrease 28.1% youth unemployment (under 25s, January 2023)[17]
Average gross salary
Increase €16,250 (2021; annual)[19]
Increase €9,382 (2019; annual, equivalised)[20]
Main industries
shipping and shipbuilding (4th; 2011),[21][22] tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum[1]
Decrease 79th (easy, 2020)[23]
Exports€54.6991 billion (Increase 36.8%; 2022 est.)[24]
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)[25]
Main export partners
Imports€93.05 billion (Increase 42.2%; 2022 est.)[24]
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)[25]
Main import partners
FDI stock
Increase $65.12 billion (31 December 2017 est.)[1]
Increase −$3.114 billion (2019 est.)[1]
Positive decrease €436.071 billion (Q2 2016, provisional)[28]
Increase −€234.542 billion (Q2 2016, provisional)[29]
Public finances
€357.431 billion (Positive decrease 178.2% of GDP; Q3 2022 est.)[30]
−€13.538 billion (Increase −7.5% of GDP, 2021 est.)[31]
RevenuesIncrease 50.0% of GDP (2021 est.)[31]
ExpensesPositive decrease 57.4% of GDP (2021 est.)[31]
Increase $14.447 billion (31 December 2021 est.)[1]

The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $222.008 billion per annum.[6] In terms of purchasing power parity, Greece is the world's 54th largest economy, at $387.801 billion per annum.[6] As of 2021, Greece is the sixteenth-largest economy in the European Union.[38] According to the International Monetary Fund's figures for 2022, Greece's GDP per capita is $20,876 at nominal value and $36,466 at purchasing power parity.[6]

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.[1] Important Greek industries include tourism and shipping. With 18 million international tourists in 2013, Greece was the 7th most visited country in the European Union and 16th in the world.[39] The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013.[40] The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.[41]

The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is an important regional investor.[42][43] Greece was the largest foreign investor in Albania in 2013,[44] 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.[45][46][47] The Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries.[45]

Greece is classified as an advanced,[48] high-income economy,[49] and was a founding member of the Organisation for Economic Co-operation and Development (OECD) and of the Organization of the Black Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981.[50] In 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachmae per euro.[50][51] 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.[52]

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.[53] From 2000 Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.8% in 2003 and 5.7% in 2006.[54] 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 −2.5% in 2013.[11][10] In 2011, the country's public debt reached €356 billion (172% of nominal GDP).[55] After negotiating the biggest debt restructuring in history with the private sector, a loss of 100 billions for bonds private investors,[56] Greece reduced its sovereign debt burden to €280 billion (137% of GDP) in the first quarter of 2012.[57] Greece achieved a real GDP growth rate of 0.5% in 2014—after 6 years of economic decline—but contracted by 0.2% in 2015 and by 0.5% in 2016.[10][11][58][59] The country returned to modest growth rates of 1.1% in 2017, 1.7% in 2018 and 1.8% in 2019.[10][11] GDP contracted by 9% in 2020 during the global recession caused by the COVID-19 pandemic.[6][10][11] However, the economy rebounded by 8.3% in 2021.[6][9] On 20 August 2022, Greece formally exited the EU's "enhanced surveillance framework", which had been in place since the conclusion of the third bailout package exactly four years earlier.[60] According to Prime Minister Kyriakos Mitsotakis, the event heralded "greater national leeway in our economic choices" and marked the end of a "12-year cycle that brought pain to citizens".[60]


Export of raisin from the port of Patras, late 19th century
Historical GDP per capita development

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. Recent research from 2006[61] 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. Industrial activity, (including heavy industry like shipbuilding) was evident, mainly in Ermoupolis and Piraeus.[62][63] Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1826, 1843, 1860 and 1893.[64]

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,[65][66] 75% in 1980, 90% in 2007, 96.4% in 2008 and 97.9% in 2009.[67][68]

The country's post-World War II development has largely been connected with the Greek economic miracle.[53] During that period, Greece saw growth rates second only to those of Japan, while ranking first in Europe in terms of GDP growth.[53] 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.[53] Also during that period, exports grew by an average annual rate of 12.6%.[53]

Strengths and weaknesses[edit]

Greece enjoys a high standard of living and very high Human Development Index, being ranked 32nd in the world in 2019.[69] 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.[70][71] During the same period, Actual Individual Consumption (AIC) per capita fell from 104% to 78% of the EU average.[70][71]

Greece's main industries are tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum. Greece's GDP growth has also, as an average, since the early 1990s been higher than the EU average. However, the Greek economy continues to face significant problems, including high unemployment levels, an inefficient public sector bureaucracy, tax evasion, corruption and low global competitiveness.[72][73]

Greece is ranked 58th in the world, and 23rd among EU member states, on the Corruption Perceptions Index.[74] This represents a steady improvement over recent years (roughly returning to its pre-crisis ranking [75]), especially as compared to its worst performance, which occurred during the culmination of the Debt Crisis, in 2012: in that particular year it had dropped to 94th in the world and last in the EU.[76] However, Greece still has the EU's lowest Index of Economic Freedom and second lowest Global Competitiveness Index, ranking 77th and 59th in the world respectively.[77][78]

GDP growth rates of the Greek economy between 1961 and 2010

After fourteen consecutive years of economic growth, Greece went into recession in 2008.[79] 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.[80] 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.[81]

Greece was accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis.[82] 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%). However, the accuracy of the revised figures has also been questioned, and in February 2012 the Hellenic Parliament voted in favor of an official investigation following accusations by a former member of the Hellenic Statistical Authority that the deficit had been artificially inflated in order to justify harsher austerity measures.[83][84]

Average GDP growth by era[54]
1961–1970 8.44%
1971–1980 4.70%
1981–1990 0.70%
1991–2000 2.36%
2001–2007 4.11%
2008–2011 −4.8%
2012–2015 −2.52%

The Greek labor force, which amount around 5 million workers, average 2,032 hours of work per worker annually in 2011, is ranked fourth among OECD countries, after Mexico, South Korea and Chile.[85] 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).[86]

As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011,[87] The volume of building activity saw a reduction of 73% in 2010.[88] Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011.[89]

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.[90][91][92] Youth unemployment peaked at 64.9% in May 2013.[93] Unemployment figures have steadily improved in recent years, with the overall rate falling to 10.8% in January 2023 and youth unemployment dropping to 27.9% in October 2022.[17][94]

Eurozone entry[edit]

Average Public Debt-to-GDP
Country Average Public
Debt-to-GDP (% of GDP)
United Kingdom 104.7
Belgium 86.0
Italy 76.0
Canada 71.0
France 62.6
Greece 60.2
United States 47.1
Germany 32.1
Greece entered the Eurozone in 2001

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. 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.[97] However, even after all corrections that followed, the reference year budget deficit did not exceed the allowable upper limit (3%) according to the Eurostat accounting method in force at the time of application, and thus Greece had still met all critiera for Eurozone entry (details given below).

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.[98] 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. This led to claims that Greece (similar claims have been made about other European countries like Italy)[99] had not actually met all five accession criteria, and the common perception that Greece entered the Eurozone through "falsified" deficit numbers.

In the 2005 OECD report for Greece,[100] it was clearly stated that "the impact of new accounting rules on the fiscal figures for the years 1997 to 1999 ranged from 0.7 to 1 percentage point of GDP; this retroactive change of methodology was responsible for the revised deficit exceeding 3% in 1999, the year of [Greece's] EMU membership qualification". The above led the Greek minister of finance to clarify that the 1999 budget deficit was below the prescribed 3% limit when calculated with the ESA79 methodology in force at the time of Greece's application, and thus the criteria had been met.[101]

The original accounting practice for military expenses was later restored in line with Eurostat recommendations, theoretically lowering even the ESA95-calculated 1999 Greek budget deficit to below 3% (an official Eurostat calculation is still pending for 1999).

An error sometimes made is the confusion of discussion regarding Greece's Eurozone entry with the controversy regarding usage of derivatives' deals with U.S. Banks by Greece and other Eurozone countries to artificially reduce their reported budget deficits. A currency swap arranged with Goldman Sachs allowed Greece to "hide" 2.8 billion Euros of debt, however, this affected deficit values after 2001 (when Greece had already been admitted into the Eurozone) and is not related to Greece's Eurozone entry.[102]

A study of the period 1999–2009 by forensic accountants has found that data submitted to Eurostat by Greece, among other countries, had a statistical distribution indicative of manipulation; "Greece with a mean value of 17.74, shows the largest deviation from Benford's law among the members of the eurozone, followed by Belgium with a value of 17.21 and Austria with a value of 15.25".[103][104]

2010–2018 government debt crisis[edit]

Greece's debt percentage since 1977, compared to the average of the Eurozone

Historical Debt[edit]

Greece, like other European nations, had faced debt crises in the 19th century, as well as a similar crisis in 1932 during the Great Depression. In general, however, during the 20th century it enjoyed one of the highest GDP growth rates on the planet [105] (for a quarter century from the early 1950s to mid 1970s, second in the world after Japan). Average Greek government debt-to-GDP for the entire century before the crisis (1909-2008) was lower than that for the UK, Canada, or France,[95][96] while for the 30-year period (1952-1981) until entrance into the European Economic Community, the Greek government debt-to-GDP ratio averaged only 19.8%.[96]

Between 1981 and 1993 Greece's government debt-to-GDP ratio steadily rose, surpassing the average of what is today the Eurozone in the mid-1980s (see chart right). For the next 15 years, from 1993 to 2007 (i.e., before the Financial crisis of 2007–2008), Greece's government debt-to-GDP ratio remained roughly unchanged (the value was not affected by the 2004 Athens Olympics), averaging 102%[96][106] - a value lower than that for Italy (107%) and Belgium (110%) during the same 15-year period,[96] and comparable to that for the U.S. or the OECD average in 2017.[107]

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. 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). These corrections, although altering the debt level by a maximum of about 10%, resulted in a popular notion that "Greece was previously hiding its debt".

Evolution of the debt crisis[edit]

The Greek crisis was triggered by the turmoil of the Great Recession, which led the budget deficits of several Western nations to reach or exceed 10% of GDP.[95] 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[95]). Thus, the country appeared to lose control of its public debt to GDP ratio, which already reached 127% of GDP in 2009.[108] 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. Consequently, Greece was "punished" by the markets which increased borrowing rates, making impossible for the country to finance its debt since early 2010.

Thus, the Greek economy faced its most-severe crisis since the restoration of democracy in 1974 as the Greek government revised its deficit forecasts from 3.7% in early 2009 and 6% in September 2009, to 12.7% of gross domestic product (GDP) in October 2009.[109][110]

The aforementioned budget deficit and debt revisions were connected with findings that, through the assistance of Goldman Sachs, JPMorgan Chase and numerous other banks, financial products were developed which enabled the governments of Greece, Italy and many other European countries to hide parts of their borrowing.[111][112] Dozens of similar agreements were concluded across Europe whereby banks supplied cash in advance in exchange for future payments by the governments involved; in turn, the liabilities of the involved countries were "kept off the books".[112][113][114][115][116][117]

According to Der Spiegel, credits given to European governments were disguised as "swaps" and consequently did not get registered as debt because Eurostat at the time ignored statistics involving financial derivatives. A German derivatives dealer had commented to Der Spiegel that "The Maastricht rules can be circumvented quite legally through swaps," and "In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank."[117] These conditions had enabled Greek as well as many other European governments to spend beyond their means, while meeting the deficit targets of the European Union and the monetary union guidelines.[118][119][120][121][122][123][124][112][125] In May 2010, the Greek government deficit was again revised and estimated to be 13.6%[126] which was among the highest relative to GDP, with Iceland in first place at 15.7% and the United Kingdom third with 12.6%.[127][dubious ] Public debt was forecast, according to some estimates, to hit 120% of GDP during 2010.[128]

Greek bonds
  20 year
  15 year
  10 year
  5 year
  1 year
  3 month
  1 month

As a consequence, there was a crisis in international confidence in Greece's ability to repay its sovereign debt, as reflected by the rise of the country's borrowing rates (although their slow rise – the 10-year government bond yield only exceeded 7% in April 2010 – coinciding with a large number of negative articles, has led to arguments about the role of international news media in the evolution of the crisis). 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 €45 billion in bail-out loans, with more funds to follow, totaling €110 billion.[129][130] In order to secure the funding, Greece was required to adopt harsh austerity measures to bring its deficit under control.[131] Their implementation was to be monitored and evaluated by the European Commission, the European Central Bank and the IMF.[132][133]

The financial crisis – particularly the austerity package put forth by the EU and the IMF – has been met with anger by the Greek public, leading to riots and social unrest, while there have been theories about the effect of international media. Despite - others say because of - the long range of austerity measures, the government deficit has not been reduced accordingly, mainly, according to many economists, because of the subsequent recession.[134][135][136][137][138]

Public sector workers have come out on strike in order to resist job cuts and reductions to salaries as the government promises that a large scale privatisation programme will be accelerated.[139] Immigrants are sometimes treated as scapegoats for economic problems by far-right extremists.[140]

In 2013, Greece became the first developed market to be reclassified as an emerging market by different financial rating companies.[141][142][143]

By July 2014 there were still anger and protests about the austerity measures, with a 24-hour strike among government workers timed to coincide with an audit by inspectors from the International Monetary Fund, the European Union and European Central Bank in advance of a decision on a second bailout of one billion euros ($1.36 billion), due in late July.[144]

Greece exited its six-year recession in the second quarter of 2014,[58][145] but the challenges of securing political stability and debt sustainability remain.[146]

A third bailout was agreed in July 2015, after a confrontation with the newly elected leftist government of Alexis Tsipras. 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.[147] The International Monetary Fund stated that the country should be able to borrow again "in due course". At the time, the Euro zone gave Greece another credit of $9.5-billion, $8.5 billion of loans and brief details of a possible debt relief with the assistance of the IMF.[148] 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.[149]

Greece's bailouts successfully ended (as declared) on 20 August 2018.[150]

Effects of the bailout programmes on the debt crisis[edit]

There was a 25% drop in Greece's GDP, connected with the bailout programmes.[151][152] 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%[153] to about 170%, solely due to the GDP drop (i.e., for the same Debt). Such a level is considered unsustainable.[citation needed] 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.[154][155][156][152]

COVID-19 recession[edit]

The COVID-19 pandemic significantly impacted all sectors of the Greek economy, and tourism in particular. As a result, GDP shrank by 9% in 2020,[6][10][11] but rebounded by 8.3% in 2021.[6][9] In June 2021, the European Commission agreed to disburse approximately 30 billion Euros in COVID-19 related economic aid (12 billion in loans and 18 billion in grants).[157]


The following table shows the main economic indicators in 1980–2020 (with IMF staff estimates in 2021–2026). Inflation below 5% is in green.[158]

Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)


(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth


Inflation rate

(in Percent)


(in Percent)

Government debt

(in % of GDP)

1980 84.2 8,790.0 56.5 5,898.2 Increase0.7% Negative increase24.7% 2.7% 22.7%
1981 Increase90.8 Increase9,358.0 Decrease52.2 Decrease5,377.0 Decrease-1.6% Negative increase24.4% Negative increase4.0% Negative increase26.9%
1982 Increase95.3 Increase9,766.5 Increase54.4 Increase5,576.5 Decrease-1.1% Negative increase21.4% Negative increase5.8% Negative increase29.6%
1983 Increase98.0 Increase9,974.8 Decrease49.2 Decrease5,008.0 Decrease-1.1% Negative increase19.9% Negative increase7.9% Negative increase33.9%
1984 Increase103.5 Increase10,487.8 Decrease47.9 Decrease4,854.2 Increase2.0% Negative increase18.4% Negative increase8.1% Negative increase40.4%
1985 Increase109.5 Increase11,038.4 Decrease47.5 Decrease4,791.8 Increase2.5% Negative increase19.5% Positive decrease7.8% Negative increase47.0%
1986 Increase112.3 Increase11,284.9 Increase55.9 Increase5,623.2 Increase0.5% Negative increase23.1% Positive decrease7.4% Negative increase47.5%
1987 Increase112.5 Decrease11,262.1 Increase65.1 Increase6,522.4 Decrease-2.3% Negative increase16.4% Steady7.4% Negative increase52.9%
1988 Increase121.4 Increase12,122.1 Increase75.8 Increase7,568.3 Increase4.3% Negative increase13.5% Negative increase7.7% Negative increase57.6%
1989 Increase131.0 Increase13,021.1 Increase78.6 Increase7,812.8 Increase3.8% Negative increase13.7% Positive decrease7.5% Negative increase60.3%
1990 Increase135.9 Increase13,424.6 Increase97.1 Increase9,597.7 Increase0.0% Negative increase20.3% Positive decrease7.0% Negative increase73.8%
1991 Increase144.8 Increase14,097.7 Increase104.7 Increase10,196.2 Increase3.1% Negative increase19.5% Negative increase7.7% Negative increase75.3%
1992 Increase149.2 Increase14,387.2 Increase115.5 Increase11,139.4 Increase0.7% Negative increase15.9% Negative increase8.7% Negative increase80.6%
1993 Increase150.2 Increase14,404.0 Decrease108.1 Decrease10,363.6 Decrease-1.6% Negative increase14.4% Negative increase9.7% Negative increase101.1%
1994 Increase156.5 Increase14,921.6 Increase115.7 Increase11,029.1 Increase2.0% Negative increase10.9% Positive decrease9.6% Positive decrease99.1%
1995 Increase163.2 Increase15,486.3 Increase135.8 Increase12,887.9 Increase2.1% Negative increase8.8% Negative increase10.0% Negative increase99.8%
1996 Increase170.9 Increase16,141.0 Increase144.6 Increase13,660.5 Increase2.9% Negative increase7.9% Negative increase10.3% Negative increase102.2%
1997 Increase181.6 Increase17,089.5 Decrease142.1 Decrease13,370.3 Increase4.5% Negative increase5.4% Steady10.3% Positive decrease100.3%
1998 Increase190.8 Increase17,847.6 Increase143.4 Increase13,412.6 Increase3.9% Increase4.5% Negative increase11.2% Positive decrease98.3%
1999 Increase199.5 Increase18,560.4 Increase148.2 Increase13,784.4 Increase3.1% Increase2.1% Negative increase12.1% Negative increase99.7%
2000 Increase212.0 Increase19,674.1 Decrease131.1 Decrease12,164.7 Increase3.9% Increase2.9% Positive decrease11.4% Negative increase105.8%
2001 Increase225.7 Increase20,831.6 Increase135.2 Increase12,473.3 Increase4.1% Increase3.6% Positive decrease10.8% Negative increase108.0%
2002 Increase238.2 Increase21,880.8 Increase153.2 Increase14,065.8 Increase3.9% Increase3.9% Positive decrease10.4% Positive decrease105.8%
2003 Increase257.0 Increase23,546.0 Increase200.6 Increase18,378.3 Increase5.8% Increase3.5% Positive decrease9.8% Positive decrease102.3%
2004 Increase277.3 Increase25,344.7 Increase238.8 Increase21,829.5 Increase5.1% Increase3.0% Negative increase10.6% Negative increase103.7%
2005 Increase287.7 Increase26,225.3 Increase245.9 Increase22,417.6 Increase0.6% Increase3.5% Positive decrease10.0% Negative increase108.3%
2006 Increase313.3 Increase28,472.1 Increase271.3 Increase24,648.9 Increase5.7% Increase3.3% Positive decrease9.0% Positive decrease104.5%
2007 Increase332.3 Increase30,113.4 Increase316.3 Increase28,656.2 Increase3.3% Increase3.0% Positive decrease8.4% Positive decrease104.0%
2008 Increase337.6 Increase30,519.1 Increase352.9 Increase31,902.0 Decrease-0.3% Increase4.2% Positive decrease7.8% Negative increase110.3%
2009 Decrease325.1 Decrease29,304.2 Decrease328.2 Decrease29,577.6 Decrease-4.3% Increase1.3% Negative increase9.6% Negative increase127.8%
2010 Decrease310.8 Decrease27,953.6 Decrease297.4 Decrease26,743.4 Decrease-5.5% Increase4.7% Negative increase12.7% Negative increase147.5%
2011 Decrease285.1 Decrease25,628.8 Decrease282.9 Decrease25,437.0 Decrease-10.1% Increase3.1% Negative increase17.9% Negative increase183.9%
2012 Decrease275.2 Decrease24,819.2 Decrease242.2 Decrease21,846.0 Decrease-7.1% Increase1.0% Negative increase24.4% Positive decrease162.0%
2013 Increase284.5 Increase25,857.3 Decrease238.6 Decrease21,679.7 Decrease-2.7% Increase-0.9% Negative increase27.5% Negative increase179.0%
2014 Increase290.2 Increase26,558.2 Decrease235.7 Decrease21,568.0 Increase0.7% Increase-1.4% Positive decrease26.5% Negative increase181.5%
2015 Decrease289.2 Increase26,636.8 Decrease195.4 Decrease17,997.4 Decrease-0.4% Increase-1.1% Positive decrease24.9% Positive decrease179.0%
2016 Increase296.0 Increase27,448.7 Decrease192.8 Decrease17,879.7 Decrease-0.5% Increase0.0% Positive decrease23.6% Negative increase183.4%
2017 Increase307.5 Increase28,558.3 Increase200.1 Increase18,578.3 Increase1.3% Increase1.1% Positive decrease21.5% Positive decrease182.4%
2018 Increase319.8 Increase29,771.1 Increase212.3 Increase19,769.3 Increase1.6% Increase0.8% Positive decrease19.3% Negative increase189.9%
2019 Increase331.5 Increase30,914.0 Decrease205.3 Decrease19,147.5 Increase1.9% Increase0.5% Positive decrease17.3% Positive decrease184.9%
2020 Decrease307.9 Decrease28,722.3 Decrease189.3 Decrease17,657.1 Decrease-9.0% Increase-1.3% Positive decrease16.4% Negative increase211.2%
2021 Increase339.7 Increase31,820.6 Increase211.6 Increase19,827.2 Increase8.3% Increase-0.1% Positive decrease15.8% Positive decrease206.7%
2022 Increase365.1 Increase34,343.9 Increase224.9 Increase21,155.3 Increase4.6% Increase0.4% Positive decrease14.6% Positive decrease199.4%
2023 Increase383.6 Increase36,236.3 Increase236.2 Increase22,314.0 Increase2.6% Increase1.1% Positive decrease13.1% Positive decrease192.4%
2024 Increase399.3 Increase37,876.8 Increase246.6 Increase23,393.1 Increase1.8% Increase1.6% Positive decrease11.9% Positive decrease188.2%
2025 Increase414.2 Increase39,449.0 Increase257.2 Increase24,491.9 Increase1.5% Increase1.9% Positive decrease11.6% Positive decrease184.0%
2026 Increase428.1 Increase40,939.3 Increase267.0 Increase25,534.6 Increase1.3% Increase1.9% Negative increase11.7% Positive decrease179.6%

Primary sector[edit]

Agriculture and fishery[edit]

In 2010, Greece was the European Union's largest producer of cotton (183,800 tons) and pistachios (8,000 tons)[159] and ranked second in the production of rice (229,500 tons)[159] and olives (147,500 tons),[160] third in the production of figs (11,000 tons) and[160] almonds (44,000 tons),[160] tomatoes (1,400,000 tons)[160] and watermelons (578,400 tons)[160] and fourth in the production of tobacco (22,000 tons).[159] Agriculture contributes 3.8% of the country's GDP[1] and employs 12.4% of the country's labor force.[1]

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. Between 2000 and 2007 organic farming in Greece increased by 885%, the highest change percentage in the EU.[161]

In 2007, Greece accounted for 19% of the EU's fishing haul in the Mediterranean Sea,[162] ranked third with 85,493 tons,[162] and ranked first in the number of fishing vessels in the Mediterranean between European Union members.[162] Additionally, the country ranked 11th in the EU in total quantity of fish caught, with 87,461 tons.[162]

Secondary sector[edit]


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%.[163] Eurostat statistics show that the industrial sector was hit by the Greek financial crisis throughout 2009 and 2010,[164] with domestic output decreasing by 5.8% and industrial production in general by 13.4%.[164] 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%),[164] while it decreased by 11.3% in 2009.[164] The only sector that did not see negative growth in 2009 was administration and services, with a marginal growth of 2.0%.[164]

In 2009, Greece's labor productivity was 98% that of the EU average,[164] but its productivity-per-hour-worked was 74% that the Eurozone average.[164] The largest industrial employer in the country (in 2007) was the manufacturing industry (407,000 people),[164] followed by the construction industry (305,000)[164] and mining (14,000).[164]

Greece has a significant shipbuilding and ship maintenance industry. The six shipyards around the port of Piraeus are among the largest in Europe.[165] In recent years, Greece has become a leader in the construction and maintenance of luxury yachts.[166]

Industrial production (manufacturing) in Greece (2009)[167]
Rank Production Rank Production
Industry Value Industry Value
1 Portland cement €897,378,450 6 Cigarettes €480,399,323
2 Pharmaceuticals €621,788,464 7 Beer €432,559,943
3 Ready-mix concrete €523,821,763 8 Dairy €418,527,007
4 Beverages (non-alcoholic) €519,888,468 9 Aluminium slabs €391,393,930
5 Rebars €499,789,102 10 Coca-Cola products €388,752,443
Total production value: €20,310,940,279
Industrial production (manufacturing) in Greece (2010; provisional data)[168]
Rank Production Rank Production
Industry Value (€) Industry Value (€)
1 Portland cement 699,174,850 6 Ready-mixed concrete 438,489,443
2 Pharmaceuticals (medicaments of mixed or unmixed products (other), p.r.s., n.e.c) 670,923,632 7 Beer made from malt (excluding non-alcoholic beer, beer containing ≤ 0.5% by volume of alcohol, alcohol duty) 405,990,419
3 Waters, with added sugar, other sweetening matter or flavoured, i.e. soft drinks (including mineral and aerated) 561,611,081 8 Milk and cream of a fat content by weight of > 1% but ≤ 6%, not concentrated nor containing added sugar or other sweetening matter, in immediate packings of a net content ≤ 2l 373,780,989
4 Hot rolled concrete reinforcing bars 540,919,270 9 Cigarettes containing tobacco or mixtures of tobacco and tobacco substitutes (excluding tobacco duty) 350,420,600
5 Grated, powdered, blue-veined and other non-processed cheese (excluding fresh cheese, whey cheese and curd) 511,528,250 10 Cheese fondues and other food preparations, n.e.c. 300,883,207
Total production value: €17,489,538,838
p.r.s.: packed for retail sale; n.e.c.: non-elsewhere classifiable


Tertiary sector[edit]

Maritime industry[edit]

Neorion shipyard, located in Ermoupolis
23.2% of the world's total merchant fleet is owned by Greek companies[citation needed], making it the largest in the world. They are ranked in the top 5 for all kinds of ships, including first for tankers and bulk carriers.

Shipping has traditionally been a key sector in the Greek economy since ancient times.[169] In 1813, the Greek merchant navy was made up of 615 ships.[170] Its total tonnage was 153,580 tons and was manned with 37,526 crewmembers and 5,878 cannons.[170] In 1914 the figures stood at 449,430 tons and 1,322 ships (of which 287 were steam boats).[171]

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.[172] 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.[172]

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.[40] 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.[40] Additionally, Greece represents 39.52% of all of the European Union's dwt.[173] However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s.[169]

Greece is ranked fourth in the world by number of ships (3,695), behind China (5,313), Japan (3,991), and Germany (3,833).[40] 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.[173]

In terms of ship categories, Greek companies have 22.6% of the world's tankers[173] and 16.1% of the world's bulk carriers (in dwt).[173] An additional equivalent of 27.45% of the world's tanker dwt is on order,[173] with another 12.7% of bulk carriers also on order.[173] Shipping accounts for an estimated 6% of Greek GDP,[174] employs about 160,000 people (4% of the workforce),[175] and represents 1/3 of the country's trade deficit.[175] Earnings from shipping amounted to €14.1 billion in 2011,[173] while between 2000 and 2010 Greek shipping contributed a total of €140 billion[174] (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000–2013).[174] The 2011 ECSA report showed that there are approximately 750 Greek shipping companies in operation.[174]

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".[176]

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 $; only Denmark, Germany and South Korea ranked higher during that year.[21] Similarly counting shipping services provided to Greece by other countries as quasi-imports and the difference between exports and imports as a trade balance, Greece in 2011 ranked in the latter second behind Germany, having imported shipping services worth 7,076.605 million US$ and having run a trade surplus of 10,712.342 million US$.[177][178]

Greece, shipping services
Year 2000 2001 2002 2003 2004 2005 2006–2008 2009 2010 2011
Global ranking[21] 5th 5th 5th 4th 3rd 5th -b 5th 6th 4th
Value (US$ million)[21] 7,558.995 7,560.559 7,527.175 10,114.736 15,402.209 16,127.623 -b 17,033.714 18,559.292 17,704.132
Value (€ million)[21] 8,172.559 8,432.670 7,957.654 8,934.660 12,382.636 12,949.869 -b 12,213.786 13,976.558 12,710.859
Value (%GDP) 5.93 5.76 5.08 5.18 6.68 6.71 n/a 5.29 6.29 6.10
Global ranking[177] 14th 13th 14th -b 14th 16th -b 12th 13th 9th
Value (US$ million)[177] 3,314.718 3,873.791 3,757.000 -b 5,570.145 5,787.234 -b 6,653.395 7,846.950 7,076.605
Value (€ million)[177] 3,583.774 4,320.633 3,971.863 -b 4,478.129 4,646.929 -b 4,770.724 5,909.350 5,080.720
Value (%GDP) 2.60 2.95 2.54 n/a 2.42 2.41 n/a 2.06 2.66 2.44
Trade balance:
Global ranking[178] 1st 2nd 1st 1ste 1st 1st -b 2nd 1st 2nd
Value (US$ million)[178] 4,244.277 3,686.768 3,770.175 10,114.736e 9,832.064 10,340.389 -b 10,340.389 10,380.319 10,712.342
Value (€ million)[178] 4,588.785 4,112.037 3,985.791 8,934.660e 7,904.508 8,302.940 -b 7,443.063 8,067.208 7,630.140
Value (%GDP) 3.33 2.81 2.54 5.18e 4.27 4.30 n/a 3.22 3.63 3.66
GDP (€ million)[179] 137,930.1 146,427.6 156,614.3 172,431.8 185,265.7 193,049.7b n/a 231,081.2p 222,151.5p 208,531.7p
b source reports break in time series; p source characterises data as provisional; e reported data may be erroneous because of relevant break in "Imports" time series


OTE headquarters in Athens

Between 1949 and the 1980s, telephone communications in Greece were a state monopoly by the Hellenic Telecommunications Organization, better known by its acronym, OTE. 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.[180] 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.[180] OTE owns several subsidiaries across the Balkans, including Cosmote, Greece's top mobile telecommunications provider, Cosmote Romania and Albanian Mobile Communications.[180]

Other mobile telecommunications companies active in Greece are Wind Hellas and Vodafone Greece. 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,[181] a penetration of 180%.[181] Additionally, there are 5.745 million active landlines in the country.[1]

Greece has tended to lag behind its European Union partners in terms of Internet use, with the gap closing rapidly in recent years. 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%).[182][183] 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%).[182][183] By 2022, the percentage of Greek households with Internet access had reached 85.5%.[184]


The island of Santorini, popular tourist destination.

Tourism in the modern sense only started to flourish in Greece in the years post-1950,[185][186] although tourism in ancient times is also documented in relation to religious or sports festivals such as the Olympic Games.[186] Since the 1950s, the tourism sector saw an unprecedented boost as arrivals went from 33,000 in 1950 to 11.4 million in 1994.[185]

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.[187] The same survey showed that the average tourist expenditure while in Greece was $1,073, ranking Greece 10th in the world.[187] 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.[187] In 2009, Greece welcomed over 19.3 million tourists,[188] a major increase from the 17.7 million tourists the country welcomed in 2008.[189]

Among the member states of the European Union, Greece was the most popular destination for residents of Cyprus and Sweden in 2011.[190]

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.[187]

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,[191] while in 2011 the island of Santorini was voted as the best island in the world by Travel + Leisure.[192] The neighbouring island of Mykonos was ranked as the 5th best island Europe.[192] Thessaloniki was the European Youth Capital in 2014.

Trade and investment[edit]

Graphical depiction of Greece's product exports in 2012 in 28 color-coded categories

Foreign investment[edit]

Since the fall of communism, Greece has invested heavily in neighbouring Balkan countries. 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,[193] with companies such as Hellenic Petroleum having made important strategic investments.[193]

Greece invested €1.38 billion in Bulgaria between 2005 and 2007[194] and many important companies (including Bulgarian Postbank, United Bulgarian Bank Coca-Cola Bulgaria) are owned by Greek financial groups.[194] In Serbia, 250 Greek companies are active with a total investment of over €2 billion.[195] Romanian statistics from 2016 show that Greek investment in the country exceeded €4 billion, ranking Greece fifth or sixth among foreign investors.[196] 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.[197]


Since the start of the debt crisis, Greece's negative balance of trade has decreased significantly—from €44.3 billion in 2008 to €18.15 billion in 2020.[198][199] In 2022, exports and imports rose by 36.8% and 42.2% respectively.[24]

Imports and exports in 2008; values in millions[198]
Rank Imports Rank Exports
Origin Value Destination Value
1  Germany €7,238.2 1  Germany €2,001.9
2  Italy €6,918.5 2  Italy €1,821.3
3  Russia €4,454.0 3  France €1,237.0
4  China €3,347.1 4  Netherlands €1,103.0
5  France €3,098.0 5  Russia €885.4
 European Union €33,330.5  European Union €11,102.0
Total €60,669.9 Total €17,334.1
Imports and exports in 2011; values in millions[200]
Rank Imports Rank Exports
 European Union €22,688.5  European Union €11,377.7
Total €42,045.4 Total €22,451.1

Greece is also the largest import partner of Cyprus (18.0%)[201] and the largest export partner of Palau (82.4%).[202]

Imports and exports in 2012[25]
Imports Exports
Rank Origin Value
(€ mil)
(% of total)
Rank Destination Value
(€ mil)
(% of total)
0 a 0 -1 0 a 0 -1
1  Russia 5,967.20132 12.6 1  Turkey 2,940.25203 10.8
2  Germany 4,381.92656 9.2 2  Italy 2,033.77413 7.5
3  Italy 3,668.88622 7.7 3  Germany 1,687.03947 6.2
4  Saudi Arabia 2,674.00587 5.6 4  Bulgaria 1,493.75355 5.5
5  China 2,278.03883 4.8 5  Cyprus 1,319.28598 4.8
6  Netherlands 2,198.57126 4.6 6  United States 1,024.73686 3.8
7  France 1,978.48460 4.2 7  United Kingdom 822.74077 3
OECD 23,849.94650 50.2 OECD 13,276.48107 48.8
G7 11,933.75417 25.1 G7 6,380.86705 23.4
BRICS 8,682.10265 18.3 BRICS 1,014.17146 3.7
BRIC 8,636.02946 18.2 BRIC 977.76016 3.6
OPEC 8,090.76972 17 OPEC 2,158.60420 7.9
NAFTA 751.80608 1.6 NAFTA 1,215.70257 4.5
#a  European Union 27 21,164.89314 44.5 #a  European Union 27 11,512.31990 42.3
#b  European Union 15 17,794.19344 37.4 #b  European Union 15 7,234.83595 26.6
#3 Africa 2,787.39502 5.9 #3 Africa 1,999.46534 7.3
#4 America 1,451.15136 3.1 #4 America 1,384.04068 5.1
#2 Asia 14,378.02705 30.2 #2 Asia 6,933.51200 25.5
#1 Europe 28,708.38148 60.4 #1 Europe 14,797.20641 54.4
#5 Oceania 71.70603 0.2 #5 Oceania 169.24085 0.6
# World 47,537.63847 100 # World 27,211.06362 100
24 z 1000000000000000000 101 24 z 1000000000000000000 101
the International Organisations or Country Groups list and ranking presented above (i.e. #greek_letters and/or #latin_letters),
is not indicative of the whole picture of Greece's trade;
this is instead only an incomplete selection of some major and well known such Organisations and Groups;
rounding errors possibly present



As of 2012, Greece had a total of 82 airports,[1] of which 67 were paved and six had runways longer than 3,047 meters.[1] Of these airports, two are classified as "international" by the Hellenic Civil Aviation Authority,[203] but 15 offer international services.[203] Additionally Greece has 9 heliports.[1] 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. Both Aegean Airlines and Olympic Air have won awards for their services; in 2009 and 2011, Aegean Airlines was awarded the "Best regional airline in Europe" award by Skytrax,[204] and also has two gold and one silver awards by the ERA,[204] while Olympic Air holds one silver ERA award for "Airline of the Year"[205] as well as a "Condé Nast Traveller 2011 Readers Choice Awards: Top Domestic Airline" award.[206]

The Greek road network is made up of 116,986 km of roads,[1] of which 1863 km are highways, ranking 24th worldwide, as of 2016.[1] Since the entry of Greece to the European Community (now the European Union), a number of important projects (such as the Egnatia Odos and the Attiki Odos) have been co-funded by the organization, helping to upgrade the country's road network. In 2007, Greece ranked 8th in the European Union in goods transported by road at almost 500 million tons.

Greece's rail network is estimated to be at 2,548 km.[1] Rail transport in Greece is operated by TrainOSE, a current subsidiary of the Ferrovie dello Stato Italiane after the Hellenic Railways Organisation had sold its 100% stake on the operator. Most of the country's network is standard gauge (1,565 km),[1] while the country also has 983 km of narrow gauge.[1] A total of 764 km of rail are electrified.[1] Greece has rail connections with Bulgaria, North Macedonia and Turkey. A total of three suburban railway systems (Proastiakos) are in operation (in Athens, Thessaloniki and Patras), while one metro system, the Athens Metro, is operational in Athens with another, the Thessaloniki Metro, under construction.

According to Eurostat, Greece's largest port by tons of goods transported in 2010 is the port of Aghioi Theodoroi, with 17.38 million tons.[207] The Port of Thessaloniki comes second with 15.8 million tons,[207] followed by the Port of Piraeus, with 13.2 million tons,[207] and the port of Eleusis, with 12.37 million tons.[207] The total number of goods transported through Greece in 2010 amounted to 124.38 million tons,[207] a considerable drop from the 164.3 million tons transported through the country in 2007.[207] Since then, Piraeus has grown to become the Mediterranean's third-largest port thanks to heavy investment by Chinese logistics giant COSCO. In 2013, Piraeus was declared the fastest-growing port in the world.[208]

In 2010 Piraeus handled 513,319 TEUs,[209] followed by Thessaloniki, which handled 273,282 TEUs.[210] In the same year, 83.9 million people passed through Greece's ports,[211] 12.7 million through the port of Paloukia in Salamis,[211] another 12.7 through the port of Perama,[211] 9.5 million through Piraeus[211] and 2.7 million through Igoumenitsa.[211] In 2013, Piraeus handled a record 3.16 million TEUs, the third-largest figure in the Mediterranean, of which 2.52 million were transported through Pier II, owned by COSCO and 644,000 were transported through Pier I, owned by the Greek state.


Solar-power generation potential in Greece

Energy production in Greece is dominated by the Public Power Corporation (known mostly by its acronym ΔΕΗ, or in English DEI). In 2009 DEI supplied for 85.6% of all energy demand in Greece,[212] while the number fell to 77.3% in 2010.[212] Almost half (48%) of DEI's power output is generated using lignite, a drop from the 51.6% in 2009.[212] Another 12% comes from Hydroelectric power plants[213] and another 20% from natural gas.[213] Between 2009 and 2010, independent companies' energy production increased by 56%,[212] from 2,709 Gigawatt hour in 2009 to 4,232 GWh in 2010.[212]

In 2008 renewable energy accounted for 8% of the country's total energy consumption,[214] a rise from the 7.2% it accounted for in 2006,[214] but still below the EU average of 10% in 2008.[214] 10% of the country's renewable energy comes from solar power,[161] while most comes from biomass and waste recycling.[161] In line with the European Commission's Directive on Renewable Energy, Greece aims to get 18% of its energy from renewable sources by 2020.[215] In 2013 and for several months, Greece produced more than 20% of its electricity from renewable energy sources and hydroelectric power plants.[216] Greece currently does not have any nuclear power plants in operation, however in 2009 the Academy of Athens suggested that research in the possibility of Greek nuclear power plants begin.[217]

Greece had 10 million barrels of proven oil reserves as of 1 January 2012.[1] Hellenic Petroleum is the country's largest oil company, followed by Motor Oil Hellas. Greece's oil production stands at 1,751 barrels per day (bbl/d), ranked 95th worldwide,[1] while it exports 19,960 bbl/d, ranked 53rd,[1] and imports 355,600 bbl/d, ranked 25th.[1]

In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece,[218] with an estimated output of 250 to 300 million barrels over the next 15 to 20 years.[218] The estimated output in euros of the three deposits is €25 billion over a 15-year period,[218] of which €13–€14 billion will enter state coffers.[218] Greece's dispute with Turkey over the Aegean poses substantial obstacles to oil exploration in the Aegean Sea.

In addition to the above, Greece is also to start oil and gas exploration in other locations in the Ionian Sea, as well as the Libyan Sea, within the Greek exclusive economic zone, south of Crete.[219][220] The Ministry of the Environment, Energy and Climate Change announced that there was interest from various countries (including Norway and the United States) in exploration,[220] and the first results regarding the amount of oil and gas in these locations were expected in the summer of 2012.[220] In November 2012, a report published by Deutsche Bank estimated the value of natural gas reserves south of Crete at €427 billion.[221]

A number of oil and gas pipelines are currently under construction or under planning in the country. Such projects include the Interconnector Turkey-Greece-Italy (ITGI) and South Stream gas pipelines.[213]

EuroAsia Interconnector will electrically connect Attica and Crete in Greece with Cyprus and Israel with 2000 MW HVDC undersea power cable.[222][223] EuroAsia Interconnector is specially important for isolated systems, like Cyprus and Crete. Crete is energetically isolated from mainland Greece and Hellenic Republic covers for Crete electricity costs difference of around €300 million per year.[224]

Taxation and tax evasion[edit]

Revenues of Greece between 1999 and 2010 as a percentage of GDP, compared to the EU average.

Greece has a tiered tax system based on progressive taxation. Greek law recognizes six categories of taxable income:[225] immovable property, movable property (investment), income from agriculture, business, employment, and income from professional activities. Greece's personal income tax rate, until recently, ranged from 0% for annual incomes below €12,000[225] to 45% for annual incomes over €100,000.[225] Under the new 2010 tax reform, tax exemptions have been abolished.[225]

Also under the new austerity measures and among other changes, the personal income tax-free ceiling has been reduced to €5,000 per annum[226] while further future changes, for example abolition of this ceiling, are already being planned.[227]

Greece's corporate tax dropped from 40% in 2000[225] to 20% in 2010.[225] For 2011 only, corporate tax will be at 24%.[225] Value added tax (VAT) has gone up in 2010 compared to 2009: 23% as opposed to 19%.[225]

The lowest VAT possible is 6.5% (previously 4.5%)[225] for newspapers, periodicals and cultural event tickets, while a tax rate of 13% (from 9%)[225] applies to certain service sector professions. Additionally, both employers and employees have to pay social contribution taxes, which apply at a rate of 16%[225] for white collar jobs and 19.5%[225] for blue collar jobs, and are used for social insurance. In 2017 the VAT tax rate was 24%[228] with minor exceptions, 13% reduced for some basic foodstuffs which will be soon abolished and everything, as it seems, will soon go to 24% in order to fight the phantom of tax evasion.[needs update]

The Ministry of Finance expected tax revenues for 2012 to be €52.7 billion (€23.6 billion in direct taxes and €29.1 billion in indirect taxes),[229] an increase of 5.8% from 2011.[229] In 2012, the government was expected to have considerably higher tax revenues than in 2011 on a number of sectors, primarily housing (an increase of 217.5% from 2011).[229]

Tax evasion[edit]

Greece suffers from very high levels of tax evasion. In the last quarter of 2005, tax evasion reached 49%,[230] while in January 2006 it fell to 41.6%.[230] It is worth noting that the newspaper Ethnos which published these figures went bankrupt; it is no longer published and some sources suggest that the information it had published was highly debatable.[231] A study by researchers from the University of Chicago concluded that tax evasion in 2009 by self-employed professionals alone in Greece (accountants, dentists, lawyers, doctors, personal tutors and independent financial advisers) was €28 billion or 31% of the budget deficit that year.[232]

Greece's "shadow economy" was estimated at 24.3% of GDP in 2012, compared with 28.6% for Estonia, 26.5% for Latvia, 21.6% for Italy, 17.1% for Belgium, 14.7% for Sweden, 13.7% for Finland, and 13.5% for Germany, and is certainly related to the fact that the percentage of Greeks that are self-employed is more than double the EU average (2013 est.).[95]

The Tax Justice Network estimated in 2011 that there were over 20 billion euros in Swiss bank accounts held by Greeks.[233] The former Finance Minister of Greece, Evangelos Venizelos, was quoted as saying, "Around 15,000 individuals and companies owe the taxman 37 billion euros".[234] Additionally, the TJN put the number of Greek-owned off-shore companies at over 10,000.[235]

In 2012, Swiss estimates suggested that Greeks had some 20 billion euros in Switzerland of which only one percent had been declared as taxable in Greece.[236] Estimates in 2015 were even more dramatic. They indicated that the amount due to the government of Greece from Greeks' accounts in Swiss banks totaled around 80 billion euros.[237][238]

A mid-2017 report indicated Greeks have been "taxed to the hilt" and many believed that the risk of penalties for tax evasion were less serious than the risk of bankruptcy. One method of evasion is the so-called black market, grey economy or shadow economy: work is done for cash payment which is not declared as income; as well, VAT is not collected and remitted.[239] A January 2017 report[240] by the DiaNEOsis think-tank indicated that unpaid taxes in Greece at the time totaled approximately 95 billion euros, up from 76 billion euros in 2015, much of it was expected to be uncollectable. Another early 2017 study estimated that the loss to the government as a result of tax evasion was between 6% and 9% of the country's GDP, or roughly between 11 billion and 16 billion euros per annum.[241]

The shortfall in the collection of VAT (sales tax) is also significant. In 2014, the government collected 28% less than was owed to it; this shortfall was about double the average for the EU. The uncollected amount that year was about 4.9 billion euros.[242] The DiaNEOsis study estimated that 3.5% of GDP is lost due to VAT fraud, while losses due to smuggling of alcohol, tobacco and petrol amounted to approximately another 0.5% of the country's GDP.[241]

Planned solutions[edit]

Following similar actions by the United Kingdom and Germany, the Greek government was in talks with Switzerland in 2011, attempting to force Swiss banks to reveal information on the back accounts of Greek citizens.[243] The Ministry of Finance stated that Greeks with Swiss bank accounts would either be required to pay a tax or reveal information such as the identity of the bank account holder to the Greek internal revenue services.[243] The Greek and Swiss governments were to reach a deal on the matter by the end of 2011.[243]

The solution demanded by Greece still had not been effected as of 2015. That year, estimates indicated that the amount of evaded taxes stored in Swiss banks was around 80 billion euros. By then, however, a tax treaty to address this issue was under serious negotiation between the Greek and Swiss governments.[237][238] An agreement was finally ratified by Switzerland on 1 March 2016 creating a new tax transparency law that would allow for a more effective battle against tax evasion. Starting in 2018, banks in both Greece and Switzerland will exchange information about the bank accounts of citizens of the other country to minimize the possibility of hiding untaxed income.[244]

In 2016 and 2017, the government was encouraging the use of credit cards or debit cards to pay for goods and services in order to reduce cash only payments. By January 2017, taxpayers were only granted tax-allowances or deductions when payments were made electronically, with a "paper trail" of the transactions that the government could easily audit. This was expected to reduce the problem of businesses taking payments but not issuing an invoice;[245] that tactic had been used by various companies to avoid payment of VAT (sales) tax as well as income tax.[246][247]

By 28 July 2017, numerous businesses were required by law to install a point of sale device to enable them to accept payment by credit or debit card. Failure to comply with the electronic payment facility can lead to fines of up to 1,500 euros. The requirement applied to around 400,000 firms or individuals in 85 professions. The greater use of cards was one of the factors that had already achieved significant increases in VAT collection in 2016.[248]

Wealth and standards of living[edit]

National and regional GDP[edit]

GDP per capita of the regions of Greece in 2008.
The country's two largest metropolitan areas account for almost 62% of the national economy.

Greece's most economically important regions are Attica, which contributed €87.378 billion to the economy in 2018, and Central Macedonia, which contributed €25.558 billion.[249] The smallest regional economies were those of the North Aegean (€2.549 billion) and Ionian Islands (€3.257 billion).[249]

In terms of GDP per capita, Attica (€23,300) far outranks any other Greek region.[249] The poorest regions in 2018 were the North Aegean (€11,800), Eastern Macedonia and Thrace (€11,900) and Epirus (€12,200).[249] At the national level, GDP per capita in 2018 was €17,200.[249]

Regional GDP, 2018[249]
Rank Region GDP
(€, billions)
Share in EU-27/national GDP
per capita
per capita
per capita
(€, EU27=100)
per capita
(PPS, EU27=100)
per person employed
(PPS, EU27=100)
0 a 0 0 0 0 0 0 0
1 Attica 87.378 47.3 23,300 28,000 77 93 99
2 Central Macedonia 25.558 13.8 13,600 16,400 45 54 69
3 Thessaly 9.658 5.2 13,400 16,100 44 53 65
4 Crete 9.386 5.1 14,800 17,800 49 59 68
5 Central Greece 8.767 4.7 15,800 18,900 52 63 81
6 Western Greece 8.322 4.5 12,700 15,200 42 50 65
7 Peloponnese 8.245 4.5 14,300 17,200 48 57 68
8 Eastern Macedonia and Thrace 7.166 3.9 11,900 14,300 40 48 61
9 South Aegean 6.387 3.5 18,700 22,400 62 74 79
10 Epirus 4.077 2.2 12,200 14,700 40 49 63
11 Western Macedonia 3.963 2.1 14,800 17,700 49 59 79
12 Ionian Islands 3.257 1.8 16,000 19,100 53 63 71
13 North Aegean 2.549 1.4 11,800 14,200 39 47 67
Greece 184.714 1 17,200 20,700 57 69 81
EU27 13,483.857 100 30,200 30,200 100 100 100
100 z 1000000000000000 1000 100 1000000000 1000

Welfare state[edit]

Greece is a welfare state which provides a number of social services such as quasi-universal health care and pensions. In the 2012 budget, expenses for the welfare state (excluding education) stand at an estimated €22.487 billion[229] (€6.577 billion for pensions[229] and €15.910 billion for social security and health care expenses),[229] or 31.9% of the all state expenses.[229]

Largest companies by revenue 2018[edit]

According to the 2018 Forbes Global 2000 index, Greece's largest publicly traded companies are:

Forbes Global 2000[250]
Rank Company Revenues
(€ billion)
(€ billion)
(€ billion)
Market value
(€ billion)
1 Piraeus Bank 3.3 −0.2 81.0 1.7
2 National Bank of Greece 2.4 −0.2 77.8 3.4
3 Alpha Bank 3.5 0.1 73.0 4.1
4 Eurobank Ergasias 2.2 0.1 72.1 2.6
5 Hellenic Petroleum 9.0 0.5 8.6 2.9
6 Bank of Greece 1.7 1.1 0.4

Labour force[edit]

Working hours[edit]

In 2011, 53.3 percent of employed persons worked more than 40 to 49 hours a week and 24.8 percent worked more than 50 hours a week, totaling up to 78.1 percent of employed persons working 40 or more hours a week.[251] When accounting for varying age groups, the percentage of employees working 40 to 49 hours a week peaked in the 25 to 29 age range.[251]  As workers got older, they gradually decreased in percentage working 40 to 49 hours, but increased in working 50+ hours, suggesting a correlation that as employees grow older, they work more hours. Of different occupation groups, skilled agricultural, forestry, and fishery workers and managers were the most likely to work 50+ hours; however, they do not take up a significant portion of the labor force, only 14.3 percent.[252]  In 2014, the average number of working hours for Greek employees was 2124 hours, ranking as the third highest among OECD countries and the highest in the Eurozone.[253]

Recent trends in employment indicate that the number of working hours will decrease in the future due to the rise of part-time work. Since 2011, average working hours have decreased.[253] In 1998, Greece passed legislation introducing part-time employment in public services with the goal of reducing unemployment, increasing the total, but decreasing the average number of hours worked per employee.[254] Whether the legislation was successful in increasing public-sector part-time work, labor market trends show that part-time employment has increased from 7.7 percent in 2007 to 11 percent in 2016 of total employment.[255] Both men and women have had the part-time share of employment increase over this period. While women still constitute a majority of part-time workers, recently men have been taking a larger share of part-time employment.[256]


Between 1832 and 2002 the currency of Greece was the drachma. After signing the Maastricht Treaty, Greece applied to join the eurozone. The two main convergence criteria were a maximum budget deficit of 3% of GDP and a declining public debt if it stood above 60% of GDP. Greece met the criteria as shown in its 1999 annual public account. On 1 January 2001, Greece joined the eurozone, with the adoption of the euro at the fixed exchange rate ₯340.75 to €1. However, in 2001 the euro only existed electronically, so the physical exchange from drachma to euro only took place on 1 January 2002. This was followed by a ten-year period for eligible exchange of drachma to euro, which ended on 1 March 2012.[257]

Prior to the adoption of the euro, 64% of Greek citizens viewed the new currency positively,[258] but in February 2005 this figure fell to 26% and by June 2005 it fell further to 20%.[258] Since 2010 the figure has risen again, and a survey in September 2011 showed that 63% of Greek citizens viewed of the euro positively.[258]

Charts gallery[edit]

Poverty rate[edit]

As a result of the recession sparked by the public debt crisis, poverty has increased. The rate of people at risk of poverty or social exclusion reached a high of 36% in 2014, before subsiding over the following years to 28.9% in 2020.[13] Those living in extreme poverty rose to 15% in 2015, up from 8.9% in 2011, and a huge increase from 2009 when it was not more than 2.2%.[259] The rate among children 0-17 is 17.6% and for young people 18-29 the rate is 24.4%.[259] With unemployment on the rise, those without jobs are at the highest risk of poverty (70–75%), up from less than 50% in 2011.[259] Those out of work lose their health insurance after two years, further exacerbating the poverty rate. Younger unemployed people tend to rely on the older generations of their families for financial support. However, long-term unemployment has depleted pension funds due to fewer workers making social security contributions, resulting in higher poverty rates in intergenerational households reliant on the reduced pensions received by their retired members. Over the course of the economic crisis, Greeks have endured significant job losses and wage cuts, as well as deep cuts to workers' compensation and welfare benefits. From 2008 to 2013, Greeks became 40% poorer on average, and in 2014 saw their disposable household income drop below 2003 levels.[260]

  IMF projection (%)
  Actual unemployment rate (%)


  1. ^ a b c d e f g h i j k l m n o p q r s t u v w "CIA World Factbook: Greece, country profile". CIA. 31 August 2022.
  2. ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information October 2020". Washington, D.C.: International Monetary Fund. 13 October 2020. Retrieved 13 October 2020.
  3. ^ "World Economic Outlook Database - Changes to the Database". Washington, D.C.: International Monetary Fund. 13 October 2020. Retrieved 13 October 2020.
  4. ^ "World Bank Country and Lending Groups – World Bank Data Help Desk". Washington, D.C.: The World Bank Group. Retrieved 3 September 2020.
  5. ^ "Census in Greece: Population Shrinks by 3.5 Percent to 10,432,481". Piraeus: GreekReporter. 30 July 2022. Retrieved 22 July 2022.
  6. ^ a b c d e f g h i j k l m n o p "World Economic Outlook Database, October 2022". Washington, D.C.: International Monetary Fund. 11 October 2022. Retrieved 31 October 2022.
  7. ^ a b "Quarterly National Accounts (Provisional Data), 4th Quarter 2022". Piraeus: Hellenic Statistical Authority. 7 March 2023. Retrieved 7 March 2023.
  8. ^ "GDP main aggregates and employment estimates for the fourth quarter of 2022" (PDF). Luxembourg: Eurostat. 8 March 2023. Retrieved 8 March 2023.
  9. ^ a b c "Quarterly National Accounts (Provisional Data), 4th Quarter 2021". Piraeus: Hellenic Statistical Authority. 4 March 2022. Retrieved 4 March 2022.
  10. ^ a b c d e f "Annual National Accounts (2nd estimate), 2020". Piraeus: Hellenic Statistical Authority. 15 October 2021. Retrieved 18 October 2021.
  11. ^ a b c d e f "Real GDP growth rate - volume". Luxembourg: Eurostat. 18 October 2021. Retrieved 18 October 2021.
  12. ^ "CONSUMER PRICE INDEX: February 2023, annual inflation 6.1%". Piraeus: Hellenic Statistical Authority. 13 March 2023. Retrieved 13 March 2023.
  13. ^ a b "Risk of poverty, 2021". Piraeus: Hellenic Statistical Authority. 27 July 2022. Retrieved 27 July 2022.
  14. ^ "Income inequality, 2021". Piraeus: Hellenic Statistical Authority. 27 July 2022. Retrieved 27 July 2022.
  15. ^ "Country Insights". New York: Human Development Report Office, United Nations Development Programme. 8 September 2022. Retrieved 8 September 2022.
  16. ^ "Inequality-adjusted Human Development Index". New York: Human Development Report Office, United Nations Development Programme. 8 September 2022. Retrieved 8 September 2022.
  17. ^ a b c d "LABOUR FORCE SURVEY: January 2023". Piraeus: Hellenic Statistical Authority. 2 March 2023. Retrieved 2 March 2023.
  18. ^ "Employment rate by age". Luxembourg: Eurostat. 12 July 2022. Retrieved 11 August 2022.
  19. ^ "Average annual wages". OECD. Retrieved 8 August 2022.
  20. ^ "Mean and median income by age and sex - EU-SILC and ECHP surveys". Luxembourg: Eurostat. 2 July 2020. Retrieved 4 July 2020.
  21. ^ a b c d e "ITC Trade Map: List of exporters for Sea Transport, i.e. country ranking in value of exports (services; data code 206; yearly times series)". WTO-ITC. Retrieved 22 May 2013.
  22. ^ Sources on Greek shipping:
  23. ^ "Ease of Doing Business in Greece". Washington, D.C.: The World Bank Group. Retrieved 3 September 2020.
  24. ^ a b c "COMMERCIAL TRANSACTIONS OF GREECE : January 2023". Piraeus: Hellenic Statistical Authority. 10 March 2023. Retrieved 10 March 2023.
  25. ^ a b c "ITC Trade Map Database". WTO-ITC.
  26. ^ "Where does Greece export to? (2020)". The Observatory of Economic Complexity. Retrieved 11 August 2022.
  27. ^ "Where does Greece import from? (2020)". The Observatory of Economic Complexity. Retrieved 11 August 2022.
  28. ^ "External Debt". Bank of Greece. Archived from the original on 31 January 2017. Retrieved 26 October 2016.
  29. ^ "International Investment Position". Bank of Greece. Retrieved 26 October 2016.
  30. ^ "Government debt down to 93.0% of GDP in euro area" (PDF). Luxembourg: Eurostat. 23 January 2023. Retrieved 24 January 2023.
  31. ^ a b c "Provision of deficit and debt data for 2021 - second notification" (PDF). Luxembourg: Eurostat. 21 October 2022. Archived (PDF) from the original on 31 October 2022. Retrieved 31 October 2022.
  32. ^ "DBRS Morningstar Upgrades the Hellenic Republic to BB (high), Trend Changed to Stable". Frankfurt: DBRS Morningstar. 18 March 2022. Retrieved 19 March 2022.
  33. ^ "Fitch Upgrades Greece to 'BB+'; Outlook Stable". Frankfurt: Fitch Ratings. 27 January 2023. Retrieved 31 January 2023.
  34. ^ "Moody's affirms Greece's Ba3 ratings, changes outlook to positive from stable". Frankfurt: Moody's Investors Service. 17 March 2023. Retrieved 21 March 2023.
  35. ^ "S&P Upgrades Greece Debt Rating To BB+ On Improving Economy". Barron's. New York. 22 April 2022. Retrieved 23 April 2022.
  36. ^ "Rating: Greece Credit Rating". 23 April 2021. Retrieved 20 September 2021.
  37. ^ "Scope affirms Greece's BB+ long-term credit ratings and revises Outlook to Positive". Berlin: Scope Ratings. 2 December 2022. Retrieved 2 December 2022.
  38. ^ "Gross domestic product at market prices". Luxembourg: Eurostat. 28 October 2022. Retrieved 31 October 2022.
  39. ^ "UNWTO Tourism Highlights, 2013 Edition" (PDF). Madrid: World Tourism Organization. June 2013. Archived from the original (PDF) on 30 October 2013. Retrieved 14 December 2013.
  40. ^ a b c d "Review of Maritime Transport 2013" (PDF). Geneva: United Nations Conference on Trade and Development. Archived (PDF) from the original on 14 December 2013. Retrieved 14 December 2013.
  41. ^ [1] Archived 8 November 2014 at the Wayback Machine
  42. ^ "Albania Eyes New Markets as Greek Crisis Hits Home". Balkan Insight. 11 July 2012. Retrieved 16 November 2014. Greece is the Balkan region's largest economy and has been an important investor in Southeast Europe over the past decade.
  43. ^ Keridis, Dimitris (3 March 2006), Greece and the Balkans: From Stabilization to Growth (lecture), Montreal, QC, CA: Hellenic Studies Unit at Concordia University, Greece has a larger economy than all the Balkan countries combined. Greece is also an important regional investor
  44. ^ "Greece was the biggest foreign investor in Albania during 2013".
  45. ^ a b Imogen Bell (2002). Central and South-Eastern Europe: 2003. Routledge. p. 282. ISBN 978-1-85743-136-0. Retrieved 27 May 2013. Greece has become the largest investor into Macedonia (FYRM), while Greek companies such as OTE have also developed strong presences in former Yugoslavia and other Balkan countries.
  46. ^ Mustafa Aydin; Kostas Ifantis (28 February 2004). Turkish-Greek Relations: The Security Dilemma in the Aegean. Taylor & Francis. pp. 266–267. ISBN 978-0-203-50191-7. Retrieved 27 May 2013. second largest investor of foreign capital in Albania, and the third largest foreign investor in Bulgaria. Greece is the most important trading partner of the Former Yugoslav Republic of Macedonia.
  47. ^ Wayne C. Thompson (9 August 2012). Western Europe 2012. Stryker Post. p. 283. ISBN 978-1-61048-898-3. Retrieved 27 May 2013. Greeks are already among the three largest investors in Bulgaria, Romania and Serbia, and overall Greek investment in the ... Its banking sector represents 16% of banking activities in the region, and Greek banks open a new branch in a Balkan country almost weekly.
  48. ^ "WEO Groups and Aggregates Information". World Economic Outlook Database. Washington, D.C.: International Monetary Fund. 8 April 2014. Retrieved 13 April 2014.
  49. ^ "Country and Lending Groups". Washington, D.C.: World Bank. Retrieved 23 October 2013.
  50. ^ a b "Greece, country profile". European Union. 5 July 2016.
  51. ^ "Fixed Euro conversion rates". European Central Bank. Retrieved 23 February 2012.
  52. ^ "Singapore takes third spot on Globalization Index 2011". Ernst & Young. 8 February 2012. Retrieved 29 February 2012.
  53. ^ a b c d e Graham T. Allison; Kalypso Nicolaidis (1997). "The Greek paradox: promise vs. performance". ISBN 9780262510929. Retrieved 1 March 2012.
  54. ^ a b "GDP growth rate". World Development Indicators. Google Public Data Explorer. 12 January 2016. Retrieved 13 February 2016.
  55. ^ "Provision of deficit and debt data for 2014 - second notification" (PDF). Luxembourg: Eurostat. 21 October 2015. Archived (PDF) from the original on 4 May 2016. Retrieved 21 April 2016.
  56. ^ "The Greek Debt Restructuring: An Autopsy" (PDF). Archived (PDF) from the original on 2 September 2013.
  57. ^ "Euro area government debt up to 92% of GDP". Luxembourg: Eurostat. 22 July 2013. Archived from the original on 20 June 2015. Retrieved 20 June 2015.
  58. ^ a b Bensasson, Marcus (4 November 2014). "Greece exited recession in second quarter, says EU Commission". Kathimerini. Retrieved 4 November 2014.
  59. ^ "Eurozone recovery falters as Greece slips back into recession". The Guardian. London. 12 February 2016. Retrieved 8 March 2016.
  60. ^ a b "Greece's exit from enhanced EU scrutiny ends 12 years of pain, prime minister says". Reuters. 20 August 2022. Retrieved 30 August 2022.
  61. ^ K. Kostis; S. Petmezas (2006). Η Ανάπτυξη της Ελληνικής οικονομίας τον 19ο αιώνα [Development of the Greek economy in the 19th century]. Athens: Alexandria Publications.
  62. ^ G. Anastasopoulos (1946). Ιστορία της Ελληνικής Βιομηχανίας 1840–1940 [History of Greek Industry 1840–1940]. Athens: Elliniki Ekdotiki Etairia.
  63. ^ L.S. Skartsis (2012). Greek Vehicle & Machine Manufacturers 1800 to present: A Pictorial History (eBook). Marathon.
  64. ^ "A Greek Odyssey: 1821–2201". Retrieved 19 May 2011.
  65. ^ Paul Bairoch, Europe's GNP 1800–1975, Journal of European Economic History, 5, pgs. 273–340 (1976)
  66. ^ Angus Maddison, Monitoring the World Economy 1820–1992, OECD (1995)
  67. ^ Eurostat, including updated data since 1980 and data released in April 2008
  68. ^ "FIELD LISTING:: GDP – PER CAPITA (PPP)". The World Factbook. Central Intelligence Agency. Archived from the original on 13 June 2007. Retrieved 13 April 2013.
  69. ^ "Latest Human Development Index Ranking". Human Development Reports. New York: United Nations Development Programme. 15 December 2020. Retrieved 15 December 2020.
  70. ^ a b "GDP per capita in purchasing power standards" (PDF). Luxembourg: Eurostat. 13 December 2012. Archived (PDF) from the original on 17 December 2019. Retrieved 15 December 2020.
  71. ^ a b "Consumption per capita in purchasing power standards in 2019". Luxembourg: Eurostat. 15 December 2020. Archived from the original on 15 December 2020. Retrieved 15 December 2020.
  72. ^ "Premium content". The Economist. 9 December 2008. Retrieved 28 April 2010.
  73. ^ "Greek taxpayers sense evasion crackdown". Financial Times
  74. ^ "2021 Corruption Perceptions Index". Berlin: Transparency International. 25 January 2022. Retrieved 20 April 2022.
  75. ^ "Transparency International Corruption Perceptions Index 2008". Transparency International. Retrieved 27 October 2018.
  76. ^ "2012 Corruption Perceptions Index". Berlin: Transparency International. 5 December 2012. Retrieved 20 April 2022.
  77. ^ "2022 Index of Economic Freedom". Washington, D.C.: The Heritage Foundation. Retrieved 20 April 2022.
  78. ^ "The Global Competitiveness Report 2019". Geneva: World Economic Forum. 8 October 2019. Retrieved 19 October 2019.
  79. ^ "Report for Selected Countries and Subjects". World Economic Outlook Database. Washington, D.C.: International Monetary Fund. 8 April 2014. Retrieved 13 April 2014.
  80. ^ "Provision of deficit and debt data for 2012 - second notification" (PDF). Luxembourg: Eurostat. 21 October 2013. Archived (PDF) from the original on 5 May 2016. Retrieved 21 April 2016.
  81. ^ Charter, David. Storm over bailout of Greece, EU's most ailing economy. Time Online: Brussels, 2010
  82. ^ Faiola, Anthony (10 February 2010). "'Greece's economic crisis could signal trouble for its neighbors'". The Washington Post. Retrieved 19 May 2011.
  83. ^ "Βουλή: "Ναι" στη σύσταση εξεταστικής για το έλλειμμα το 2009" [Parliament: "Yes" to the creation of a committee to investigate the deficit of 2009]. Skai TV. 23 February 2012. Retrieved 23 February 2012.
  84. ^ "Υπόθεση ΕΛΣΤΑΤ: Για ποινικοποίηση της αλήθειας μίλησε ο Γ. Παπακωνσταντίνου" [ELSTAT case: Criminalization of the truth, says G. Papakonstantinou]. Skai TV. 2 February 2012. Retrieved 23 February 2012. According to the referral of the case, 'from the entire collection of evidence, and especially from witnesses, there exists proof in relation to actions deserving of criminal punishment and with persons who held offices in the previous government of Greece' and from most interviews with witnesses it is noted that 'they speak of an artificial and arbitrary swelling of the national deficit in 2009 and for the liability of the -then- Prime Minister, members of the then-government and then-officials of the Ministry of Finance'
  85. ^ "Average annual hours actually worked per worker" (database). OECD. Retrieved 21 May 2013.
  86. ^ Groningen Growth; Development Centre; Pegasus Interactive (6 October 2008). " – Oι αργίες των Eλλήνων – ειδησεις, κοινωνια, ειδικες δημοσιευσεις". Archived from the original on 20 December 2008. Retrieved 6 January 2009.
  87. ^ "The Production Index in Industry recorded a decline of 8.0% in March 2011 compared with March 2010" (PDF). Archived from the original (PDF) on 26 September 2011. Retrieved 25 May 2011.
  88. ^ "Building Activity Survey: January 2011" (PDF). Archived from the original (PDF) on 26 September 2011. Retrieved 25 May 2011.
  89. ^ "The Turnover Index in Retail Trade, excluding automotive fuel, recorded a fall of 9.0% in February 2011 compared with February 2010" (PDF). Archived from the original (PDF) on 26 September 2011. Retrieved 25 May 2011.
  90. ^ "LABOUR FORCE SURVEY: June 2013" (PDF). Piraeus: Hellenic Statistical Authority. 12 September 2013. Archived from the original (PDF) on 8 October 2013. Retrieved 12 September 2013.
  91. ^ "LABOUR FORCE SURVEY: 2nd quarter 2009" (PDF). National Statistical Service of Greece. 17 September 2009. Archived from the original (PDF) on 27 February 2012. Retrieved 18 October 2011.
  92. ^ "LABOUR FORCE SURVEY: 3rd quarter 2009" (PDF). National Statistical Service of Greece. 17 December 2009. Archived from the original (PDF) on 27 February 2012. Retrieved 18 October 2011.
  93. ^ "LABOUR FORCE SURVEY: May 2013" (PDF). Piraeus: Hellenic Statistical Authority. 8 August 2013. Archived from the original (PDF) on 1 November 2013. Retrieved 11 August 2013.
  94. ^ "Euro area unemployment at 6.7%" (PDF). Luxembourg: Eurostat. 2 March 2023. Retrieved 2 March 2023.
  95. ^ a b c d e "2010-2018 Greek Debt Crisis and Greece's Past: Myths, Popular Notions and Implications". Retrieved 14 October 2018.
  96. ^ a b c d e "IMF Data Mapper". IMF. Retrieved 8 September 2018.
  97. ^ "Report by Eurostat on the revision of the Greek government deficit and debt figures". Luxembourg: Eurostat. 22 November 2004. Retrieved 20 June 2015.
  98. ^ Simitis, Costas; Stournaras, Yannis (27 April 2012). "Greece did not cause the euro crisis". The Guardian. Retrieved 16 November 2014.
  99. ^ Story, Louise; Thomas, Landon Jr.; Schwartz, Nelson D. (14 February 2010). "Wall St. Helped to Mask Debt Fueling Europe's Crisis". The New York Times.
    Steil, Benn (21 February 2002). "Enron and Italy: Parallels between Rome's efforts to qualify for euro entry and the financial chicanery in Texas". Council on Foreign Relations. Archived from the original on 5 November 2011.
    Piga, Gustavo (2001). "Derivatives and Public Debt Management" (PDF). International Securities Market Association (ISMA) in cooperation with the Council on Foreign Relations. Archived (PDF) from the original on 23 February 2013.
  100. ^ OECD Economic Surveys (Greece), Vol. 2005/12, September 2005, p.47. OECD Publishing. 22 September 2005. ISBN 9789264011748. Retrieved 25 September 2011.
  101. ^ "Finmin says fiscal data saga has ended in wake of EU report". 8 December 2004.
  102. ^ "Goldman bet against Entire European Nations". Washingtons Blog. 16 July 2011.
  103. ^ Tim Harford (9 September 2011). "Look out for No. 1". Financial Times. Archived from the original on 10 December 2022.
  104. ^ Rauch, Bernhard; Max, Göttsche; Brähler, Gernot; Engel, Stefan (2011). "Fact and Fiction in EU-Governmental Economic Data". German Economic Review. 12 (3): 244–254. doi:10.1111/j.1468-0475.2011.00542.x. S2CID 155072460.
  105. ^ Angus Maddison, "Monitoring the World Economy 1820-1992", OECD (1995)
  106. ^ "Greek Debt/GDP: Only 22% In 1980". Economics in Pictures. 1 September 2011. Retrieved 31 August 2018.
  107. ^ "Debt-To-GDP Ratio". Investopedia (2018). Retrieved 31 August 2018.
  108. ^ "Eurostat (Government debt data)". Eurostat. Retrieved 5 September 2018.
  109. ^ Lynn, Matthew (2011). Bust: Greece, the Euro and the Sovereign Debt Crisis. Hobeken, New Jersey: Bloomberg Press. ISBN 978-0-470-97611-1.
  110. ^ "Greece's Sovereign-Debt Crunch: A Very European Crisis". The Economist. 4 February 2010. Retrieved 2 May 2010.
  111. ^ "Rehn: No Other State Will Need a Bail-Out". EU Observer. 5 May 2010. Retrieved 6 May 2010.
  112. ^ a b c "Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts". Business Insider. Archived from the original on 5 March 2010. Retrieved 6 May 2010.
  113. ^ LOUISE STORY; LANDON THOMAS Jr; NELSON D. SCHWARTZ (13 February 2010). "Global Business: Wall St. Helped to Mask Debt Fueling Europe's Crisis". The New York Times. In dozens of deals across the Continent, banks provided cash upfront in return for government payments in the future, with those liabilities then left off the books. Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come.
  114. ^ Nicholas Dunbar; Elisa Martinuzzi (5 March 2012). "Goldman Secret Greece Loan Shows Two Sinners as Client Unravels". Bloomberg. Greece actually executed the swap transactions to reduce its debt-to-gross-domestic-product ratio because all member states were required by the Maastricht Treaty to show an improvement in their public finances," Laffan said in an e- mail. "The swaps were one of several techniques that many European governments used to meet the terms of the treaty."
  115. ^ Edmund Conway Economics (15 February 2010). "Did Goldman Sachs help Britain hide its debts too?". The Daily Telegraph. London. Archived from the original on 18 February 2010. One of the more intriguing lines from that latter piece says: "Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere." So, the obvious question goes, what about the UK? Did Britain hide its debts? Was Goldman Sachs involved? Should we panic?
  116. ^ Elena Moya (16 February 2010). "Banks that inflated Greek debt should be investigated, EU urges". The Guardian. "These instruments were not invented by Greece, nor did investment banks discover them just for Greece," said Christophoros Sardelis, who was chief of Greece's debt management agency when the contracts were conducted with Goldman Sachs.Such contracts were also used by other European countries until Eurostat, the EU's statistic agency, stopped accepting them later in the decade. Eurostat has also asked Athens to clarify the contracts.
  117. ^ a b Beat Balzli (8 February 2010). "Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt". Der Spiegel. Retrieved 29 October 2013. This credit disguised as a swap didn't show up in the Greek debt statistics. Eurostat's reporting rules don't comprehensively record transactions involving financial derivatives. "The Maastricht rules can be circumvented quite legally through swaps," says a German derivatives dealer. In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank.
  118. ^ "Greece not alone in exploiting EU accounting flaws". Reuters. 22 February 2010. Retrieved 20 August 2010.
  119. ^ "Greece is far from the EU's only joker". Newsweek. 19 February 2010. Retrieved 16 May 2011.
  120. ^ "The Euro PIIGS out". Librus Magazine. 22 October 2010. Archived from the original on 20 August 2011. Retrieved 17 May 2011.
  121. ^ "'Creative accounting' masks EU budget deficit problems". Sunday Business. 26 June 2005. Archived from the original on 15 May 2013. Retrieved 17 May 2011.
  122. ^ "How Europe's governments have enronized their debts". Euromoney. September 2005. Retrieved 1 January 2014.
  123. ^ "How Italy shrank its deficit". Euromoney. 1 December 2001. Retrieved 30 August 2017.
  124. ^ "Italy faces restructured derivatives hit". Financial Times. 25 June 2013. Archived from the original on 10 December 2022. Retrieved 7 January 2019.
  125. ^ Story, Louise; Thomas Jr, Landon; Schwartz, Nelson D. (14 February 2010). "Wall St. Helped To Mask Debt Fueling Europe's Crisis". The New York Times. Retrieved 6 May 2010.
  126. ^ "Papandreou Faces Bond Rout as Budget Worsens, Workers Strike". Bloomberg. 22 April 2010. Retrieved 2 May 2010.
  127. ^ Staff (19 February 2010). "Britain's Deficit Third Worst in the World, Table". The Daily Telegraph. London. Retrieved 5 August 2011.
  128. ^ Melander, Ingrid; Papchristou, Harry (5 November 2009). "Greek Debt To Reach 120.8 Pct of GDP in '10 – Draft". Reuters. Retrieved 5 August 2011.
  129. ^ "Greece Faces 'Unprecedented' Cuts as $159B Rescue Nears". Bloomberg. 3 May 2010. Retrieved 6 March 2014.
  130. ^ Kerin Hope (2 May 2010). "EU Puts Positive Spin on Greek Rescue". Financial Times. Archived from the original on 10 December 2022. Retrieved 6 May 2010.
  131. ^ Newman, Rick (3 November 2011). "Lessons for Congress From the Chaos in Greece". US News. Archived from the original on 4 November 2011. Retrieved 3 November 2011.
  132. ^ "Greece's Austerity Measures". BBC News. Retrieved 9 May 2010.
  133. ^ "Greek Parliament Passes Austerity Measures". The New York Times. Retrieved 9 May 2010.
  134. ^ Drew, Kevin (5 December 2011). "Times Topics European Union". The New York Times. Retrieved 8 December 2011.
  135. ^ Kavoussi, Bonnie (24 October 2011). "Greek Austerity: Budget Cuts Deepen Recession, Quicken Reckoning". Huffington Post. Retrieved 8 December 2011.
  136. ^ "Greece: Country's Deficit Will Fall, No New Austerity Needed". Huffington Post. 24 October 2011. Retrieved 8 December 2011.
  137. ^ Granitsas, Alkman; Paris, Costas (6 December 2011). "Greek Politician Expects Recession Will Linger". The Wall Street Journal. Retrieved 8 December 2011.
  138. ^ "Greece to see out year in recession". Financial Times. 3 July 2011. Archived from the original on 3 September 2011. Retrieved 8 December 2011.
  139. ^ "Greek public sector workers hold 24-hour strike". BBC News. 9 July 2014.
  140. ^ "Greek politics: Immigrants as scapegoats". The Economist. 6 October 2012. Retrieved 6 October 2012.
  141. ^ "Greece First Developed Market Cut to Emerging at MSCI". Bloomberg. 12 June 2013. Retrieved 6 March 2014.
  142. ^ "Market Classification". New York: MSCI. Retrieved 6 March 2014.
  143. ^ "S&P Dow Jones Indices Announces Country Classification Consultation Results" (PDF). New York: S&P Dow Jones Indices. 30 October 2013. Archived (PDF) from the original on 23 February 2014. Retrieved 6 March 2014.
  144. ^ "State workers in Greece hold strike to protest layoffs". Greek Herald. Archived from the original on 14 July 2014. Retrieved 9 July 2014.
  145. ^ "GDP up by 0.3% in the euro area and by 0.4% in the EU28". Luxembourg: Eurostat. 6 March 2015. Archived from the original on 9 March 2015. Retrieved 9 March 2015.
  146. ^ "PM eyes stability, says opposition proposals could undermine debt effort". Kathimerini. 15 November 2014. Retrieved 16 November 2014.
  147. ^ El-Erian, Mohamed (22 June 2017). "Greek debt: IMF and EU's quick fix isn't enough | Mohamed El-Erian". The Guardian.
  148. ^ "Greece gets credit lifeline, IMF joins bailout - the Globe and Mail". The Globe and Mail. Archived from the original on 27 June 2017. Retrieved 13 July 2017.
  149. ^ "Greece reiterates pledge to IMF to implement 21 prior actions by June 2018".
  150. ^ "Greece exits final bailout successfully: ESM". Reuters. 20 August 2018. Retrieved 31 August 2018.
  151. ^ "Tsipras says Greece won't go back to old spending ways (Bloomberg ))". 27 June 2018. Retrieved 30 July 2018.
  152. ^ a b "(Keeptalkinggreece) Marianne: The incredible errors by IMF experts & the wrong multiplier". 22 January 2013. Retrieved 29 May 2017.
  153. ^ "General government gross debt - annual data". Retrieved 31 August 2018.
  154. ^ "IMF 'to admit mistakes' in handling Greek debt crisis and bailout (The Guardian)". 5 June 2013. Retrieved 22 June 2018.
  155. ^ "For hard-hit Greeks, IMF mea culpa comes too late (Reuters)". 6 June 2013. Retrieved 22 June 2018.
  156. ^ "IMF admits disastrous love affair with the euro and apologises for the immolation of Greece (The Telegraph)". 29 July 2016. Archived from the original on 12 January 2022. Retrieved 22 June 2018.
  157. ^ "EU endorses massive pandemic relief for recession-hit Greece - ABC News". ABC News. 17 June 2021.
  158. ^ "World Economic Outlook Database: October 2021". IMF. Retrieved 25 February 2022.
  159. ^ a b c "Crops products (excluding fruits and vegetables) (annual data)". Eurostat. Archived from the original on 6 October 2014. Retrieved 19 October 2011.
  160. ^ a b c d e "Fruits and vegetables (annual data)". Eurostat. Retrieved 19 October 2011.
  161. ^ a b c "Sustainable development in the European Union" (PDF). Eurostat. 2009. Archived from the original (PDF) on 26 August 2011. Retrieved 24 October 2011.
  162. ^ a b c d "Fishery statistics; Data 1995–2008" (PDF). Eurostat. Archived from the original (PDF) on 10 July 2012. Retrieved 20 October 2011.
  163. ^ "Industrial turnover – mining, quarrying and manufacturing". Eurostat. Retrieved 22 February 2011.
  164. ^ a b c d e f g h i j "Europe in Figures – Yearbook 2011" (PDF). Eurostat. Archived from the original (PDF) on 11 May 2013. Retrieved 22 February 2011.
  165. ^ Jill Dubois; Xenia Skoura; Olga Gratsaniti (2003). Greece. Marshall Cavendish. p. 42. ISBN 978-0-7614-1499-5. Greek ships make up 70 percent of the European Union's total merchant fleet. Greece has a large shipbuilding and ship refitting industry. Its six shipyards near Piraeus are among the biggest in Europe. As Greek ships primarily transport ...
  166. ^ "Mega yacht owners choose Greece for construction and maintenance, Ilias Bellos | Kathimerini".
  167. ^ "Βιομηχανικά Προϊόντα (PRODCOM) (Παραγωγή και Πωλήσεις)". Hellenic Statistical Authority. Archived from the original on 13 November 2011. Retrieved 22 February 2012.
  168. ^ "Manufacturing products (PRODCOM) :Production and sales – 2010 – Provisional Data". Hellenic Statistical Authority. Archived from the original on 13 November 2013. Retrieved 4 June 2013.
  169. ^ a b Polemis, Spyros M. "The History of Greek Shipping". Retrieved 9 April 2007.
  170. ^ a b Ιστορία των Ελλήνων – Ο Ελληνισμός υπό Ξένη Κυριαρχία 1453–1821 [History of the Greeks – Hellenism under Foreign Rule 1453–1821]. Vol. 8. Athens: Domi Publishings. pp. 652–653. ISBN 960-8177-93-6.
  171. ^ "Greek Fleet". 1914. Retrieved 9 June 2012.
  172. ^ a b Engber, Daniel (17 August 2005). "So Many Greek Shipping Magnates ..." Slate. Washington Post/ Archived from the original on 8 June 2007. Retrieved 9 April 2007.
  173. ^ a b c d e f g "ECSA Annual report 2011–2012" (PDF). European Community Shipowners' Associations. Archived from the original (PDF) on 16 December 2013.
  174. ^ a b c d "ECSA Annual report 2010–2011" (PDF). European Community Shipowners' Association. Archived (PDF) from the original on 23 September 2015.
  175. ^ a b "Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy". National Bank of Greece. 11 May 2006. Archived from the original on 31 August 2007. Retrieved 8 April 2007.
  176. ^ "As Greece Struggles with Debt Crisis, Its Shipping Tycoons Still Cut a Profit". Time World. 16 May 2013. Retrieved 4 June 2013.
  177. ^ a b c d "ITC Trade Map: List of importers for Sea Transport, i.e. country ranking in value of imports (services; data code 206; yearly times series)". WTO-ITC. Retrieved 23 May 2013.
  178. ^ a b c d "ITC Trade Map: List of markets for Sea Transport, i.e. country ranking in value of trade balance (services; data code 206; yearly times series)". WTO-ITC. Retrieved 23 May 2013.
  179. ^ "GDP and main components – Current prices". Luxembourg: Eurostat. 13 April 2015. Retrieved 10 May 2015.
  180. ^ a b c "Company Profile". Athens: OTE. Retrieved 10 January 2014.
  181. ^ a b "Δύο φορές ο πληθυσμός μας σε συνδέσεις". Hellenic Tellecommunications Organization (OTE). Archived from the original on 20 September 2011. Retrieved 20 October 2011.
  182. ^ a b "Internet access and use in 2011" (PDF). Luxembourg: Eurostat. 14 December 2011. Archived from the original (PDF) on 31 January 2012. Retrieved 19 December 2013.
  183. ^ a b "Internet access and use in 2013" (PDF). Luxembourg: Eurostat. 18 December 2013. Archived from the original (PDF) on 19 December 2013. Retrieved 19 December 2013.
  184. ^ "Survey on the Use of Information and Communications Technologies by Households and Individuals, 2022". Piraeus: Hellenic Statistical Authority. 8 December 2022. Retrieved 8 December 2022.
  185. ^ a b Jafa Jafari (2003). Encyclopedia of tourism. ISBN 9780415308908. Retrieved 1 March 2012.
  186. ^ a b Miltiadis Lytras; Ernesto Damiani; Lily Diaz (30 November 2010). Digital culture and e-tourism. ISBN 9781615208685. Retrieved 1 March 2012.
  187. ^ a b c d Tourism in OECD Countries 2008: Trends and Policies. OECD. 2008. ISBN 9789264039674. Retrieved 19 August 2011.
  188. ^ "Nights spent in tourist accommodation establishments – regional – annual data". Eurostat. 2010. Retrieved 19 May 2011.
  189. ^ "Tourism" (PDF). Eurostat. 2010. Archived from the original (PDF) on 16 May 2011. Retrieved 19 May 2011.
  190. ^ "Spain, Italy and France: top destinations for holiday trips abroad of EU27 residents in 2011" (PDF). Luxembourg: Eurostat. 15 April 2013. Archived from the original (PDF) on 18 April 2013. Retrieved 23 April 2013.
  191. ^ "Ultimate party cities". Lonely Planet. Retrieved 10 August 2011.
  192. ^ a b "World's Best Awards – Islands". Travel + Leisure. Archived from the original on 13 July 2011. Retrieved 10 August 2011.
  193. ^ a b "Macedonia-Turkey: The Ties That Bind". Balkan Insight. 10 February 2011. Retrieved 22 February 2012.
  194. ^ a b "Greek investments in Bulgaria soar since 2005". Sofia Echo. Retrieved 22 February 2012.
  195. ^ "Greek investment in Serbia tops 2 billion euros". Kathimerini. Retrieved 22 February 2012.
  196. ^ "Greek investments in Romania exceed 4.0 bln euros". Athens-Macedonian News Agency. 7 August 2017. Retrieved 4 September 2019.
  197. ^ "Greqia, e para investitore në Shqipëri me 25% te totalit të investimeve". October 2016.
  198. ^ a b "Imports / exports". Hellenic Statistical Authority. Archived from the original on 18 January 2012. Retrieved 22 February 2012.
  199. ^ "COMMERCIAL TRANSACTIONS OF GREECE : December 2022". Piraeus: Hellenic Statistical Authority. 7 February 2023. Retrieved 7 February 2023.
  200. ^ "COMMERCIAL TRANSACTIONS OF GREECE : December 2011 ( Provisional Data )" (PDF). Piraeus: Hellenic Statistical Authority. 28 February 2012. Archived from the original (PDF) on 9 July 2014. Retrieved 10 April 2012.
  201. ^ "The World Factbook – Cyprus". CIA. 23 September 2021.
  202. ^ "The World Factbook – Palau". CIA. 22 September 2021.
  203. ^ a b "Χάρτης Αερολιμένων". Hellenic Civil Aviation Authority. Archived from the original on 5 October 2011. Retrieved 18 October 2011.
  204. ^ a b "Awards". Aegean Airlines. Archived from the original on 26 March 2014. Retrieved 18 October 2011.
  205. ^ Shepherd, Lesley (24 September 2010). "Awards for Binter Canarias, Olympic and Cimber". European Regions Airline Association. Retrieved 24 September 2010.
  206. ^ "Olympic Air Take Tops in Condé Nast Traveller Awards". Olympic Air. 14 July 2011. Archived from the original on 18 July 2011. Retrieved 15 July 2011.
  207. ^ a b c d e f "Maritime transport – Goods (gross weight) – Annual data – All ports – by direction". Eurostat. Retrieved 19 October 2011.
  208. ^ Bellos, Ilias (30 January 2014). Ο Πειραιάς ανακηρύχθηκε το ταχύτερα αναπτυσσόμενο λιμάνι του πλανήτη το 2013. Kathimerini (in Greek). Retrieved 12 May 2014.
  209. ^ "Ενιαίος Πίνακας Στατιστικών Στοιχείων Ετών 2007, 2008, 2009, 2010". Piraeus Port Authority. Archived from the original on 15 March 2012. Retrieved 19 October 2011.
  210. ^ "Statistical Data 2010" (PDF). Thessaloniki Port Authority. Archived (PDF) from the original on 30 March 2012. Retrieved 19 October 2011.
  211. ^ a b c d e "Maritime transport – Passengers – Annual data – All ports – by direction". Eurostat. Retrieved 19 October 2011.
  212. ^ a b c d e "Public Power Corporation S.A. Financial Report (January 1, 2010 – December 31, 2010)" (PDF). Public Power Corporation of Greece. 2010. Archived (PDF) from the original on 27 September 2011. Retrieved 24 October 2011.
  213. ^ a b c "Energy". Invest in Greece Agency. Archived from the original on 20 August 2011. Retrieved 26 October 2011.
  214. ^ a b c "Share of renewable energy in gross final energy consumption %". Eurostat. 2008. Retrieved 24 October 2011.
  215. ^ "Renewable energy >> Targets by 2020". Eurostat. Retrieved 24 October 2011.
  216. ^ "Monthly Energy Balance". Athens: Independent Power Transmission Operator. Archived from the original on 9 March 2012. Retrieved 23 August 2013.
  217. ^ "Πορίσματα της Ομάδας Εργασίας της Επιτροπής Ενέργειας της Ακαδημίας Αθηνών επί του θέματος "Πυρηνική Ενέργεια και Ενεργειακές Ανάγκες της Ελλάδος"" (PDF). Academy of Athens. Archived from the original (PDF) on 22 November 2011. Retrieved 24 October 2011.
  218. ^ a b c d "Green Light for Hydrocarbon Exploration". Invest in Greece Agency. Archived from the original on 25 October 2011. Retrieved 26 October 2011.
  219. ^ "Μέσα στην άνοιξη οι σεισμικές έρευνες σε Ιόνιο και Ν. Κρήτη για υδρογονάνθρακες" [(Oil and gas) exploration in the Ionian Sea and Crete to start this spring]. Skai TV. Retrieved 6 March 2012.
  220. ^ a b c "Ενδιαφέρον ξένων εταιρειών για υδρογονάνθρακες σε Ιόνιο – Κρήτη" [Interest from foreign companies for hydrocarbon exploration in the Ionian Sea and Crete]. Skai TV. Retrieved 6 March 2012.
  221. ^ "Greek natural gas reserves could reach 427 bln euros according to Deutsche Bank report". Kathimerini. 5 December 2012. Retrieved 11 December 2012.
  222. ^ "The EuroAsia Interconnector document" (PDF).
  223. ^ "ENERGY: EU backs EuroAsia Interconnector with €14.5m for pre-works study". Financial Mirror. 24 February 2017. Retrieved 4 January 2017.
  224. ^ "The EuroAsia Interconnector will provide energy to Crete, Crete Live, 7. February 2018 (in Greek)".
  225. ^ a b c d e f g h i j k l "Taxation trends in the European Union 2011 Edition" (PDF). Eurostat. 2011. Archived from the original (PDF) on 25 October 2011. Retrieved 30 October 2011.
  226. ^ "Tax bill to hurt lower incomes". ekathimerini. 2011. Retrieved 5 March 2012.
  227. ^ "Tax burden to get bigger in June". ekathimerini. 2012. Retrieved 5 March 2012.
  228. ^ "Greek VAT Rates". Avalara VATlive. 2017. Archived from the original on 12 August 2017. Retrieved 11 August 2017.
  229. ^ a b c d e f g Προϋπολογισμός 2012 (PDF) (in Greek). Ministry of Finance. 2011. Archived from the original (PDF) on 27 October 2011. Retrieved 12 October 2011.
  230. ^ a b Πτώση της φοροδιαφυγής στο 41,6% από 49% το τελευταίο εξάμηνο (in Greek). Ethnos. 2006. Archived from the original on 12 May 2013. Retrieved 12 October 2011.
  231. ^ "Κλείνει το Εθνος (12 September 2017)".
  232. ^ Inman, Phillip (9 September 2012) Primary Greek tax evaders are the professional classes The Guardian. Retrieved 6 October 2012
  233. ^ "20 δισ. ευρώ έχουν κρύψει οι Έλληνες στην Ελβετία". Skai TV. 2011. Retrieved 12 October 2011.
  234. ^ Boyes, Roger. "Rich greeks pack up their troubles along with their euros". The Times.
  235. ^ "Article" Υπερδύναμη στις οφ σορ η Ελλάδα (in Greek). Ta Nea. 2011. Retrieved 12 October 2011.
  236. ^ "Greek-Swiss Treaty: Athens Closes in on Wealthy Tax Evaders". Spiegel Online. 28 August 2012.
  237. ^ a b "Greek minister slams Swiss over tax evasion". The Local ch. 24 June 2015.
  238. ^ a b "Swiss await Greek input on hidden billions". 25 February 2015.
  239. ^ Alderman, Liz (18 February 2017). "Greeks Turn to the Black Market as Another Bailout Showdown Looms". The New York Times. Archived from the original on 2 January 2022.
  240. ^ "Tax Evasion in Greece – A Study". 22 June 2016.
  241. ^ a b "Tax evasion in Greece between €11bn-€16bn annually". 23 March 2017. Archived from the original on 15 June 2018. Retrieved 30 August 2017.
  242. ^ "If Poland Can Fix Tax Fraud, So Can Greece". 23 June 2017. Retrieved 26 September 2020.
  243. ^ a b c Μέχρι το τέλος του 2011 η συμφωνία για τη φορολόγηση των καταθέσεων στην Ελβετία [Deal to tax Swiss bank accounts to be reached by end of 2011] (in Greek). Skai TV. 30 October 2011. Retrieved 30 October 2011.
  244. ^ "European Commission - PRESS RELEASES - Press release - EU-Swiss relations".
  245. ^ "Tax evasion 'safari' in Greek tourist spots snags major violators".
  246. ^ "Fin Ministry Bill Gives Tax Breaks to Greeks Making Payments With Credit and Debit Cards". 13 December 2016. Retrieved 28 August 2017.
  247. ^ "WORLD EUROPE Why Greeks' swap of cash for cards could end a culture of tax evasion". Christian Science Monitor. 11 April 2016. Retrieved 28 August 2017.
  248. ^ "Clear incentives for greater card use, Nick Malkoutzis | Kathimerini".
  249. ^ a b c d e f "GDP per capita in EU regions" (PDF). Luxembourg: Eurostat. 5 March 2020. Archived (PDF) from the original on 4 June 2020. Retrieved 5 March 2020.
  250. ^ "Forbes The World's Biggest Public Companies 2016 Ranking". Forbes. Archived from the original on 23 April 2011. Retrieved 7 January 2017.
  251. ^ a b "2011 Population and Housing Census: Statistical data on the hours usually worked by employed persons". Retrieved 13 December 2018.
  252. ^ "2011 Population and Housing Census: Economic characteristics of the Resident Population of Greece". Retrieved 13 December 2018.
  253. ^ a b "OECD Factbook 2015-2016" (PDF).
  254. ^ "Working time in the European Union: Greece | Eurofound". Retrieved 13 December 2018.
  255. ^ "OECD Economic Survey: Greece" (PDF). Retrieved 13 December 2018.
  256. ^ "OECD Labour Force Statistics 2018" (PDF). Retrieved 13 December 2018.
  257. ^ "Deadline for the exchange of Drachma Banknotes". Bank of Greece. Retrieved 23 February 2012.
  258. ^ a b c "Οι Έλληνες, το Ευρώ και η Δραχμή Νο. 2" [The Greeks, the Euro and the Drachma No. 2] (PDF). Public Issue (Kathimerini). Archived (PDF) from the original on 27 October 2011. Retrieved 2 November 2011.
  259. ^ a b c Georgakopoulos, Thodoris (8 June 2016). "Extreme Poverty in Greece". dianeosis. dianeosis. Retrieved 1 December 2016.
  260. ^ Georgiopoulos, George (22 October 2013). "Greeks 40 percent poorer than in 2008". Reuters. Retrieved 1 December 2016.
  1. ^ 100-year period until the eve of the Greek debt crisis

Further reading[edit]

External links[edit]