Řecko
Cradle of Western civilization with stunning landscapes and impressive cultural heritage
Strong reliance on tourism
Total area: 131,957 sq km
Population: 10.5 million
Government type: Parliamentary republic
Administrative division: 7 decentralized administrations, 13 regions and 325 municipalities
Capital + other major cities: Athens (643,000) + Thessaloniki (309,000), Patras (170,000), Piraeus (168,000), Heraklion (149,000)
Currency: Euro (since 1 January 2002)
Languages: Greek
Ethnicity: Greek 91.6%, Albanian 4.4%, other 4%
Religion: Greek Orthodox 81-90%, Muslim 2%, other 3%, none 4-15%, unspecified 1% (2015 est.)
President: (Mr.) Konstantinos TASOULAS (since 13 March 2025)
Prime Minister: (Mr.) Kyriakos MITSOTAKIS (since 2019)
Date of EU accession:1 January 1981
KEY FEATURES
- Adopted the euro in the first wave of countries in 2001
- Sharp increase in foreign direct investment (FDI) in recent years
- Combination of an affordable yet well-educated workforce
- A maritime giant – the Greek Merchant Marine is the largest in the world by tonnage
- Producer and exporter of high-quality jewelry
- Europe’s largest cotton producer, responsible for 80% of European cotton production
MACROECONOMIC OVERVIEW
Greece was severely affected by the 2009 financial crisis, leading to a government-debt crisis and a prolonged economic downturn from 2011 to 2018. During this period, the economy contracted by 25%, unemployment reached a peak of 27.8%, and the country relied on bailout loans from international institutions. Austerity measures led to significant wage cuts of more than one-third and an estimated 500,000 mainly young people emigrated during this period.
Since 2019, Greece’s economy has shown a strong recovery. GDP grew by 2.3% in 2024, with similar growth projected for 2025 (2.3%) and 2026 (2.2%). Unemployment has fallen sharply to 8.1%, the lowest level in over a decade. The public debt ratio remains elevated at 153.6% of GDP but continues to decline steadily.
The government has successfully managed the energy crisis and high inflation while continuing fiscal and structural reforms to improve the business environment and enhance international competitiveness. Foreign direct investment (FDI) has increased significantly. The recovery has been supported by EU Recovery and Resilience Fund disbursements, strong domestic consumption, and rising exports, particularly in agri-food products.
Credit rating agencies have acknowledged Greece’s improved economic outlook, with Standard & Poor’s upgrading the rating to BBB-, reflecting confidence in the country’s fiscal management and recovery trajectory. The economy is expected to continue outperforming the eurozone average through 2026.
Selected economic indicators, Greece, 2018 - 2024
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||
| GDP |
|
|
|
|
|
|
|
|
| Real GDP growth |
%
|
2.1 | 2.3 | -9.2 | 8.7 | 5.7 (p) | 2.3 (p) | 2.3 (p) |
| GDP at current prices |
€ bn
|
179.5 | 183.3 | 165 | 181.5 | 206.6 | 220.3 | 237.5 (p) |
| Foreign trade |
|
|||||||
| Exports |
€ bn
|
70 | 73.5 | 52.9 | 74.3 | 101.5 | 98.8 | 99.7 (p) |
| Imports |
€ bn
|
73.9 | 76.5 | 65.6 | 88.4 | 121.6 | 109.7 | 112.4 (p) |
| Balance |
€ bn
|
-3.8 | -3 | -12.7 | -14.1 | -20.1 | -10.8 | -12.7 |
| Prices |
|
|
|
|
|
|
|
|
| CPI – average inflation rate |
%
|
0.8 | 0.5 | -1.3 | 0.6 | 9.3 | 4.2 | 3.0 |
| PPI – industry – average |
%
|
3.2 | 0.7 | -4.6 | 11.9 | 33.5 | -6.4 | -2.4 |
| Employment |
|
|||||||
| Registered unemployment |
%
|
19.7 | 17.9 | 17.6 | 14.7 | 12.5 | 11.1 | 10.1 |
| Average monthly gross wage |
€
|
1,335 | 1,338 | 1,331 | 1,340 | 1,347 | 1,473 | 1,539 |
Source: IMF, OECD, Eurostat, ECB, UNECE, 2018-2025
KEY SECTORS
Greece is not a country with such a strong industrial base. Its economy relies mainly on two pillars of tourism and shipping, and additionally also on the food sector. The manufacturing sector contributes only about 9% to the GDP, in contrast to the service sector, which plays an important role, accounting for 77.2% of GDP.
Apart from the country’s leading industries mentioned above, other sectors such as metallurgy, petrochemicals as well as chemicals, pharmaceuticals, and textiles complete the overall economic picture. In recent years, Greece has also been developing its energy and technology sectors, which are becoming increasingly important for economic diversification and growth
Tourism
One of Greece's main economic drivers is tourism which directly or indirectly accounts for 25% of the country’s GDP and employs a similar percentage of the workforce. The country attracts millions of visitors each year thanks to its historical sites, islands, and beaches. Tourist inflows were negatively affected by the Covid pandemic, but since 2022 the numbers have been returning to previous levels, rising to 30 million visitors a year. It is the 9th most visited country in the world and 7th in Europe.
Shipping industry
The Greek shipping industry contributes significantly to the country's exports and the country boasts one of the largest merchant fleets in the world, consisting of 5,520 ships, whose deadweight tonnage (DWT) represents approximately 21% of the world's capacity. Most Greek shipping companies have been family-owned for many decades. Shipping contributes approximately 7% to the country's GDP and the sector is booming, having grown by 50% in the last decade. Greek companies are involved in the production and supply of various maritime equipment, including components for ships, navigation systems, marine electronics, and specialized machinery used in the shipping industry.
To maintain its leading position, Greek shipping will have to adapt to new changes in the sector, such as digitalization, new technologies, and the requirements for sustainability and carbon reduction in shipping.
Agriculture & Food industry
Agriculture holds significance in Greece's economy, although its direct contribution to the country's GDP (3-4%) is lower than in other sectors. Greece is known for producing high-quality agricultural products, such as olives for olive oil, grapes for wine, citrus fruits, dairy products like feta cheese, and various vegetables and grains. Greek agriculture comprises approximately 700,000 farms with an average size of 7 ha. It is an important export sector with a strong presence in the European and US markets.
EXPORT & IMPORT
Greece’s involvement in international trade, as reflected in its export/GDP ratio, has increased significantly from 25.5% in 2011 to 49.1% in 2022.
The share of EU-related exports or imports remains relatively low (53.8% and 51.6% respectively) which can be partly attributed to the country’s geographical location. The leading export products to the EU include petroleum products (25%), followed by aluminum, pharmaceuticals, and electrical machinery. The EU is the main direct investor in the country.
2023 export and import data:
Main import partners:
Germany – 10.1%
China – 8.4%
Italy – 7.5%
Iraq – 6.4%
Netherlands – 5.9%
Main export partners:
Italy – 11.5%
Bulgaria – 6.8%
Germany – 6.6%
Cyprus – 6.1%
USA – 4.2%
Spain – 4%
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