Greece Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

tourism- and shipping-based EU economy; clientelism economic culture and systemic corruption; new structural reforms for fiscal solvency; high public debts and unemployment; increasing Chinese port control; oil and gas disputes with Turkey

Real GDP (purchasing power parity)

$314.427 billion (2021 est.)

$289.97 billion (2020 est.)

$318.662 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

8.43% (2021 est.)

-9% (2020 est.)

1.88% (2019 est.)

Real GDP per capita

$29,500 (2021 est.)

$27,100 (2020 est.)

$29,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$209.79 billion (2019 est.)

Inflation rate (consumer prices)

1.22% (2021 est.)

-1.25% (2020 est.)

0.25% (2019 est.)

Credit ratings

Fitch rating: BB (2020)

Moody's rating: Ba3 (2020)

Standard & Poors rating: BB- (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4.1% (2017 est.)

industry: 16.9% (2017 est.)

services: 79.1% (2017 est.)

GDP - composition, by end use

household consumption: 69.6% (2017 est.)

government consumption: 20.1% (2017 est.)

investment in fixed capital: 12.5% (2017 est.)

investment in inventories: -1% (2017 est.)

exports of goods and services: 33.4% (2017 est.)

imports of goods and services: -34.7% (2017 est.)

Agricultural products

maize, olives, wheat, milk, peaches/nectarines, oranges, tomatoes, grapes, milk, potatoes

Industries

tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum

Industrial production growth rate

10.67% (2021 est.)

Labor force

4.619 million (2021 est.)

Labor force - by occupation

agriculture: 12.6%

industry: 15%

services: 72.4% (30 October 2015 est.)

Unemployment rate

14.8% (2021 est.)

16.3% (2020 est.)

17.31% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 36.9%

male: 33.5%

female: 41.5% (2021 est.)

Population below poverty line

17.9% (2018 est.)

Gini Index coefficient - distribution of family income

33.1 (2019 est.)

Average household expenditures

on food: 17.1% of household expenditures (2018 est.)

on alcohol and tobacco: 4.9% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.7%

highest 10%: 26.7% (2015 est.)

Budget

revenues: $98.523 billion (2019 est.)

expenditures: $97.277 billion (2019 est.)

Budget surplus (+) or deficit (-)

0.8% (of GDP) (2017 est.)

Public debt

252.29% of GDP (2020 est.)

212.38% of GDP (2019 est.)

208.84% of GDP (2018 est.)

Taxes and other revenues

24.74% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$13.858 billion (2021 est.)

-$12.413 billion (2020 est.)

-$3.112 billion (2019 est.)

Exports

$87.521 billion (2021 est.) note: data are in current year dollars

$59.022 billion (2020 est.) note: data are in current year dollars

$81.184 billion (2019 est.) note: data are in current year dollars

Exports - partners

Italy 10%, Germany 7%, Turkey 5%, Cyprus 5%, Bulgaria 5% (2019)

Exports - commodities

refined petroleum, packaged medicines, aluminum plating, cotton, cheese, copper piping (2021)

Imports

$103.532 billion (2021 est.) note: data are in current year dollars

$71.758 billion (2020 est.) note: data are in current year dollars

$83.192 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 11%, China 9%, Italy 8%, Iraq 7%, Russia 6%, Netherlands 5% (2019)

Imports - commodities

crude petroleum, refined petroleum, packaged medicines, cars, ships (2019)

Reserves of foreign exchange and gold

$14.447 billion (31 December 2021 est.)

$11.931 billion (31 December 2020 est.)

$8.507 billion (31 December 2019 est.)

Debt - external

$484.888 billion (2019 est.)

$478.646 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.876 (2020 est.)

0.893 (2019 est.)

0.847 (2018 est.)

0.885 (2017 est.)

NOTE: The information regarding Greece on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Greece 2023 information contained here. All suggestions for corrections of any errors about Greece 2023 should be addressed to the CIA or the source cited on each page.