Greece Economy - 2024

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.)

Unemployment rate

14.8% (2021 est.)
16.3% (2020 est.)
17.31% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 36.9% (2021 est.)

male: 33.5%

female: 41.5%

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.)

Remittances

0.32% of GDP (2021 est.)
0.32% of GDP (2020 est.)
0.33% of GDP (2019 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 -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)