Economy of Greece

Economy of Greece

Greek agriculture, shipping and tourism
Currency	1 euro (ευρώ) = 100 cents (λεπτά)
Fiscal year	Calendar year
Trade organisations	EU, WTO, OECD, BIS, BSEC
Statistics
GDP	$195.320 billion (nominal, 2015) $286.557 billion (PPP, 2015)
GDP rank	46th (nominal, 2015) 54th (PPP, 2015)
GDP growth	1.8% (Q3 2016 est., year-on-year)
GDP per capita	$17,988 (nominal, 2015) $26,391 (PPP, 2015)
GDP by sector	services: 82.8%; industry: 13.3%; agriculture: 3.9% (2015 est.)
Inflation (CPI)	±0.0% (December 2016)
Population below poverty line	35.7% at risk of poverty or social exclusion (2015)
Gini coefficient	34.2 (2015)
Labour force	4,783,913 (November 2016)
Labour force by occupation	services: 72.4%; industry: 15%; agriculture: 12.6% (2015 est.)
Unemployment	23.0% (November 2016)
Average gross salary	€18,495 (2013; annual)
Average net salary	€9,303 (2013; annual, equivalised)
Median net salary	€8,371 (2013; annual, equivalised)
Main industries	shipping (4th; 2011), tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Ease-of-doing-business rank	61 (2017)
External
Exports	€25.4114 billion (−1.8%; 2016 est.)
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)
Main export partners	Italy 11.2%  Germany 7.3%  Turkey 6.6%  Cyprus 5.9%  Bulgaria 5.2%  United States 4.8%  United Kingdom 4.2%  Egypt 4% (2015)
Imports	€43.9626 billion (0.8%; 2016 est.)
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)
Main import partners	Germany 10.7%  Italy 8.4%  Russia 7.9%  Iraq 7%  China 5.9%  Netherlands 5.5%  France 4.5% (2015)
FDI stock	$51.35 billion (31 December 2015 est.)
Current account	−$8 billion (2015 est.)
Gross external debt	€436.071 billion (Q2 2016, provisional)
Net international investment position	−€234.542 billion (Q2 2016, provisional)
Public finances
Public debt	€311.160 billion (176.9% of GDP; Q3 2016 est.)
Budget deficit	€13.237 billion (7.5% of GDP; 2015 est.)
Revenues	47.9% of GDP (2015 est.)
Expenses	55.4% of GDP (2015 est.)
Credit rating	DBRS: CCC Fitch: CCC Moody's: Caa3 Outlook: Stable Standard & Poor's: B- AAA (T&C Assessment) Outlook: Stable
Foreign reserves	$6.026 billion (31 December 2015 est.)

The economy of Greece is the 46th largest in the world with a nominal gross domestic product (GDP) of $194.851 billion per annum. It is also the 54th largest in the world by purchasing power parity, at $288.245 billion per annum. As of 2015, Greece is the fifteenth-largest economy in the 28-member European Union. Greece is ranked 38th and 45th in the world at $17,988 and $26,391 for nominal GDP per capita and purchasing power parity per capita respectively.

Greece is a developed country with an economy based on the service (82.8%) and industrial sectors (13.3%). The agricultural sector contributed 3.9% of national economic output in 2015. 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. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013. The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.

The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is as an important regional investor. Greece was the largest foreign investor in Albania in 2013, the third in Bulgaria, in the top-three in Romania and Serbia and the most important trading partner and largest foreign investor in the former Yugoslav Republic of Macedonia. The Greek telecommunications company OTE has become a strong investor in former Yugoslavia and in other Balkan countries.