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The economy of Greece is the twenty-seventh largest economy in the world by nominal gross domestic product (GDP) and the thirty-third largest by purchasing power parity, according to the data given by the International Monetary Fund for the year 2008. Its GDP per capita is the twenty-seventh highest in the world, while its GDP PPP per capita is the twenty-sixth highest. Greece is a member of the OECD, the World Trade Organization, the Black Sea Economic Cooperation, the European Union and the Eurozone. The Greek economy is a developed economy with the public sector accounting for about 40% of GDP. The service sector contributes 75.7% of the total GDP, industry 20.6% and agriculture 3.7%. Greece is the twenty-fourth most globalized country in the world and is classified as a high income economy.
[edit] History The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world due to the Industrial revolution) has been little researched. Recent research [1] examines the gradual development of industry and further development of shipping in a predominantly agricultural economy, calculating an average rate of per capital GDP growth between 1833 and 1911 that was only slightly lower than that of Western European nations. Other studies support this view, 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,[2][3] 75% in 1980 and 90% in 2007 [4][verification needed] , while it stood at 96.4% in 2008 according to CIA Factbook (September 2009 data). The post-WWII development has largely been connected with the Greek economic miracle. In 2004, Eurostat, the statistical arm of the European Commission, after an audit performed by the New Democracy government, revealed that the budgetary statistics on the basis of which Greece joined the European monetary union (budget deficit was one of four key criteria for entry), had been massively underreported by the previous Greek government (mostly by not recording a large share of military expenses).[5] However, even according to the revised budget deficit numbers calculated according to the methodology in force at the time of Greece's application for entry into the Eurozone, the criteria for entry had been met.[6] Official Eurostat calculation according to the current methodology is still pending for the 1999 budget deficit (entry application reference year); according to the same calculations, the budget deficit criterion was met in 2006. [edit] The Greek economy todayGreece is a developed country, with a high standard of living and "very high" Human Development Index, ranking 25th in the world in 2007,[7] and 22nd on The Economist's 2005 worldwide quality-of-life index.[8] According to Eurostat data, GDP per inhabitant in purchasing power standards (PPS) stood at 94 per cent of the EU average in 2008.[9] Greece's main industries are tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum. Greece GDP growth has also, as an average, since the early-90s been higher than the EU average. However, the Greek economy also faces significant problems, including rising unemployment levels, an inefficient government bureaucracy and widespread corruption.[10] In 2009, Greece had the EU's second lowest Index of Economic Freedom (after Poland), ranking 81st in the world.[11] The country suffers from high levels of political and economic corruption and low global competitiveness relative to its EU partners.[12][13] Although remaining above the euro area average, economic growth will turn negative in 2009 for the first time since 1993.[14][verification needed] An indication of the trend of over-lending in recent years is the fact that the ratio of loans to savings exceeded 100% during the first half of the year.[15] By the end of 2009, as a result of a combination of international (financial crisis) and local (uncontrolled spending prior to the October 2009 national elections) factors, the Greek economy faced its most severe crisis after 1993, with the second highest budget deficit as well as the second highest debt to GDP ratio in the EU. The Greek labor force totals 4.9 million, and it is the second most industrious between OECD countries, after South Korea.[16] The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country with the largest work/hour ratio among European nations; Greeks worked an average of 1,900 hours per year, followed by the Spanish (average of 1,800 hours/year).[17] [edit] Maritime industryMain articles: Greek shipping and List of ports in Greece The shipping industry is a key element of Greek economic activity dating back to ancient times.[18] Today, shipping is one of the country's most important industries. It accounts for 4.5% of GDP, employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit.[19] During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis and Niarchos.[20] 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.[20] According to the BTS, the Greek-owned maritime fleet is today the largest in the world, with 3,079 vessels accounting for 18% of the world's fleet capacity (making it the largest of any other country) with a total dwt of 141,931 thousand (142 million dwt).[21] In terms of ship categories, Greece ranks first in both tankers and dry bulk carriers, fourth in the number of containers, and fourth in other ships.[21] However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 70's.[18] [edit] TourismMain article: Tourism in Greece According to a survey conducted in China in 2005, Greece was voted as the Chinese people's number one choice as a tourist destination,[22] and 6,088,287 tourists visited only the city of Athens, the capital city. In November 2006, Austria, like China, announced that Greece was the favourite destination.[23][dead link] [edit] References
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