The Economy in Greece

Piraeus Container Port (© Copyright: Aerial-motion)

The Economy in Greece

Greece has been a member of the European Union since 1981 and in the Eurozone since 2002. The country experienced an enormous economic boom in the 2000s, particularly in 2004 when the Summer Olympic Games were held in Athens.

But then the country fell into a sovereign debt crisis and was dependent on international donors. Greece managed the crisis through strong budget cuts and privatization and the economic situation gradually recovered.

Greece's most important economic sector by far is the service sector. It accounts for almost 80% of the gross value added and employs 75% of all workers in Greece.

Commerce, real estate and construction, maintenance, transport, catering, and tourism in particular belong to the service sector. The Hellenic Ministry of Tourism estimates that the hotel and hospitality industries account for over 20% of the economic power. An additional industry within the service sector, of significance, is commercial and coastal shipping.

The second biggest sector, manufacturing, has steadily grown since the 2010s and now accounts for 10% of the added gross value. This includes the food, beverage, and tobacco industries. Greece exports around two-thirds of these products to the European Union. Imports from the European Union are at a similar level.