The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $222.770 billion per annum. In terms of purchasing power parity, Greece is the world’s 54th largest economy, at $378.693 billion per annum. As of 2020, Greece is the sixteenth-largest economy in the 27-member European Union. According to the International Monetary Fund’s figures for 2022, Greece’s GDP per capita is $20,940 at nominal value and $35,596 at purchasing power parity.
Greece is a developed country with an economy based on the service (80%) and industrial sectors (16%), with the agricultural sector contributing an estimated 4% of national economic output in 2017.
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 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 North Macedonia. The Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries.
Greece is classified as an advanced, high-income economy, and was a founding member of the Organization for Economic Co-operation and Development (OECD) and of the Organization of the Black Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981.
Its economy is the largest in the Balkans, where it is an important regional investor. A founding member of the United Nations, Greece was the tenth member to join the European Communities (precursor to the European Union) and has been part of the Eurozone since 2001. It is also a member of numerous other international institutions, including the Council of Europe, NATO, the OECD, the WTO, and the OSCE.
Greece’s unique cultural heritage, large tourism industry, prominent shipping sector and geostrategic importance classify it as a middle power.
SMEs in Greece are the backbone of the country’s economy. SMEs play an important role in the ‘non-financial business economy’ of Greece. They generate 63.5% of total value added (EU average 56.4%) and an exceptionally high employment share of 87.9% (EU average 66.6%).
Greek SMEs employ an average of 2.6 people, about one third less than the EU average of 3.9.
The two most important SME sectors, wholesale and retail trade and manufacturing, together generate nearly half of all Greek SME value added. The average productivity of Greek SMEs, calculated as value added per person employed, is approximately €15,000, roughly two thirds lower than in the EU as a whole.
Eastern European Time (GMT+3)
1 January – 31 December (calendar year)
National Minimum Wage:
€663.00 per month
Taxpayer Identification Numbers:
Tax Identification Number (AFM)
Business Registration Number
Main trading partners:
Italy, Germany, France, Cyprus, Bulgaria, China, and the Netherlands.