Economy of Greece

The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $239.3 billion per annum. In terms of purchasing power parity, Greece is the world's 54th largest economy, at$418.113 billion per annum. As of 2021, Greece is the sixteenth-largest economy in the European Union. According to the International Monetary Fund's figures for 2023, Greece's GDP per capita is $22,595 at nominal value and$39,478 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 31.3 million international tourists in 2019, Greece was the 7th most visited country in the European Union and 13th in the world. marking a steady increase from 18 million tourists in 2013. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 21% of global deadweight tonnage as of 2021; The total capacity of the Greek-owned fleet has increased by 45.8% compared to 2014. 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 Organisation 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.