Greek Economy

Economic Background

The Greek economy is one of the least diversified economies in the EU and is heavily skewed toward real estate; public administration, education, and social services; and trade, transport, and food services. The industrial sector is relatively small and mainly focused on food processing. Tourism has developed into a major source of revenue (18% of GDP in 2015). Greece continues to play a dominant role in the international shipping industry, operating nearly 20% of merchant ships worldwide.  Although still weak by European standards, the Greek economy expanded greatly from the 1950s until a government deficit threatened it in the first decade of the 2000s.  Greece has a high unemployment rate, and many people live in poverty.

Coronavirus Impact on economy

Greece Unemployment Rate dropped to 16.80% in August 2020, from the previously reported number of 17.00% in Jul 2020.

 

Citations

"Greece." Worldmark Encyclopedia of the Nations, edited by Melissa Sue Hill, 14th ed., vol. 5: Europe, Gale, 2017, pp. 311-330. Gale In Context: High School, https://link.gale.com/apps/doc/CX3652100257/SUIC?u=tel_s_tsla&sid=SUIC&xid=86dca206. Accessed 7 Dec. 2020.

Baxevanis, John J. "Greece." World Book Advanced, World Book, 2020,
www.worldbookonline.com/advanced/article?id=ar234880j. Accessed 7 Dec. 2020.

"Greece Unemployment Rate". 2020. CEIC. https://www.ceicdata.com/en/indicator/greece/unemployment-rate#:~:text=Greece%20Unemployment%20Rate%20dropped%20to,an%20average%20rate%20of%2011.60%20%25.