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Economy of Greece

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The economy of Greece is the 34th or 42nd largest in the world at $299[99] or $304[100] billion by nominal gross domestic product or purchasing power parity (PPP) respectively, according to World Bank statistics for the year 2011.

Additionally, Greece is the 15th largest economy in the 27-member European Union.[101] In terms of per capita income, Greece is ranked 29th or 33rd in the world at $27,875 and $27,624 for nominal GDP and PPP respectively.
Greece is a developed country with high standards of living. Its economy mainly comprises the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output.[102] Important Greek industries include tourism (with 14.9 million[103] international tourists in 2009, it is ranked as the 7th most visited country in the European Union[103] and 16th in the world[103] by the United Nations World Tourism Organization) and merchant shipping (at 16.2%[104] of the world's total capacity, the Greek merchant marine is the largest in the world[104]), while the country is also a considerable agricultural producer (including fisheries) within the union.
With an economy larger than all the Balkan economies combined, Greece is the largest economy in the Balkans,[105][106] and an important regional investor.[105][106] Greece is the number-two foreign investor of capital in Albania, the number-three foreign investor in Bulgaria, at the top-three foreign investors in Romania and Serbia and the most important trading partner and largest foreign investor of the Republic of Macedonia. Greek banks open a new branch somewhere in the Balkans on an almost weekly basis.[107][108][109] The Greek telecommunications company OTE has become a strong investor in Yugoslavia and other Balkan countries.[107]
The Greek economy is classified as advanced[110] and high-income.[111] Greece was a founding member of the Organisation for Economic Co-operation and Development (OECD) and the Organization of the Black Sea Economic Cooperation (BSEC). In 1979 the accession of the country in the European Communities and the single market was signed, and the process was completed in 1982. In January 2001 Greece adopted the Euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachma to the Euro.[112] Greece is also a member of the International Monetary Fund and the World Trade Organization, and is ranked 31st on the KOF Globalization Index for 2010.

Economy of Greece. A developed country, the economy of Greece mainly revolves around the service sector (80.6%) and industry (16%), while agriculture made up an estimated 3.4% of the national economic output in 2012.[4] Important Greek industries include tourism and shipping.

Economy of Greece

List of Greek subdivisions by GDP. This is a List of Greek subdivisions by their GDP, or gross domestic product.

List of Greek subdivisions by GDP

There are fourteen modern regions of Greece, instituted in 1987. Greece's overall GDP was $281 billion in 2012, which represents $24,505 per capita, 44th in the world.[1] File:Greece peripheries GDP per capita.svg. Cancel Edit Delete Preview revert Text of the note (may include Wiki markup) Could not save your note (edit conflict or other problem).

File:Greece peripheries GDP per capita.svg

Please copy the text in the edit box below and insert it manually by editing this page. Upon submitting the note will be published multi-licensed under the terms of the CC-BY-SA-3.0 license and of the GFDL, versions 1.2, 1.3, or any later version. See our terms of use for more details. Add a note Draw a rectangle onto the image above (press the left mouse button, then drag and release). Save To modify annotations, your browser needs to have the XMLHttpRequest object. [[MediaWiki talk:Gadget-ImageAnnotator.js|Adding image note]]$1 [[MediaWiki talk:Gadget-ImageAnnotator.js|Changing image note]]$1 [[MediaWiki talk:Gadget-ImageAnnotator.js|Removing image note]]$1. Eurozone entry. Greek Financial Audit, 2004. The 2004 Financial Audit of Greece was an investigation into the true extent of Greece's public finances.

Greek Financial Audit, 2004

It examined government revenue, spending, and the level of Greek government borrowing.[1][2] Context: Greek application to join the Eurozone[edit] Within the European Union, entry into the Eurozone depends on the applicant nation meeting certain economic criteria.[3] Measures such as budget deficits and public debt levels are assessed, as well as the inflation situation and the stability of the national currency exchange rate of a European Union member state.

Requirements include a budget deficit below 3% of Gross domestic product (GDP), and debt below 60% of GDP, or if above, declining.[4] Greek government debt crisis 2010 - Greek government-debt crisis. Greece's debt percentage since 1977, compared to the average of the Eurozone Overview[edit] The downgrading of Greek government debt to junk bond status in April 2010 created alarm in financial markets, with bond yields rising so high, that private capital markets were practically no longer available for Greece as a funding source.

Greek government-debt crisis

On 2 May 2010, the Eurozone countries and the International Monetary Fund (IMF) agreed on a €110 billion bailout loan for Greece, conditional on compliance with the following three key points: Implementation of austerity measures, to restore the fiscal balance.Privatisation of government assets worth €50bn by the end of 2015, to keep the debt pile sustainable.Implementation of outlined structural reforms, to improve competitiveness and growth prospects. The payment of the bailout was scheduled to happen in several disbursements from May 2010 until June 2013. Agriculture in Greece. Valley of Messara, Crete Agriculture in Greece is based on small-sized, family-owned dispersed units, while the extent of cooperative organization stays at low comparative levels, against all efforts that have been taken in the last 30 years, mainly under European Union supervision.

Agriculture in Greece

Greek agriculture employs 528,000 farmers, 12% of the total labor force. It only produces 3.6% of the national GDP (about $16 billion annually). A large number of the country's immigrants are employed in the agricultural sector of the economy, as well as construction and public works. Agriculture. Maritime industry. Greek shipping. Greece is a maritime nation by tradition, as shipping is arguably the oldest form of occupation of the Greeks and has been a key element of Greek economic activity since ancient times.

Greek shipping

Classical period[edit] The Greeks have been a maritime nation since the times of ancient Greece, as the mountainous landscape of the mainland,and the limited farming area and the extended coastline of Greece led people to occupy with shipping. The geographical position of the region on the crossroads of ancient sea lanes in the eastern Mediterranean, the multiplicity of islands and the proximity to other advanced civilizations helped shape the maritime nature of the Greek nation at an early stage. Thus, the Greeks soon came to dominate the maritime trade in the region, gradually expanding it along the shores of the Mediterranean Sea and the Black Sea, and establishing colonies. List of ports in Greece. This is a list of ports and harbors in Greece.

List of ports in Greece

Maritime ports[edit] Port of Patras. Tourism in Greece. Greece attracts more than 17.5 million people each year,[1] contributing 15% to the nation's Gross Domestic Product.

Tourism in Greece

Greece has been an attraction for international visitors since antiquity for its rich and long history, Mediterranean coastline and beaches.[2] In 2005, 6,088,287 tourists alone visited the city of Athens, the capital city. [citation needed] History[edit] Tourism. Transport in Greece. Transport in Greece has undergone significant changes in the past two decades, vastly modernizing the country's infrastructure.

Transport in Greece

Although ferry transport between islands remains the prominent method of transport between the nation's islands, improvements to the road infrastructure, rail, urban transport, and airports have all led to a vast improvement in transportation. These upgrades have played a key role in supporting Greece's economy, which in the past decade has come to rely heavily on the construction industry. Rail transport[edit] Railways[edit] total: 2,571 km (764 km are (or will be) electrified)standard gauge: 1,565 km 1.435-m gaugenarrow gauge: 961 km 1.000-m gauge; 22 km 0.750-m gaugedual gauge: 23 km combined 1.435 m and 1.000-m gauges (three rail system) (2004) Transport. Telecommunications in Greece. The telecommunications and postal services market in Greece is regulated by the Hellenic Telecommunications and Post Commission (EETT).

Landline telephone[edit] OTE headquarters in Athens. OTE, the former state monopoly, is the main player in fixed-line telephony. Since the liberalization of the telecommunications market, OTE has been slowly losing market share to "alternative", competing telecom operators, such as hellas online, Wind, Cyta and Forthnet. As of 2005, OTE's share on the market hovered around 76% Telephones - main lines in use: 6,348,800 (2004). Telephone system: Cellular network[edit] Greece has three mobile telecom companies; Cosmote, Vodafone and WIND.

Number of active lines: 20.285.000 (September 2009), which means 180% penetration.[1] Satellite[edit] Greece owns one Telecommunications Satellite, named Hellas-sat, which provides telecommunication services in a major part of Eastern Europe and Western Asia. Internet[edit] Mass media[edit] Radio broadcast stations: Telecommunications. Science and technology.