ARCHIVE // GR // TIME-SERIES
Economic overview
Greece — 35 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | Greece has a mixed capitalistic economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist-left-government that enlarged the public sector and became the nation's largest employer. Like many other Western economies, Greece suffered severely from the global oil price hikes of the 1970s, annual GDP growth plunging from 8% to 2% in the 1980s, and inflation, unemployment, and budget deficits rising sharply. The fall of the socialist government in 1989 and the inability of the c |
| 1991 | Greece has a mixed capitalistic economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist government that enlarged the public sector from 55% of GDP in 1981 to about 70% when Prime Minister Mitsotakis took office. Mitsotakis inherited several severe economic problems from the preceding socialist and caretaker governments, which neglected the runaway budget deficit, a ballooning current account deficit, and accelerating inflation. With only a two-seat majority in the Chambe |
| 1992 | Greece has a mixed capitalistic economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist government that enlarged the public sector from 55% of GDP in 1981 to about 70% when Prime Minister Mitsotakis took office. Tourism continues as a major industry, and agriculture - although handicapped by geographic limitations and fragmented, small farms - is self-sufficient except for meat, dairy products, and animal feedstuffs. The Mitsotakis government inherited several severe eco |
| 1993 | Greece has a mixed capitalist economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist system that enlarged the public sector from 55% of GDP in 1981 to about 70% when Prime Minister MITSOTAKIS took office. Tourism continues as a major source of foreign exchange, and agriculture is self-sufficient except for meat, dairy products, and animal feedstuffs. Since 1986, real GDP growth has averaged only 1.6% a year, compared with the Europen Community average of 3%. The MITSOTA |
| 1994 | Greece has a mixed capitalist economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist system that enlarged the public sector from 55% of GDP in 1981 to about 70% in 1989. Since then, the public sector has been reduced to about 60% of GDP. Tourism continues as a major source of foreign exchange, and agriculture is self-sufficient except for meat, dairy products, and animal feedstuffs. Over the last decade, real GDP growth has averaged 1.6% a year, compared with the Europe |
| 1995 | Greece has a mixed capitalist economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist system that enlarged the public sector from 55% of GDP in 1981 to about 70% in 1989. Since then, the public sector has been reduced to about 60% of GDP. Tourism continues as a major source of foreign exchange, and agriculture is self-sufficient except for meat, dairy products, and animal feedstuffs. Over the last decade, real GDP growth has averaged 1.6% a year, compared with the Europe |
| 1997 | Greece has a mixed capitalist economy with the public sector accounting for roughly half of GDP. Tourism is a major source of foreign exchange, and agriculture is self-sufficient, except for meat, dairy products, and animal feedstuffs. Macroeconomic problems include mediocre GDP growth, the huge public sector, substantial budget deficits, and 10% unemployment. The government's hard drachma policy and public sector wage restraint are largely responsible for the downward trend in inflation, now at |
| 1998 | Greece has a mixed capitalist economy with the public sector accounting for roughly half of GDP. Tourism provides a major portion of foreign exchange. Greece is among the poorest EU countries in terms of per capita income; Athens continues to rely heavily on EU aid, which currently amounts to about 4.5% of GDP. Macroeconomic problems include the huge public sector, substantial budget and balance of payments deficits, and 10% unemployment. Economic growth is strengthening, and the government's st |
| 1999 | Greece has a mixed capitalist economy with the public sector accounting for about half of GDP, although the government plans to privatize some leading state enterprises. Tourism is a key industry, providing a large portion of GDP and foreign exchange earnings. Greece is a major beneficiary of EU aid, equal to about 4% of GDP. The economy has improved steadily over the last few years, as the government has tightened policy with the goal of qualifying Greece to join the EU's single currency (the e |
| 2000 | Greece has a mixed capitalist economy with the public sector accounting for about half of GDP. The government plans to privatize some leading state enterprises. Tourism is a key industry, providing a large portion of GDP and foreign exchange earnings. Greece is a major beneficiary of EU aid, equal to about 4% of GDP. The economy has improved steadily over the last few years, as the government has tightened policy with the goal of qualifying Greece to join the EU's single currency (the euro) in 2 |
| 2001 | Greece has a mixed capitalist economy with the public sector accounting for about half of GDP. Tourism is a key industry, providing a large portion of GDP and foreign exchange earnings. Greece is a major beneficiary of EU aid, equal to about 4% of GDP. The economy has improved steadily over the last few years, as the government has tightened policy in the run-up to Greece's entry into the EU's Economic and Monetary Union (EMU) on 1 January 2001. In particular, Greece has cut its budget deficit t |
| 2002 | Greece has a mixed capitalist economy with the public sector accounting for about half of GDP and with per capita GDP 70% of the Big Four European economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of GDP. The economy has improved steadily over the last few years, as the government tightened policy in the run-up to Greece's entry into the EU's Economic and Monetary Unio |
| 2003 | Greece has a mixed capitalist economy with the public sector accounting for half of GDP and with per capita GDP 70% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of GDP. The economy has improved steadily with economic growth averaging 4% since 1997, exceeding EU growth by more than 1 percentage point. Remaining challenges include the reduct |
| 2004 | Greece has a mixed capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP 70% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by about 4.0% for the past two years, largely because of an investment boom and infrastructure upgrades for the 2004 Athens Olympic Games |
| 2005 | Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP 70% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by about 4.0% for the past two years, largely because of an investment boom and infrastructure upgrades for the 2004 Athens Olympic Games. Desp |
| 2006 | Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP at least 75% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by about 4.0% for the between 2003 and 2005, largely because of an investment boom and infrastructure upgrades for the 2004 Athens Oly |
| 2007 | Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP at least 75% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2006, due partly to infrastructural spending related to the 2004 Athens O |
| 2008 | Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP at least 75% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens O |
| 2009 | Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 |
| 2010 | Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 |
| 2011 | Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 |
| 2012 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Ath |
| 2013 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Ath |
| 2014 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a res |
| 2015 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a res |
| 2016 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. | The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a r |
| 2017 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. | The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a r |
| 2018 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a res |
| 2019 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a res |
| 2020 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a res |
| 2021 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a res |
| 2022 | Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a res |
| 2023 | tourism- and shipping-based EU economy; clientelism economic culture and systemic corruption; new structural reforms for fiscal solvency; high public debts and unemployment; increasing Chinese port control; oil and gas disputes with Turkey |
| 2024 | developed EU and eurozone economy; strong post-COVID growth driven by tourism, shipping industry, exports, and foreign investment supported by EU cohesion funds; public debt remains high despite recent budget surplus; challenges from negative household savings, high unemployment, corruption, and competitiveness gaps |
| 2025 | high-income EU and eurozone economy; growth above euro average, supported by private consumption and EU fund investments; structural reforms strengthening public finances and enhancing resilience within banking system; declining unemployment but low labor productivity and skill shortages |