The economy of Greece is a developed and advanced mixed economy. It is the 37th largest economy in the world by nominal gross domestic product (GDP) and the 43rd largest by purchasing power parity (PPP). Greece is a member of the European Union (EU) and the Eurozone. It is classified as an advanced high-income economy by the World Bank and a high-income economy by the International Monetary Fund (IMF).
Greece is a major industrial and agricultural producer and exporter. The country is a major producer of food, tobacco, textiles, leather goods, chemicals, petroleum, and metals. It is also a major tourist destination, with over twenty million visitors in 2019. Greece is a member of the European Union (EU) and the Eurozone.
Greece's economy is heavily reliant on tourism, shipping, and agriculture. Tourism is one of the country's main sources of income and foreign exchange. Greece is the world's third-largest producer of olive oil, and its main agricultural exports are olives, grapes, tobacco, wheat, and citrus fruits.
Greece has a large and diversified industrial sector, which includes food processing, textiles, chemicals, metal products, petroleum, and shipbuilding. The country also has a strong services sector, which accounts for more than two-thirds of its GDP. The key sectors of the services sector are banking, insurance, real estate, telecommunications, and tourism.
Greece's economy has been affected by the global financial crisis of 2008-09, which led to a deep recession. The country's economy contracted by more than 25% between 2008 and 2013. The Greek government implemented a series of austerity measures to reduce its budget deficit and regain market confidence. These measures included tax increases, pension cuts, and public sector wage cuts.
Greece's economic recovery has been slow and uneven. The country's unemployment rate remains high, and public debt has continued to rise. However, the economy has started to show signs of improvement in recent years, with GDP growth rates increasing and the unemployment rate decreasing.
Greece's economic outlook remains uncertain. The country faces a number of challenges, including a large public debt, high unemployment, and a weak banking system. Despite these challenges, Greece remains an important economic player in Europe and the world.