Greek economy was estimated to be among the most severely hit by Covid in despite relatively limited number of cases and death rates in the country compared with most of Europe. This was mostly due to Greece's heavy reliance on tourism and the hospitality industry, which not only weighed on the trade and current account balance but also employment and domestic consumption. Greek GDP was projected to contract by 8.
Greek GDP began to contract as early as the first quarter of , contrasting with trends seen in the last two previous years, as Covid measures started to take their toll on the economy. GDP decline hit an unprecedented level of This was as considerably limited tourism revenues curbed recovery, unlike in some other European countries where industrial activity supported growth after the height of the pandemic in the spring. The government provided income and liquidity support both to citizens and businesses but is expected to shift to tax and social security contribution cuts in General government gross debt, already among the highest in the world before the pandemic, was estimated to reach According to IMF estimates, public debt is expected to decline gradually over the next two years, to The government is projected to beef up its investment in , partly through the EU's Next Generation grants.
The budget deficit was estimated at 4. Sharp decline in private consumption, paired with lower energy import prices, pulled inflation down to negative rates in However, the mechanism failed to gain traction in due to the pandemic. Shrinking and ageing population is also projected to pressure economic recovery. Job creation halted its recovery from , with the unemployment rate estimated to have reached The government's furlough support schemes prevented further job losses.
Unemployment is projected to decline gradually to See the country risk analysis provided by La Coface. Traditionally, Greece's economy has been based on agriculture, but nowadays the sector represents 3.
The main crops are tobacco third largest European producer, 23rd worldwide and cotton. Greece also has an important sheepherding industry and the fishing industry is well developed in the coastal regions.
As a result of the country's diversification of the economy, industry has replaced agriculture as the second source of income after services, accounting for Main sectors are electronics, transport equipment, clothing manufacturing and construction. Moreover, Greece has the largest maritime fleet in the world. The service sector accounts for Tourism provides an essential source of income and on its own contributes to Greece has an export-oriented economy, with trade representing Petroleum products account for both imported and exported items as the country imports crude oil and exports refined products.
Medicine, fish and olive oil are also some of the most exported items. Medicine account for a significant share of imports 3. Greek exports were projected to decline by Exports are anticipated to recover by This trend is expected to continue well into Trade with EU countries account for half of imports and exports. Italy and Germany are Greece's main trading partners with Italy being the top destination for Greek exports and Germany being the main supplier of goods and services in Greece.
Structurally in deficit, the trade balance improved between and as imports declined faster than exports. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.
Click here to contact us. Please Paste this Code in your Website. Greece Exports. Greece main exports are petroleum products 29 percent of the total exports , aluminium 5 percent , medicament 4 percent , fruits and nuts, fresh or dried 3 percent , vegetables, prepared or preserved 2 percent and fish, fresh or frozen 2 percent. Main export partners are: Italy 11 percent of total exports ; Germany 7 percent ; Turkey 7 percent ; Cyprus 6 percent ; and Bulgaria 5 percent.
Compare Exports by Country. United Nations Comtrade Database. Greek Trade Gap Widens in September. Greek Factory Activity Consolidates in October.
About permalink to section. Historical Data permalink to section. Yearly Exports permalink to section. Compare to Last year growth Last 3 years growth Last 5 years growth. Yearly Imports permalink to section. Monthly Trade permalink to section. Market Growth permalink to section. Flow Exports Imports. Service Trade permalink to section. Tariffs permalink to section. Tariffs by Product permalink to section. Economic Complexity permalink to section.
Export Opportunities by Relatedness permalink to section. Product Space permalink to section. Relatedness Space permalink to section.
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