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Economy of Greece

The economy of Greece is the 45th largest in the world with a nominal gross domestic product (GDP) of $235.6 billion per annum. It is also the 51st largest in the world by purchasing power parity, at $291.9 billion per annum. As of 2013, Greece is the thirteenth-largest economy in the 28-member European Union. Greece is ranked 38th and 44th in the world at $21,648 and $25,954 for nominal GDP per capita and purchasing power parity per capita respectively.

Greece is a developed country with an economy based on the service (82.8%) and industrial sectors (13.3%). The agricultural sector contributed 3.9% of national economic output in 2015. Important Greek industries include tourism and shipping. With 18 million international tourists in 2013, Greece was the 7th most visited country in the European Union and 16th in the world. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013. The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.

The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is as an important regional investor. Greece was the largest foreign investor in Albania in 2013, the third in Bulgaria, in the top-three in Romania and Serbia and the most important trading partner and largest foreign investor in the former Yugoslav Republic of Macedonia. The Greek telecommunications company OTE has become a strong investor in former Yugoslavia and in other Balkan countries.

Sectors

Agriculture and fishery

Agriculture contributes 3.8% of the country's GDP and employs 12.4% of the country's labour force. Greece is a major beneficiary of the Common Agricultural Policy of the European Union. As a result of the country's entry to the European Community, much of its agricultural infrastructure has been upgraded and agricultural output increased.

Industry

Between 2005 and 2011, Greece has had the highest percentage increase in industrial output compared to 2005 levels out of all European Union members, with an increase of 6%.Greece is ranked third in the European Union in the production of marble (over 920,000 tons), after Italy and Spain.

Maritime industry

Shipping has traditionally been a key sector in the Greek economy since ancient times. Greece has the largest merchant navy in the world, accounting for more than 15% of the world's total deadweight tonnage (dwt) according to the United Nations Conference on Trade and Development.

Counting shipping as quasi-exports and in terms of monetary value, Greece ranked 4th globally in 2011 having "exported" shipping services worth 17,704.132 million $; only Denmark, Germany and South Korea ranked higher during that year.

Telecommunications

The mobile telecommunications companies active in Greece are Wind Hellas and Vodafone Greece. The total number of active cellular phone accounts in the country in 2009 based on statistics from the country's mobile phone providers was over 20 million, a penetration of 180%. Additionally, there are 5.745 million active landlines in the country.

Tourism

Greece attracts more than 16 million tourists each year, thus contributing 18.2% to the nation's GDP in 2008 according to an OECD report. The same survey showed that the average tourist expenditure while in Greece was $1,073, ranking Greece 10th in the world.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Greece"

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