Greece experienced strong economic growth until the global financial crisis in 2009, which pushed the country into recession. To receive international bailouts totaling $147 billion, Greece implemented austerity measures that reduced government spending and reformed its economy. While Greece began recovering in 2014, achieving budget balance and GDP growth, high unemployment and poverty rates remain challenges, as does the refugee crisis which has placed additional strain on Greece's struggling economy.

1. ECONOMICAL STATUS OF GREECE
1st Gymnasium of Rhodes

2. GREEK ECONOMY - OVERVIEW
€ 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.

3. ECONOMIC CRISIS - ANNALS
 2007-2009: The Greek economy averaged growth of about 4% per year.
 2009: The economy went into recession as a result of the world financial crisis,
tightening credit conditions. Under intense pressure from the EU and international
market participants, the Greek government accepted a bailout program that called on
Athens to cut government spending, decrease tax evasion, overhaul the civil-service,
health-care, and pension systems, and reform the labor and product markets.
 2010: The International Monetary Fund and euro-zone governments provided
Greece emergency short- and medium-term loans worth $147 billion so that the
country could make debt repayments to creditors. (May 2010)
 2014: The Greek economy began to turn the corner on the recession. Greece
achieved three significant milestones: balancing the budget - not including debt
repayments; issuing government debt in financial markets for the first time since
2010; and generating 0.7% GDP growth — the first economic expansion since 2007.
 2015: Austerity measures reduced the deficit to 3%. On 13 July, Eurozone leaders
reached a provisional agreement on a third bailout programme. Refugee crisis.

4. GREEK ECONOMY IN NUMBERS: GDP
Gross Domestic Product per inhabitant, PPP Euro
0
100
200
300
400
500
600
700
800
1995 2000 2005 2010 2012
European Union (28 countries)
Greece
Italy
Hungary
Poland
Source: EUROSTAT DATABASE 9/2013. Extracted by Karsten Duus.

5. GREEK ECONOMY IN NUMBERS: TRADE BALANCE
-30000
-25000
-20000
-15000
-10000
-5000
0
5000
10000
15000
1990 2000 2010 2012
Greece
Italy
Hungary
Poland
Trade balance in million euro, EU 27
Source: Eurostat Database 12/2013 extracted by Karsten Duus

6. GREEK ECONOMY IN NUMBERS: INFLATION
0
1
2
3
4
5
6
7
8
9
10
European Union (28
countries)
Greece Italy Hungary Poland
2000
2005
2010
2013
Source: Eurostat Database 5/2014. Extracted by Karsten Duus.
annualchangeinpercent

7. MAIN PILLARS OF GREEK ECONOMY
Agricultural
production
•Agriculture (olives, cotton, cereals, figs, tobacco, etc)
•Livestock (cattle, sheep, chickens, etc)
• Fishery
Tourism
•An important percentage of Greece's national income comes from tourism.
• According to EUROSTAT statistics, Greece welcomed over 19.5 million tourists in 2009, which is an increase from the 17.7
million tourists it welcomed in 2007.
Small size
businesses
• Manufacturing sector
• Food industry
• Technology
Maritime
industry
• Shipping is one of the country's most important industries.
• It accounts for 4.5% of GDP, employs about 160,000 people (4% of the workforce), and represents ⅓ of the country's trade
deficit.

8. 0 10000 20000 30000 40000 50000 60000
European Union (28
countries)
Greece
Italy
Hungary
Poland
2013
2010
2005
2000
GREEK ECONOMY IN NUMBERS :
ECONOMIC ACCOUNTS FOR AGRICULTURE, CEREALS
millions of €
Agriculture products :
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products

9. GREEK ECONOMY IN NUMBERS: TURISM
Source: http://data.worldbank.org/

10. CONSEQUENCES FROM THE ECONOMICAL CRISIS
Economical crisis
Poverty
Unemployme
nt (young
people)
Economic
migration
(young
people,
scientists)
High
taxation
Austerity

11. GREEK ECONOMY IN NUMBERS: POVERTY
0
5
10
15
20
25
30
35
EU (28 countries) Greece Italy Hungary Poland
2005
2010
2012
Severely materially deprived people, percent of total population
Source: Eurostat Database. Extracted by Karsten Duus

12. GREEK ECONOMY IN NUMBERS: UNEMPLOYMENT RATE
0
5
10
15
20
25
30
European Union (28
countries)
Greece Italy Hungary Poland
2000
2005
2010
2013
Source: Eurostat Data 1/2014. Extracted by Karsten Duus.
Unemployment rate - seasonally adjusted, %, January

13. GREEK ECONOMY: REFUGEE CRISIS
Greece’s shores were the gateway to the EU for more than 856,000 refugees and migrants last year, according to UN Refugee
Agency figures. Flows have slowed significantly this year, but some 50,000 people remain in the country, with a small number still
arriving daily. This situation is a big challenge for the Greeks as well as they face big economic problems

14. GREEK ECONOMY: REFUGEE CRISIS

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17. SOURCES
 http://i-use.eu/ Statistics for education
 https://www.cia.gov/library/publications/the-
world-factbook/
 http://frontex.europa.eu/
 http://data.worldbank.org/
 http://www.unhcr.org/
 https://en.wikipedia.org