Analysis and Studies - Country Analysis
Greece: a look at the market
December 1st 2022
Greece is the southernmost country in Europe, bordering the Aegean Sea, Ionian Sea, and the Mediterranean Sea, between Albania and Turkey.
The history of the Hellenic Republic has distant origins. In fact, Greece was the cradle of the great stone and bronze civilization. In addition, the 5th Century BC saw the birth of the foundations of western civilization in Athens: philosophy, music, drama, rhetoric were all developed in this Classical period, changing the course of the world forever.
Century after century new empires followed one another, from the Roman Empire to the Byzantine Empire. In 1821 Greece was marked by the Greek War of Independence. In the following years, the country gained its independence and then added neighboring islands and territories to its territory.
After a period of internal strife, Greece became a parliamentary republic in 1974. Part of the European Union since 1981, the country has suffered a severe economic crisis since late 2009 that has had a strong impact on its economy.
The economy of Greece
Greece has a capitalist economy mostly based on the service sector and industry. The role of agricultural sector is marginal, but it gives work to the majority of immigrants in the country.
An important engine of the economy of the Hellenic Republic is tourism, which provides 18% of GDP. In 2020, the GDP was equal to $188.8 billion making Greece the number 51 economy in the world. 3.3% of it, however, comes from EU aids.
From 2015 to 2020 the exports of Greece have increased from $29.2B in 2015 to $35.8B in 2020. The top exports of the country are refined petroleum ($6.88B), packaged medicaments ($3.3B), aluminium plating ($701M), computers ($626M), and non-fillet fresh fish ($613M), shipping mostly to Italy ($3.39B), Germany ($2.62B), France ($2.15B), Cyprus ($2B), and Bulgaria ($1.71B).
On the other hand, Greece imports crude petroleum ($6.07B), refined petroleum ($2.56B), packaged medicaments ($2.43B), nitrogen heterocyclic compounds ($1.72B), and cars ($1.37B), mostly from Germany ($6.68B), China ($5.56B), Italy ($4.8B), Netherlands ($3.27B), and France ($2.75B).
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