GDP of Greece. Economic indicators of Greece

Greece today is a developed industrial state with stable exports and imports. However, recently the threat of financial crisis has hung over Athens. As a result of the huge external debt , the country defaulted. The economy begins to crack at the seams. But is everything so bad? This will help to understand the review of GDP in Greece by years.

Economic development

The gross product in the country as early as the mid-1990s was about 120 billion dollars. So, per capita, its volume sometimes reached 11.5 thousand dollars. At that time, the GDP of Greece grew quite rapidly. The rate of increase varied within 1.5%. On the other hand, even in the 1970s, similar indicators reached 5%.

In 1960, the country's economy prospered due to the high rate of industrial production. Its volume increased immediately by 11%, while agricultural goods - by only 3.5%. Nevertheless, for a long time it was the agrarian sector that played the main role in the replenishment of the state treasury. Its share in Greece's GDP was up to 31%. In turn, industry accounted for approximately 18% of the total gross product. The remaining percentage remained behind the sphere of services, including tourism. By the end of the 1990s, the unemployment rate naturally increased. The hardest part was the female half of the population, which was only engaged in the tobacco and textile industries, in part in the service sector. The matter is that since 1996 the Greek authorities decided to carry out a number of reforms to support the agrarian and industrial sectors.

With the beginning of the 21st century, the country's economy began to depend on the huge investment and debt injections of the US and the Eurozone. This contributed to the formation of monopoly, the reduction of support for agriculture and the development of inflation. Gradually, Greece has adapted to Western European integration, but it is not painful for ordinary citizens.

Indicators of the economy

At present, Greece is considered one of the most developed industrial states of Western Europe. GDP per capita here varies between 26 thousand dollars. This allows Athens to be among the first 50 countries in the world with the best analogous indicators.

It should be noted that the average development of production is complemented by the public sector. In this way, the authorities stabilize the gross product. The country has developed trade, the agrarian sector, the banking system, stock exchanges. The majority of citizens are engaged in such spheres of industry as textile, petrochemical, food, tourism, mining and metallurgy. Machinery and electrical production are rapidly developing. But the transport industry leaves much to be desired, especially for rail transport.

The GDP of Greece by years can be presented as an extremely volatile and vulnerable economic indicator. Back in the early 2000's, its volume was enviable to 5.2%. Negative leaps were minor, stability was noted. Nevertheless, since 2008, the European economy has begun to forget what real Greece is. The fall in GDP over the next few years averaged 6%. The negative maximum was recorded in 2011 - 7.1%.

As of 2014, GDP is just over $ 238 billion. Thus, in the World Bank rating, Greece occupies only 44th place, behind even Finland and Pakistan. One of the main problems of today's economy is the shadow sector, as well as the corruption of officials. The share of such "expenses" from the total budget is up to 20%.

Structure of the economy

The industrial sphere is developed in the country by regions disproportionately. The most successful are the food, textile and light industries. The share of the employed population in this sector accounts for more than 21%. Annually, the metallurgical industry is bearing fruit. Following it on profitability are automobile and petrochemical branches. Agriculture is gradually dying out due to a catastrophic shortage of fertile land and a small amount of rainfall. For example: in Greece arable land is only 30%.

As for exports, here, Greece benefits from oil products, cereals, citrus. By 2012, there was a sharp decline in demand for local goods. Export volumes fell by 22% at once. Until recently, Russia was considered the largest trading partner of Greece.

Gradually, the number of newcomers also falls.

Debt crisis

The dynamics of Greece's GDP is highly dependent on external factors. Thus, the country's national debt for 2011 exceeded the budget by 40%. The fact is that a few years ago Athens borrowed about 80 billion euros. However, this amount could not bring the country's economy to the proper level. Soon the banks started talking about the approach of the financial crisis. As a result, the country's economy began to crack at the seams. The only solution was to get into even greater debt. The government began selling off state property, looking for large investors. Nobody wanted to connect their future with a financially unstable country. Now the amount of debt exceeds the GDP of Athens by almost 2 times.

A natural default

The year 2015 was marked for Greece by an even greater decline in the economy. Banks, factories, large enterprises and companies began to close, tens of thousands of people were left without work.

To solve the problem, new authorities were formed in the country. The main promise of the Prime Minister was the partial cancellation of the debt. At the same time, the Greek government behaved extremely aggressively and impudently. Naturally, the world banks with such a statement of the issue did not agree. Long negotiations have not been crowned with success. As a result, it was decided to withdraw from the EU, but very soon this issue was closed. The European Union once again lent to Athens tens of billions of euros for financial reforms, and Greece was pleased to remain in the coalition. Today, the authorities continue to struggle with a deep default.

Indicators of GDP of Greece today

By mid-2015, the country's economy has strengthened slightly. According to experts, the GDP of Greece increased by 1.5% by June. This exceeded even the most optimistic expectations by almost 1%.

In the third quarter of 2015, also projected a slight increase of another 0.4%.

The goal of the new program of European support for Greece is the growth of the country's GDP in the short term. By 2017, it is planned to increase the gross product from 2.7 to 3.1%.