Greece economy overview

• GDP (2017) -$20028 cr which is 43% lower from the

GDP in 2008
• Real GDP output has fallen 25% since 2008
• Real consumption is 40% lower than pre-crisis(2008)
• Unemployment rate is 19% for July 2018
• Unemployment is faced more by women (30.2%) than men(23.70%)
• Greece lacks in competitiveness index ranked at 86 out of 138 countries on 2016-17
competitiveness index
• Labour cost index has fallen apart because of reduction in minimum wage(22.03%)
and cuts in salaries
• Public debt to GDP has continued to rise with 176% of GDP in July 2018
• 30% of young people in Greece are unemployed . Graduation employment rates are
only 49% of total youth population
Structure of Output in Greek GDP

Greece’s economy s dominated by services(80% in 2015). The share of industry in GDP is

third lowest in the EU. Presently, manufacturing in Greece is mainly related to labout
intensive food processing. Key sectors in the Greece economy are real estate and tourism.