economic Trends
The Making of Greece Economic Tragedy:
Created by OANDA
The economy of Greece is the 32nd largest in the world by nominal gross domestic product (GDP) and the 37th largest at purchasing power parity (PPP), according to data by the World Bank for the year 2010. Per capita, it is ranked 24th by nominal GDP and 23rd at PPP according to the 2009 data.
A developed country, Greece is a member of the European Union, the eurozone, the OECD, the World Trade Organization and the Black Sea Economic Cooperation Organization.
The service sector contributes 78.8% of GDP, industry 17.9%, and agriculture 3.3%. The public sector accounts for about 40% of total economic output. Greece is the 31st most globalized country in the world and is classified as a high-income economy.
Will Greek islands soon be on sale? It may sound far-fetched, but it’s one of the proposed solutions to save the country, which is drowning in debt and on the brink of default. The €110 billion bailout granted by the EU and IMF in May 2010 may not be enough, and Socialist Prime Minister George Papandreou is pushing through tough new austerity measures – much to the displeasure of millions of Greek citizens who have taken to the streets over the past months.
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