European Union no relation World Trade Organization
Economy
Introduction
According to World Bank statistics for the year 2013, the economy of Greece is the 43rd largest by nominal gross domestic product at $242 billion and 53rd largest by purchasing power parity (PPP) at $284 billion. Additionally, Greece is the 15th largest economy in the 27-member European Union. In terms of per capita income, Greece is ranked 41st or 47th in the world at $18,168 and $29,045 for nominal GDP and PPP respectively. The Greek economy is classified as advanced and high-income.Greece is a developed country with a high standard of living and a high ranking in the Human Development Index. Its economy mainly comprises the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output. Important Greek industries include tourism (with 14.9 million international tourists in 2009, it is ranked as the 7th most visited country in the European Union and 16th in the world by the United Nations World Tourism Organization) and merchant shipping (at 16.2% of the world's total capacity, the Greek merchant marine is the largest in the world), while the country is also a considerable agricultural producer (including fisheries) within the union.
In October 2021 unemployment stood at 12.9% and youth unemployment at 33.2%, compared with respectively 7% and 15.9% in the EU and in the Euro zone.Greece has the largest economy in the Balkans, and an important regional investor. Greece is the number-two foreign investor of capital in Albania, the number-three foreign investor in Bulgaria, at the top-three of foreign investors in Romania and Serbia and the most important trading partner and largest foreign investor of North Macedonia. Greek banks open a new branch somewhere in the Balkans on an almost weekly basis. The Greek telecommunications company OTE has become a strong investor in other Balkan countries.Greece was a founding member of the Organisation for Economic Co-operation and Development (OECD) and the Organization of the Black Sea Economic Cooperation (BSEC). In 1979 the accession of the country in the European Communities and the single market was signed, and the process was completed in 1982. Greece was accepted into the Economic and Monetary Union of the European Union on 19 June 2000, and in January 2001 adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachma to the Euro. Greece is also a member of the International Monetary Fund and the World Trade Organization, and is ranked 24th on the KOF Globalization Index for 2013.
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