Economy of Greece

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Greece is a developed country with a mixed economy. The Greek economy is the 51st-largest by nominal gross domestic product (GDP) and 54th-largest by purchasing power parity (PPP). It is the 16th-largest economy in the European Union and eleventh largest in the eurozone. Greece is a welfare state and ranks relatively highly among OECD nations in terms of social spending, which stood at 23.7% of GDP in 2024. Its debt-to-GDP ratio stood at 145.4% in 2025, the highest in the EU. The economy is based on the service (78%), industrial (18%) and agricultural (4%) sectors. The Greek economy was devastated by World War II (1939–1945), but expanded rapidly from 1950 to 1980 in what is commonly known as the Greek economic miracle. Greece also enjoyed a sustained period of growth rates above the EU average from the mid-1990s to the mid-2000s, peaking at 6.4% in 2006. The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider eurozone crisis, plunged the economy into...

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