Economy Of Greece: GDP & Exports/Imports

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This guide provides an overview of the Greek economy, including the country’s primary imports and exports.

Greece Economy Overview 

A GDP of $218 billion makes Greece the 50th largest economy in the world. However, with imports exceeding exports, the country runs a negative trade balance of -$24.8 billion. Annual imports are $63.5 billion while exports are $38.7 billion.

According to the Economic Complexity Index (ECI), Greece is ranked number 52. The country’s major trade partners are Italy and Germany.

Greece’s Top Exports

Here is a breakdown of the most important products exported by Greece, both commodities and other notable exports.

Commodity Exports

  • Refined petroleum – $12 billion
  • Pure olive oil – $696 million
  • Cheese – $528 million
  • Raw aluminum – $384 million
  • Raw tobacco – $249 million

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Other Notable Exports

  • Packaged medicaments – $1.71 billion
  • Aluminium plating – $759 million
  • Computers – $633 million
  • Non-fillet fresh fish – $602 million
  • Other processed vegetables – $570 million

Exports of $38.7 billion make Greece the 59th largest exporter globally. Between 2013 and 2018, exports grew by $4.4 billion.

The biggest receiver of exported goods from Greece is Italy ($3.83 billion), followed by Germany ($2.41 billion), Turkey ($2.4 billion), Cyprus ($2.01 billion), and the United States ($1.74 billion). Italy, Egypt, and the United States are the fastest-growing export markets.

Greece’s Top Imports

Here is a breakdown of the most important products imported by Greece, both commodities and other notable imports.

Commodity Imports

  • Crude petroleum – $10.8 billion
  • Refined petroleum – $4.32 billion
  • Petroleum gas – $1.21 billion
  • Raw aluminium – $694 million
  • Electricity – $409 million

Other Notable Imports

  • Packaged medicaments – $2.28 billion
  • Cars – $1.58 billion
  • Passenger and cargo ships – $1.47 billion
  • Computers – $1.05 billion
  • Blood, antisera, vaccines, toxins, and cultures – $942 million

Greece’s total annual imports amount to $63.5 billion – an increase of $3.29 billion from 2013. This makes the country the world’s 46th biggest trade destination.

Trade partners who send the most goods to Greece are Germany ($6.63 billion), Italy ($5.31 billion), Iraq ($4.92 billion), China ($4.9 billion), and Russia ($4.1billion).

GDP of Greece 

Greece has a GDP of $218 billion, which represents a negative growth of 38.5% between 2008 and 2018). The GDP per capita is $20,324 – a decline of -36.5% over the same period.

The size of its GDP makes Greece the 50th biggest economy in the world. However, it is ranked number 52 on the Economic Complexity Index.

Details on Greece Imports/Exports

Pure Olive Oil

Greece is the world’s 5th largest exporter of pure olive oil with annual exports totaling $696 million. The vast majority goes to Italy ($427 million), followed by Germany and the United States who get just over $50 million each of pure olive oil from Greece. Canada ($12 million) is one of the fastest-growing export markets for this Greek product.

Computers

Computers are both a major export and import product for Greece. The country imports $1.05 billion worth of computers from mainly China ($764 million), followed by the Netherlands ($95.4 million). At the same time, Greece exports $633 million in computers to mostly Italy ($299 million), with Spain ($174 million) being the next biggest recipient.

Passenger and Cargo Ships

Greece is the world’s 14th biggest importer of passenger and cargo ships. Imports amounting to $1.47 billion originate mainly from South Korea ($746 million), Japan ($213 million), China ($159 million), and Italy ($147 million).

Exports of $310 million also make Greece the 23rd biggest exporter of passenger and cargo ships. The two major – and fastest-growing – export destinations are Italy ($176 million) and Cyprus ($69.9 million).

Packaged Medicaments

Packaged medicaments make up a big part of Greece’s economy, with annual imports of $2.28 billion and exports of $1.71 billion. It’s the country’s 2nd most exported product, with the biggest number going to France ($347 million).

Germany ($234 million) and the United Kingdom ($175 million) are the other two major export destinations for packaged medicaments from Greece. At the same time, Germany is also the biggest import partner, sending $612 million of packaged medicaments to Greece.

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Sources & Further Reading

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All currency is reported in US dollars.

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