Economy Of Greece: GDP & Exports/Imports

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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.

Top 5 Commodity Exports

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

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.

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.

Top 5 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).

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 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 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.

Sources & Further Reading

All currency is reported in US dollars.

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