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||1995 - 2015
Greece has a service based economy and is one of the top tourist destinations in the world. Following the entry to the European Union in 1980 and the Euro Area in 2000, the Greek economy had been recording high rates of growth. Yet, as this expansion had been fueled mainly by the access to cheap credit and growth of public sector, in 2008 the budget deficit and sovereign debt reached unsustainable levels. As a result, Greece faces the worst crisis since 1974 and tough reforms enforced by the IMF and the European Commission as part of the bailout programme are taking place. On the expenditure side, household consumption is the main component of GDP and accounts for 72 percent of its total use, followed by government expenditure (20 percent) and gross fixed capital formation (12 percent). Exports of goods and services account for 33 percent of GDP while imports account for 35 percent, subtracting 2 percent of total GDP.
. This page provides the latest reported value for - Greece GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Content for - Greece GDP Growth Rate - was last refreshed on Wednesday, November 25, 2015.