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Economy
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Greece |
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Greece runs on a capitalist mixed type of economy. The nation’s main economic activity is mainly tourism, shipping, banking and finance, manufacturing, construction and telecommunications. Greece is regarded as one of the world’s major multinational business hubs. Greece does very well for its self, they are currently ranked 24th on the 2006 Human Development Index and number 22 on the Economist, the world wide quality of life index. The average per capita income is around $ 23, 500 for 2006. The installation of many structural and fiscal reforms along with European Union funding from the past 25 years. With an increasing private consumption to the Greek GDP the annual growth does do better than the European average.
Tourism is a main part of the economy on Greece. The money is in the services which is the largest and most important section of the Greek economy. Then comes manufacturing and agriculture. With the tourism being such a major part of the foreign exchange earning, the revenue accounting for 14 percent of Greece’s GDP and it employs work to over 660,000 people or 16 percent of the employment figure. In 2005 alone Greece had over 18 million people come and just visit and take vacation. In 2006, the number reached just short of 20 million people.
Shipping is another one of Greece’s most counted on industries. It earns about $ 12 billion in the foreign exchange and has a leading fleet on a world wide basis. In 2007, an economic report was published in Belgium and it said that Greek Ships make about 20 percent of the global fleet with more than 3500 ships belonging to Greek interest all over the world. One in five oil tankers you see in the global fleet belongs to Greek shipping companies.
Banking and financial services are counted among important source of revenue and employment. Greek banks have a very heavily vested interest in the Balkan region. The manufacturing section accounts for about 13 percent of the GDP with the food industry rising steadily in growth, profit and exporting.
Production in Greece is done by using high technology equipment that is used for telecommunication and is also experiencing a very rapid growth process, especially where telecommunication was concerned. Other major areas of production include textiles, building materials, machinery, transport equipment and electrical appliances. Construction has a 10 percent of the GDP and agriculture has about 7 percent of the GDP. Construction and agriculture are more major parts of the Greek economic picture and yet they bring in such small percentages.
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