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Greece

by: Reid Painter

Economy

Greece is the 46th largest in the world with a nominal gross domestic product (GDP) of $194.851 billion per annum. It is also the 54th largest in the world by purchasing power parity, at $285.447 billion per annum.  As of 2015, Greece is the fifteenth-largest economy in the 28-member European Union. Greece is ranked 38th and 47th in the world at $17,901 and $26,669 for nominal GDP per capita and purchasing power parity per capita respectively.

Industries

The various Greece industries are: Tourism, Food and tobacco processing, Textiles, Chemicals, Metal products, Mining Petroleum.

 

Imports

Its top imports are Crude Petroleum ($7.31B), Refined Petroleum ($2.82B), Packaged Medicaments ($2.38B), Passenger and Cargo Ships ($1.82B) and Cars ($1.03B).

Exports

The top exports of Greece are Refined Petroleum ($6.56B), Packaged Medicaments ($1.06B), Pure Olive Oil ($722M), Aluminium Plating ($644M) and Non-fillet Fresh Fish ($467M), using the 1992 revision of the Harmonized System classification.

Opportunities for Growth

Greece's geographic location puts businesses in touch with an active European market ready for high quality products and services from around the world. This consumer market is growing steadily and is currently growing with upwards of 140 million buyers from the Eastern Mediterranean and Southeast Europe. There are no trade barriers to these consumers and Greece is a member of the Eurozone and the European Union.

 

Business relationship with the US

The main Greek products traditionally exported to the United States include food and agricultural products, tobacco, razors, petroleum products/by-products, cement, clothing and apparel, fur articles, marble, steel products and pipes. US exports to Greece consist mainly of telecommunications equipment, electrical equipment, computers and electronic equipment, medical and pharmaceutical items, machinery and parts, timber and wood-pulp as well as agricultural products.

What U.S. companies do the most business in your country?

  1. Coca-Cola

Medical- buying new equipment and up to date medicine to give high quality treatment to their patents.

Telecommunications- installing new cell towers and improving data connections to improve cellular connection

Oil and Gas- creating new oil rigs and selling oil to bigger countrys to improve the worth of Greece

Trends in the Market

Impact of Technology

The impact of technology had affected Greece majorly in many ways. Innovation in medicine and roadways and agriculture has increased the amount of goods shipped to surrounding countries and increased the population by a lot.

Positive happens.....

If something positive happened to Greece's economy, it would help out the United States tremendously. Business would rise in Greece and more goods would be shipped to the U.S.

Negative happens....

If something negative happened to Greece's economy, it would have a major impact on the U.S. economy. Greece is known for there exports because they supply major countries and if something happened to where they couldn't anymore, it would the U.S. and other countries.