10 things you need to know about the Greek economy

Real estate related activities account for one-fifth of economy. The relative importance of the real estate sector in Greece is almost twice the average for other EU countries. Renting and operating of real estate is the largest subsector within the real estate activities. This sector showed the strongest resilience during the crisis, reflecting Greece’s importance as a major tourist destination. With almost 20 million foreign arrivals per year, the tourism industry, with its strong comparative advantage, represents the most reliable driver of growth for the Greek economy.

5. The public sector is relatively large. Public administration, education and social services account for more than 20 per cent of economic activity, whereas the figure in other EU EBRD countries of operations is 15 per cent on average. The difference can be explained by looking at public administration (including defence), which accounts for 10 per cent of economic activity compared to just over 6 per cent on average in other EU EBRD COOs. This figure is ripe for reduction as the new bailout programme requires significant cuts in military spending.

via 10 things you need to know about the Greek economy

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