Economy of Greece

Annual growth of Greek GDP has surpassed the respective levels of most of its EU partners.[33] The tourism industry is a major source of foreign exchange earnings and revenue accounting for 15% of Greece’s total GDP[34] and employing, directly or indirectly, 16.5% of the total workforce.

The Greek labor force totals 4.9 million, and it is the second most industrious between OECD countries, after South Korea.[35] The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece ranked third in the working hours per year ranking among European nations; Greeks worked an average of 1,811 hours per year[36]. In 2007, the average worker produced around 20 dollars per hour, similar to Spain and slightly more than half of average U.S. worker's hourly output. Immigrants make up nearly one-fifth of the work force, occupied mainly in agricultural and construction work.

Greece's purchasing power-adjusted GDP per capita is the world's 25th highest. According to the International Monetary Fund it has an estimated average per capita income of $29,882 for the year 2009,[37] a figure comparable to that of Italy and Spain . According to Eurostat data, Greek PPS GDP per capita stood at 95 per cent of the EU average in 2009.[38] According to a survey by The Economist, the cost of living in Athens is close to 90% of the costs in New York; in rural regions it is lower.
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