Site of Roman agora, center of economic and social activity, Athens
CourtesyBernice Huffman Collection, Library of Congress, Washington

Only in the 1950s did Greece begin its transformation from a largely agricultural economy to one based primarily on services and industry. Progress was slowed, however, by the lack of a domestic entrepreneurial class willing to invest in industry. Government economic policy therefore relied heavily on foreign investment, state intervention played a large role in economic planning, and tourism became a vital part of postwar expansion. After almost three decades of steady growth, the Greek economy began to stagnate in 1979, beginning an era of struggle to resume growth while avoiding high inflation.

Data as of December 1994

NOTE: The information regarding Greece on this page is re-published from The Library of Congress Country Studies and the CIA World Factbook. No claims are made regarding the accuracy of Greece THE ECONOMIC DEVELOPMENT OF MODERN GREECE information contained here. All suggestions for corrections of any errors about Greece THE ECONOMIC DEVELOPMENT OF MODERN GREECE should be addressed to the Library of Congress and the CIA.