Is Greece a developed or a developing country?
Greece is a developed country with a high ranking on the Human Development Index along with a higher standard of living. The GDP and GNI values of Greece are higher than the average threshold. The economy of Greece is the 51st largest in the world with a high level of industrialization.
Today in this article, we will look at the HDI, GDP, GNI, and the level of industrialization data of Greece that shows us how Greece is considered a developed country.
Let’s start.
Per Capita Gross Domestic Product (GDP)
Gross Domestic Product is a measure of the market value of goods produced and services provided in a country during a specific period of time.
National income divided by population size gives us the per capita income.
Per Capita Gross Domestic Product (GDP) is a metric that breaks down a country’s economic output per person and is calculated by dividing the country’s GDP by its population.
For instance, suppose one country’s GDP is 50 Billion USD, and it has a population of 2,000,000 (Two Million).
The GDP per capita of that country would be 25,000 USD.
Here is how:
For a nation to be considered developed, its own GPD per capita needs to be $12,000(USD). Some economists think that the per capita GDP needs to be more than $12,000 (USD) to have a more realistic dimension threshold.
Based on Tradingeconomics, the per capita GDP of Greece in 2019 was 24,024.40 USD.
As you can see in the image above, the Per Capita Gross Domestic Product (GDP) of Greece is above the measurement threshold. Hence, as per the Per Capita GDP, Greece can be considered a developed country.
Gross National Income/Product (GNI/GNP)
Gross National Income is the GDP + Money coming from Foreign Countries – Money going to Foreign Countries.
While GDP measures the market value of all final goods and services produced in a given country, GNI measures income generated by the country’s citizens, regardless of the income’s geographic location.
The GNI will be high when less money is going to other countries, and more money is coming from them.
In many countries, GDP and GNI are close, as the difference between income received by the country versus payments made to the rest of the world is not significant.
According to Tradingeconomics, the Gross National Income of Greece in 2019 was 31,540 Million Euros.
As the GNP of Greece is going up every year, we can say it’s a developed country.
Level of Industrialization
The Industrial achievements of Greece during the last few decades have been significantly booming.
Greece Tourism Industry
Greece has become a leading tourist destination and fascination in Europe since the 1970s because of its wealthy civilization and Historical background. The tourism industry has become a key element for the economic growth of Greece.
Various international awards have awarded to the Greece tourism industry multiple times.
Agriculture industry Greece
Greece creates a huge variety of plants and livestock products. Fisheries also play a significant role whilst forestry plays a leading function. Greek agriculture employs 528,000 farmers, 12 percent of the entire labor force. A number of the nation’s immigrants are used in the agricultural sector of this market, in addition to construction and public functions.
Maritime Industry
Shipping has traditionally been a key sector in the Greek economy since ancient times. Greece has the largest merchant navy in the world, accounting for more than 15% of the world’s total deadweight tonnage according to the United Nations Conference on Trade and Development.
Greece is ranked fourth in the world by the number of ships (3,695), behind China (5,313), Japan (3,991), and Germany (3,833).
A European Community Shipowners’ Associations report for 2011–2012 reveals that the Greek flag is the seventh-most-used internationally for shipping, while it ranks second in the EU.
Human Development Index (HDI)
Human Development Index is a statistical index that measures the key dimensions of human development.
It’s a composite index of life expectancy, education, and per capita income indicators.
A country scores a higher HDI when the lifespan is higher, the education level is higher, and the gross national income GNI (PPP) per capita is higher.
HDI over 0.800 is the threshold for a very high development index.
According to the data of 2019 A.D., Greece has a Human Development Index of 0.888, which is considered very high.
You may also like to read:
Is Cyprus a developed country?
How different is Cyprus from Greece?
