Economy of Greece
World War II (1939-1945) devastated the country's economy, but the high levels of economic growth that followed from 1950 to 1980 have been called the Greek economic miracle. From 2000 Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.8% in 2003 and 5.7% in 2006. The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of -0.3% in 2008, -4.3% in 2009, -5.5% in 2010, -9.1% in 2011, -7.3% in 2012 and -3.2% in 2013. In 2011, the country's public debt reached EUR356 billion (172% of nominal GDP). After negotiating the biggest debt restructuring in history with the private sector, Greece reduced its sovereign debt burden to EUR280 billion (137% of GDP) in the first quarter of 2012. Greece achieved a real GDP growth rate of 0.7% in 2014 after 6 years of economic decline, but fell back into recession in 2015.
What years of economic growth was called Greece's economic miracle?
1950 to 1980
World War II (1939-1945) devastated the country's economy, but the high levels of economic growth that followed from 1950 to 1980 have been called the Greek economic miracle.
economic growth