Greece’s official currency is the euro (EUR), the single currency used by 20 of the 27 EU member states. Greece adopted the euro in 2001 (non‑cash) and began circulating euro banknotes and coins on 1 January 2002. Since then, all everyday transactions in Greece – from paying for a coffee to settling business invoices – are done in euros. (Before the euro, Greece’s currency was the drachma, replaced at a fixed rate of €1 = 340.75 ₯.) Today, the euro underpins Greece’s economy and makes trade and travel with the rest of Europe seamless.
The drachma and currency history
Before joining the Eurozone, Greece’s currency was the drachma (δραχμή). The modern drachma was introduced after independence in 1832 and remained the nation’s legal tender for nearly 170 years. During that time, the drachma went through periods of stability (for example, it was linked to the French franc in the 19th century) and severe inflation (notably during World War II). In 2001, Greece met the Maastricht criteria for euro entry, and the drachma was replaced by the euro at the above rate. By 1 January 2002, all old drachma notes and coins ceased to be valid.
Greece’s economy in numbers
Greece today has an advanced, high‑income economy. Its annual GDP is on the order of a few hundred billion dollars – roughly in the low $300 billion range in nominal terms. This makes Greece around the 50th‑largest economy in the world, or the 16th‑largest in the EU. (Per capita GDP is modest by Western European standards – IMF data put it around $27,000 nominal in 2025.) Greece’s population is about 10.4 million (2025 est.), and the economy is dominated by services (roughly 77–80% of output) with industry and agriculture accounting for the rest. In recent years Greece has been recovering from the slump of the 2010s: for example, GDP growth was about 5.9% in 2022 after the pandemic recession (though inflation hit a high of ~9.3% that year). Unemployment and public debt remain higher than the EU average, but both have been gradually improving.
Key sectors: tourism and shipping
Two sectors stand out in the Greek economy: tourism and shipping. Greece is one of the most popular tourist destinations in Europe – in 2019, it received over 31 million international visitors, making it the 7th‑most‑visited EU country that year. Tourism spending (hotels, restaurants, beaches, heritage sites, etc.) contributes around 20% of Greece’s GDP. Similarly, Greece has the world’s largest merchant fleet by tonnage. Greek shipowners control about 21% of global deadweight tonnage. The shipping and trade industry generates significant export earnings. Other important industries include food processing, agriculture (olives, fruits, vegetables), and light manufacturing, but these are smaller. Around 80% of economic output comes from services (including tourism), 16% from industry, and 4–5% from agriculture.
Economic challenges and recovery
Greece’s modern economy has also faced serious challenges. After booming in the early 2000s, the country was hit hard by the 2008 global financial crisis. Public debt had risen sharply and when the recession struck, Greece was unable to devalue its currency or borrow cheaply. This triggered a sovereign debt crisis from 2009 onward. The crash “caused the government to introduce harsh austerity measures, which brought about unemployment, poverty and adverse social effects”. Unemployment in Greece spiked into the tens of percent, many businesses closed, and a generation of young Greeks left the country (a so‑called “brain drain”).
In the mid‑2010s the economy began a slow recovery. By 2014, real GDP was growing again (after five years of contraction). In 2022, growth jumped to about +5.9% as foreign travel and investment picked up. Inflation had peaked and was easing into 2023. Official oversight of Greece’s finances was lifted in August 2022 as the country exited the EU’s enhanced surveillance framework. Modern Greece now has a stabilising economy, but many issues from the crisis era linger – debt-to-GDP remains high and unemployment, while falling, is still above the EU average.
Currency and travel tips
As a euro‑area country, Greece offers travellers and businesses the convenience of using the euro. If you’re coming from another eurozone country, there’s no need to exchange cash at all. Even from outside Europe, you can withdraw euros at ATMs (banks and stores everywhere accept Visa/MasterCard) and use credit or debit cards widely. Most shops, restaurants and hotels take cards, although it’s always handy to carry some cash for small purchases in villages or for street markets. ATM networks are extensive – just be aware that your home bank may charge a foreign transaction fee. If you do need to exchange currency, compare rates at banks or use a reputable exchange service; avoid hotel/exchange‑bureau kiosks with high mark‑ups.
For larger or business transfers, using an FX platform can save money. Foreign exchange services often offer better rates and lower fees than banks. For example, CurrencyTransfer partners with regulated providers to give competitive euro‑exchange rates. (See CurrencyTransfer’s finance blogs for tips on managing payments abroad, such as “5 Tips to manage international payments”.) Since Greece uses the euro, you should plan your currency needs in euros. Whether paying a Greek supplier or splitting costs on holiday, using cards or secure online FX services will usually yield the best exchange value.
In summary, Greece’s currency is the euro and its economy is a modern market economy with heavy emphasis on services. A generation ago the drachma was used, but joining the eurozone has tied Greece closely into the European financial system. Today the country enjoys the stability and convenience of the euro – and travelers can budget in EUR just as in neighbouring Europe. For businesses or individuals moving money to or from Greece, a transfer platform like CurrencyTransfer can provide transparent rates and expert support on international payments.
As always, for currency news and insight into the world of currency, make sure to stay up to date with our Expert Analysis, as well as our daily Market Commentary.
Caleb Hinton
Caleb is a writer specialising in financial copy. He has a background in copywriting, banking, digital wallets, and SEO – and enjoys writing in his spare time too, as well as language learning, chess and investing.
