7. Economic Shocks in Greece and the Effects on the Gross Value Added Per Economic Sector

The outbreak of the recent global financial crisis, the COVID-19 pandemic, and the energy crisis fueled by the effects of the Russian-Ukrainian war caused significant economic turbulence in the Greek economy. Those shocks significantly affected the Greek economy's economic development and growth path and the behaviors and decisions made by economic actors. Simultaneously, those shocks highlighted the speed with which shocks are transmitted in the economy and the significant problems of the Greek economy associated with its structure and function. This chapter investigates how the economic sectors in the Greek economy are affected by the economic shocks that have hit the economy during the period from the first quarter of 1998 up to the third quarter of 2022, leading to the determination of the more vulnerable and the more resilient economic sectors in the Greek economy. Policy recommendations about the transformation of the Greek economy emerge.