Is Greece greener than the data shows? Calculation of Green GDP and comparison with neighboring countries

Is Greece greener than the current economic indicators show? GDP is used as the leading economic indicator of economic growth and progress. GDP as a measure, among other things, lacks an environmental component. In this paper, we have developed a Green GDP for Greece and neighboring countries and compared them with each other, precisely to compensate for the shortcomings of environmental components in GDP. Green GDP consists of classic GDP minus the costs of pollution, overexploitation of resources, and CO2 emissions into the atmosphere. In this way, or with this calculation method, we have obtained a more detailed and precise presentation of economic growth at the expense of ecology. The paper’s main objective is to show whether Greece and neighboring countries, which have the same geographical position, have the same or different environmental policies and how much this policy affects economic development and vice versa. Excessive pollution or exploitation of resources shows a more real economic growth that is sure to pay off in the future for future generations. In this way, we can calculate how much our progress today is a burden for our children or their children in the future, and we can assess whether today’s economic growth is worth it in such a way.