structural:scholar_edition, stylistic:tone, structural:expansion, stylistic:style_transfer
Economy

The economy of Crete is predominantly based on services and tourism. However, agriculture also plays an important role and Crete is one of the few Greek islands that can support itself without a tourism industry. The economy began to change visibly during the 1970s as tourism gained in importance. Although an emphasis remains on agriculture and stock breeding, because of the climate and terrain of the island, there has been a drop in manufacturing, and an observable expansion in its service industries (mainly tourism-related). All three sectors of the Cretan economy (agriculture/farming, processing-packaging, services), are directly connected and interdependent. The island has a per capita income much higher than the Greek average, whereas unemployment is at approximately 4%, one-sixth of that of the country overall.

As in many regions of Greece, viticulture and olive groves are significant; oranges, citrons and avocadoes are also cultivated. Until recently there were restrictions on the import of bananas to Greece, therefore bananas were grown on the island, predominantly in greenhouses. Dairy products are important to the local economy and there are a number of specialty cheeses such as mizithra, anthotyros, and kefalotyri.

20% of Greek wine is produced in Crete, mostly in the region of Peza.

The Gross domestic product (GDP) of the region was €9.4 billion in 2018, accounting for 5.1% of Greek economic output. GDP per capita adjusted for purchasing power was €17,800 or 59% of the EU27 average in the same year. The GDP per employee was 68% of the EU average. Crete is the region in Greece with the fifth highest GDP per capita.