The Economy of Greece
The Economy of Greece
Greek Economy
Economy - overview: Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP at least 75% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But growth dropped to 2.8% in 2008, as a result of the world financial crisis and tightening credit conditions. Greece violated the EU's Growth and Stability Pact budget deficit criteria of no more than 3% of GDP from 2001 to 2006, but finally met that criteria in 2007-08. Public debt, inflation, and unemployment are above the euro-zone average, but are falling. The Greek Government continues to grapple with cutting government spending, reducing the size of the public sector, and reforming the labor and pension systems, in the face of often vocal opposition from the country's powerful labor unions and the general public. The economy remains an important domestic political issue in Greece and, while the ruling New Democracy government has had some success in improving economic growth and reducing the budget deficit, Athens faces long-term challenges in its effort to continue its economic reforms, especially social security reform and privatization.
GDP:
GDP - real growth rate: 2.8% (2008 est.) 4% (2007 est.) 4.2% (2006 est.)
GDP - per capita:
GDP - composition by sector: agriculture: 3.5% industry: 23.4% services: 73.1% (2008 est.)
Population below poverty line:
Household income or consumption by percentage share: lowest 10%: 2.5% highest 10%: 26% (2000 est.)
Distribution of family income - Gini index: 33 (2005)
Inflation rate (consumer prices):
Labor force: 4.96 million (2008 est.)
Labor force - by occupation: agriculture: 12.4% industry: 22.4% services: 65.1% (2005 est.)
Unemployment rate: 8% (2008 est.)
Budget: revenues: $132.4 billion expenditures: $143.8 billion (2008 est.)
Industries: tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Industrial production growth rate: 3.2% (2008 est.)
Electricity - production: 59.33 billion kWh (2007 est.)
Electricity - production by source:
Electricity - consumption: 55.98 billion kWh (2006 est.)
Electricity - exports: 269 million kWh (2007 est.)
Electricity - imports: 5.894 billion kWh (2007 est.)
Oil - production: 4,265 bbl/day (2007 est.)
Oil - consumption: 441,400 bbl/day (2007 est.)
Oil - exports: 125,100 bbl/day (2005)
Oil - imports: 527,200 bbl/day (2005)
Oil - proved reserves: 10 million bbl (1 January 2008 est.)
Natural gas - production: 24 million cu m (2007 est.)
Natural gas - consumption: 4.069 billion cu m (2007 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 4.1 billion cu m (2007 est.)
Natural gas - proved reserves: 1.982 billion cu m (1 January 2008 est.)
Agriculture - products: wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Exports: $27.4 billion f.o.b. (2008 est.)
Exports - commodities: food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners: Germany 11.6%, Italy 10.8%, Cyprus 6.6%, Bulgaria 6.5%, UK 5.5%, Romania 4.5%, France 4.2%, US 4.2% (2007)
Imports: $82.28 billion f.o.b. (2008 est.)
Imports - commodities: machinery, transport equipment, fuels, chemicals
Imports - partners: Germany 12.9%, Italy 11.7%, Russia 5.6%, France 5.6%, China 5%, Netherlands 5% (2007)
Debt - external: $92.19 billion (31 December 2008 est.)
Economic aid - recipient:
Currency:
Currency code:
Exchange rates: euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)
Fiscal year: