| Economy | Greece |
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Economy - overview:
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Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that 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% 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 the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. The economy contracted by 2% in 2009, 4% in 2010, and 5% in 2011. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to 11% of GDP in 2010 and about 9% in 2011. Eroding public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, and has led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, reworking the health-care and pension systems, and reforming the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the general public. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund and Eurozone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal however, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability. |
GDP (purchasing power parity):
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$305.6 billion (2011 est.)
$325.1 billion (2010 est.)
$339.9 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$27,600 (2011 est.)
$29,100 (2010 est.)
$30,400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$312 billion (2011 est.) |
GDP - real growth rate:
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-6% (2011 est.)
-4.4% (2010 est.)
-2.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 3.6%
industry: 18%
services: 78.3% (2011 est.) |
Investment (gross fixed):
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13.5% of GDP (2011 est.) |
Population below poverty line:
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20% (2009 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.5%
highest 10%: 26% (2000 est.) |
Distribution of family income - Gini index:
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33 (2005)
35.4 (1998) |
Inflation rate (consumer prices):
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2.9% (2011 est.)
4.7% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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7% (31 December 2011 est.)
5.984% (31 December 2010 est.) |
Stock of money:
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$NA
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
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void |
Stock of quasi money:
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$NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$450.5 billion (31 December 2011 est.)
$442.8 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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41,868 USD per capita |
Stock of narrow money:
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$149 billion (31 December 2011 est.)
$151.1 billion (31 December 2010 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders |
Stock of broad money:
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$295.9 billion (31 December 2011 est.)
$316.8 billion (31 December 2010 est.) |
Labor force:
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4.972 million (2011 est.) |
Labor force participation rate:
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46.21 % of population |
Labor force - by occupation:
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agriculture: 12.4%
industry: 22.4%
services: 65.1% (2005 est.) |
Unemployment rate:
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17% (2011 est.)
12.5% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 25.8%
male: 19.4%
female: 33.9% (2009) |
Budget:
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revenues: $124.5 billion
expenditures: $154.5 billion (2011 est.) |
Budget revenues per capita:
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11,571 USD per capita |
Taxes and other revenues:
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39.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-9.6% of GDP (2011 est.) |
Public debt:
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165.4% of GDP (2011 est.)
142.7% of GDP (2010 est.) |
Industries:
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tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum |
Industrial production growth rate:
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-6.9% (2011 est.) |
Electricity - production:
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51.5 billion kWh (2009 est.) |
Electricity - production per capita:
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4,787 kWh per capita |
Electricity - consumption:
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59.53 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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5,533 kWh per capita |
Electricity - exports:
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3.233 billion kWh (2009 est.) |
Electricity - imports:
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4.368 billion kWh (2009 est.) |
Oil - production:
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7,946 bbl/day (2010 est.) |
Oil - production per capita:
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739 bbl/day per capita |
Oil - consumption:
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371,300 bbl/day (2010 est.) |
Oil - consumption - per capita:
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12.60 bbl/year per capita |
Oil - exports:
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181,600 bbl/day (2009 est.) |
Oil - imports:
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496,600 bbl/day (2009 est.) |
Oil - proved reserves:
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10 million bbl (1 January 2011 est.) |
Natural gas - production:
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1 million cu m (2010 est.) |
Natural gas - production per capita:
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1 cu m per capita |
Natural gas - consumption:
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3.824 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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356 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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3.815 billion cu m (2010 est.) |
Natural gas - proved reserves:
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991.1 million cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products |
Current account balance:
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-$28.4 billion (2011 est.)
-$31.92 billion (2010 est.) |
Current account balance - per capita:
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-2,639 USD per capita |
Exports:
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$26.64 billion (2011 est.)
$22.66 billion (2010 est.) |
Exports per capita:
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2,476 USD per capita |
Exports - commodities:
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food and beverages, manufactured goods, petroleum products, chemicals, textiles |
Exports - partners:
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Germany 10.9%, Italy 10.9%, Cyprus 7.3%, Bulgaria 6.5%, Turkey 5.4%, UK 5.3%, Belgium 5.1%, China 4.8%, Switzerland 4.5%, Poland 4.2% (2010) |
Imports:
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$65.79 billion (2011 est.)
$60.19 billion (2010 est.) |
Imports per capita:
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6,115 USD per capita |
Imports - commodities:
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machinery, transport equipment, fuels, chemicals |
Imports - partners:
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Germany 10.6%, Italy 9.9%, Russia 9.6%, China 6.1%, Netherlands 5.3%, France 4.9%, Austria 4.5% (2010) |
Reserves of foreign exchange and gold:
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$6.37 billion (31 December 2010 est.)
$6.37 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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592 USD per capita |
Debt - external:
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$583.3 billion (30 June 2011)
$532.9 billion (30 June 2010) |
Debt - external - per capita:
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54,210 USD per capita |
Stock of direct foreign investment - at home:
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$35.76 billion (31 December 2011 est.)
$33.56 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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3,324 USD per capita |
Stock of direct foreign investment - abroad:
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$36.64 billion (31 December 2011 est.)
$37.88 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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3,406 USD per capita |
Market value of publicly traded shares:
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$72.64 billion (31 December 2010)
$54.72 billion (31 December 2009)
$90.4 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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6,751 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
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calendar year |
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