| Economy | Greece |
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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 (purchasing power parity):
|
$343.6 billion (2008 est.)
$334.2 billion (2007)
$321.4 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$32,000 (2008 est.)
$31,200 (2007 est.)
$30,100 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$373.5 billion (2008 est.) |
GDP - real growth rate:
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2.8% (2008 est.)
4% (2007 est.)
4.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 3.5%
industry: 23.4%
services: 73.1% (2008 est.) |
Investment (gross fixed):
|
24.9% of GDP (2008 est.) |
Population below poverty line:
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NA% |
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) |
Inflation rate (consumer prices):
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4.4% (2008 est.) |
Central bank discount rate:
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NA |
Commercial bank prime lending rate:
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7.71% (31 December 2007) |
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:
|
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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$392.4 billion (31 December 2007) |
Stock of domestic credit - per capita:
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36,546 USD per capita |
Labor force:
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4.96 million (2008 est.) |
Labor force participation rate:
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46.19 % 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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8% (2008 est.) |
Budget:
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revenues: $132.4 billion
expenditures: $143.8 billion (2008 est.) |
Budget revenues per capita:
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12,331 USD per capita |
Public debt:
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90.1% of GDP (2008 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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3.2% (2008 est.) |
Electricity - production:
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59.33 billion kWh (2007 est.) |
Electricity - production per capita:
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5,526 kWh per capita |
Electricity - consumption:
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55.98 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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5,214 kWh per capita |
Electricity - exports:
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269 million kWh (2007 est.) |
Electricity - imports:
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5.894 billion kWh (2007 est.) |
Oil - production:
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4,265 bbl/day (2007 est.) |
Oil - production per capita:
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398 bbl/day per capita |
Oil - consumption:
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441,400 bbl/day (2007 est.) |
Oil - consumption - per capita:
|
15.00 bbl/year per capita |
Oil - exports:
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125,100 bbl/day (2005) |
Oil - imports:
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527,200 bbl/day (2005) |
Oil - proved reserves:
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10 million bbl (1 January 2008 est.) |
Natural gas - production:
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24 million cu m (2007 est.) |
Natural gas - production per capita:
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3 cu m per capita |
Natural gas - consumption:
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4.069 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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379 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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4.1 billion cu m (2007 est.) |
Natural gas - proved reserves:
|
1.982 billion cu m (1 January 2008 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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-$36.26 billion (2008 est.) |
Current account balance - per capita:
|
-3,376 USD per capita |
Exports:
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$27.4 billion f.o.b. (2008 est.) |
Exports per capita:
|
2,552 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 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:
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$82.28 billion f.o.b. (2008 est.) |
Imports per capita:
|
7,663 USD per capita |
Imports - commodities:
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machinery, transport equipment, fuels, chemicals |
Imports - partners:
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Germany 12.9%, Italy 11.7%, Russia 5.6%, France 5.6%, China 5%, Netherlands 5% (2007) |
Reserves of foreign exchange and gold:
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$2.425 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
226 USD per capita |
Debt - external:
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$92.19 billion (31 December 2008 est.) |
Debt - external - per capita:
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8,586 USD per capita |
Stock of direct foreign investment - at home:
|
$55.19 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
5,140 USD per capita |
Stock of direct foreign investment - abroad:
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$25.33 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
2,360 USD per capita |
Market value of publicly traded shares:
|
$264.9 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
24,671 USD per capita |
Economic aid - donor:
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$424 million (2006) |
Economic aid - recipient:
|
$8 billion annually from EU (2000-06); Greece will receive about $3.8 billion per year between 2007-13 under the EU's Community Support Funds IV |
Economic aid - recipient per capita:
|
746 USD per capita |
Currency (code):
|
euro (EUR) |
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:
|
calendar year |
|
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