Greece

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Introduction - Greece:
Location - Greece:
People - Greece:
Government - Greece:
Economy - Greece:

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 2006, 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. Greece violated the EUs Growth and Stability Pact budget deficit criteria of no more than 3% of GDP from 2001 to 2005, but finally appears on track to meet that criteria in 2006. 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 countrys powerful labor unions and the general public.

Gdp purchasing power parity

$256.3 billion (2006 est.)

Gdp official exchange rate

$223.8 billion (2006 est.)

Gdp real growth rate

4.2% (2006 est.)

Gdp per capita ppp

$24,000 (2006 est.)

Gdp composition by sector

agriculture: 5.1%
industry: 20.6%
services: 74.4% (2006 est.)

Labor force

4.88 million (2006 est.)

Labor force by occupation

agriculture: 12%
industry: 20%
services: 68% (2004 est.)

Unemployment rate

9.2% (2006 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 3%
highest 10%: 28.3% (1998 est.)

Distribution of family income gini index

35.1 (2003)

Inflation rate consumer prices

3.3% (2006 est.)

Investment gross fixed

25.9% of GDP (2006 est.)

Budget

revenues: $99.16 billion
expenditures: $106.7 billion; including capital expenditures of $NA (2006 est.)

Public debt

104.6% of GDP (2006 est.)

Agriculture products

wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products

Industries

tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum

Industrial production growth rate

2% (2006 est.)

Electricity production

55.51 billion kWh (2004)

Electricity consumption

53.5 billion kWh (2005 est.)

Electricity exports

1.5 billion kWh (2004)

Electricity imports

3.4 billion kWh (2004)

Oil production

5,401 bbl/day (2004 est.)

Oil consumption

435,700 bbl/day (2005 est.)

Oil exports

119,200 bbl/day (2004)

Oil imports

550,400 bbl/day (2004)

Oil proved reserves

7 million bbl (1 January 2005)

Natural gas production

23 million cu m (2004 est.)

Natural gas consumption

2.34 billion cu m (2005 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

2.641 billion cu m (2004 est.)

Natural gas proved reserves

991.1 million cu m (1 January 2005 est.)

Current account balance

-$21.37 billion (2006 est.)

Exports

$24.42 billion f.o.b. (2006 est.)

Exports commodities

food and beverages, manufactured goods, petroleum products, chemicals, textiles

Exports partners

Germany 11.4%, Italy 11.2%, Bulgaria 6.4%, UK 6%, Cyprus 5.4%, Turkey 5.2%, France 4.5%, US 4.4%, Spain 4% (2006)

Imports

$59.12 billion f.o.b. (2006 est.)

Imports commodities

machinery, transport equipment, fuels, chemicals

Imports partners

Germany 12.6%, Italy 11.6%, Russia 7.1%, France 5.8%, Netherlands 5.2%, South Korea 4.2% (2006)

Reserves of foreign exchange and gold

$2.5 billion (2006 est.)

Debt external

$301.9 billion (30 June 2006 est.)

Economic aid recipient

$8 billion annually from EU (2000-06); Greece will receive about $3.8 billion per year between 2007-13 under the EUs Community Support Funds IV

Currency code

euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

Exchange rates

euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)

Communications - Greece:
Transportation - Greece:
Military - Greece:
This page was last updated on 16 September, 2007
Source: CIA >>>


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