Greece Economy Profile 2008

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. 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. 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)

$326.4 billion (2007 est.)

GDP (official exchange rate)

$356.3 billion (2007 est.)

GDP - real growth rate

3.7% (2007 est.)

GDP - per capita (PPP)

$30,500 (2007 est.)

GDP - composition by sector

agriculture: 3.2%
industry: 20.6%
services: 76.3% (2007 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 2.5%
highest 10%: 26% (2000 est.)

Inflation rate (consumer prices)

2.6% (2007 est.)

Investment (gross fixed)

26.6% of GDP (2007 est.)

Labor force

4.94 million (2007 est.)

Labor force - by occupation

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

Unemployment rate

8.4% (2007 est.)

Distribution of family income - Gini index

33 (2005)

Budget

revenues: $111.9 billion
expenditures: $120.7 billion (2007 est.)

Public debt

81.7% of GDP (2007 est.)

Industries

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

Industrial production growth rate

3.2% (2007 est.)

Electricity - production

56.13 billion kWh (2005)

Electricity - consumption

54.31 billion kWh (2005 est.)

Electricity - exports

1.836 billion kWh (2005)

Electricity - imports

5.616 billion kWh (2005)

Oil - production

5,687 bbl/day (2005)

Oil - consumption

415,700 bbl/day (2005 est.)

Oil - imports

550,400 bbl/day (2004)

Oil - exports

119,200 bbl/day (2004)

Oil - proved reserves

7 million bbl (1 January 2006 est.)

Natural gas - production

15.35 million cu m (2005 est.)

Natural gas - consumption

2.724 billion cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

2.707 billion cu m (2005)

Natural gas - proved reserves

950.5 million cu m (1 January 2006 est.)

Current Account Balance

-$36.4 billion (2007 est.)

Agriculture - products

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

Exports

$25.76 billion f.o.b. (2007 est.)

Exports - commodities

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

Exports - partners

Germany 11.5%, Italy 11.5%, Bulgaria 6.5%, UK 6.1%, Cyprus 5.5%, Turkey 5.2%, France 4.5%, US 4.5%, Spain 4.1% (2006)

Imports

$79.92 billion f.o.b. (2007 est.)

Imports - commodities

machinery, transport equipment, fuels, chemicals

Imports - partners

Germany 12.6%, Italy 11.5%, Russia 7.1%, France 6%, Netherlands 5.2%, South Korea 4.2% (2006)

Reserves of foreign exchange and gold

$2.7 billion (31 December 2007 est.)

Debt - external

$371.5 billion (30 June 2007)

Stock of direct foreign investment - at home

$41.32 billion (2006 est.)

Stock of direct foreign investment - abroad

$19.56 billion (2006 est.)

Market value of publicly traded shares

$145 billion (2005)

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 - donor

$424 million (2006)

Currency (code)

euro (EUR)

Exchange rates

euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)

Fiscal year

calendar year