Economy - overviewGreece has a capitalist economy with the 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 4.0% 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 2.9% 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 billion (2008 est.) GDP (official exchange rate)$357.5 billion (2008 est.) GDP - real growth rate2.9% (2008 est.) GDP - per capita (PPP)$32,000 (2008 est.) GDP - composition by sectoragriculture: 3.7% Population below poverty lineNA% Labor force4.96 million (2008 est.) Labor force - by occupationagriculture: 12.4% Unemployment rate7.7% (2008 est.) Household income or consumption by percentage sharelowest 10%: 2.5% Distribution of family income - Gini index33 (2005) Investment (gross fixed)20.7% of GDP (2008 est.) Budgetrevenues: $126.5 billion Public debt97.4% of GDP (2008 est.) Inflation rate (consumer prices)4.1% (2008 est.) Central bank discount rate3% (31 December 2008) Commercial bank prime lending rateNA% (31 December 2008) Stock of money$NA Stock of quasi money$NA Stock of domestic credit$368.9 billion (31 December 2008) Industriestourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum Industrial production growth rate3.2% (2008 est.) Electricity - production59.33 billion kWh (2007 est.) Electricity - production by sourcefossil fuel: 94.5% Electricity - consumption55.98 billion kWh (2006 est.) Electricity - exports269 million kWh (2007 est.) Electricity - imports5.894 billion kWh (2007 est.) Oil - production4,265 bbl/day (2007 est.) Oil - consumption441,400 bbl/day (2007 est.) Oil - imports527,200 bbl/day (2005) Oil - exports125,100 bbl/day (2005) Oil - proved reserves10 million bbl (1 January 2008 est.) Natural gas - production24 million cu m (2007 est.) Natural gas - consumption4.069 billion cu m (2007 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports4.1 billion cu m (2007 est.) Natural gas - proved reserves1.982 billion cu m (1 January 2008 est.) Current Account Balance-$51.53 billion (2008 est.) Agriculture - productswheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products Exports$29.14 billion (2008 est.) Exports - commoditiesfood and beverages, manufactured goods, petroleum products, chemicals, textiles Exports - partnersItaly 11.5%, Germany 10.5%, Bulgaria 7%, Cyprus 6.2%, US 5%, UK 4.7%, Romania 4.4% (2008) Imports$93.91 billion (2008 est.) Imports - commoditiesmachinery, transport equipment, fuels, chemicals Imports - partnersGermany 13.3%, Italy 12.8%, China 6.2%, France 5.6%, Netherlands 5.1%, Russia 4.7% (2008) Reserves of foreign exchange and gold$3.473 billion (31 December 2008 est.) Debt - external$504.6 billion (31 December 2008) Stock of direct foreign investment - at home$36.7 billion (31 December 2008 est.) Stock of direct foreign investment - abroad$32.44 billion (31 December 2008 est.) Market value of publicly traded shares$NA (31 December 2008) 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) Currency (code)EUR Exchange rateseuros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004) Fiscal yearcalendar year |
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Source: CIA World Factbook | |