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Greece: Economy

Economy Greece
Economy - overview:
Greece has a mixed capitalist economy with the public sector accounting for half of GDP and with per capita GDP 70% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of GDP. The economy has improved steadily with economic growth averaging 4% since 1997, exceeding EU growth by more than 1 percentage point. Remaining challenges include the reduction of the public debt, inflation, and unemployment; and further restructuring of the economy, including privatizing several state enterprises, undertaking pension and other reforms, and minimizing bureaucratic inefficiencies. The Olympic Games will be held in Athens in mid-2004.
GDP:
purchasing power parity - $203.3 billion (2002 est.)
GDP - real growth rate:
4% (2002 est.)
GDP - per capita:
purchasing power parity - $19,100 (2002 est.)
GDP - composition by sector:
agriculture: 8.1%
industry: 22.3%
services: 69.3% (2002 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 25.3% (1993 est.)
Distribution of family income - Gini index:
32.7 (1993)
Inflation rate (consumer prices):
3.6% (2002 est.)
Labor force:
4.37 million (2002 est.)
Labor force - by occupation:
industry 20%, agriculture 20%, services 59% (2000 est.)
Unemployment rate:
10.3% (2002 est.)
Budget:
revenues: $45 billion
expenditures: $47.6 billion, including capital expenditures of $NA (1998 est.)
Industries:
tourism; food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
Industrial production growth rate:
7% (2000 est.)
Electricity - production:
49.79 billion kWh (2001)
Electricity - production by source:
fossil fuel: 94.5%
hydro: 3.8%
other: 1.7% (2001)
nuclear: 0%
Electricity - consumption:
48.8 billion kWh (2001)
Electricity - exports:
1.062 billion kWh (2001)
Electricity - imports:
3.562 billion kWh (2001)
Oil - production:
5,992 bbl/day (2001 est.)
Oil - consumption:
405,700 bbl/day (2001 est.)
Oil - exports:
84,720 bbl/day (2001)
Oil - imports:
468,300 bbl/day (2001)
Oil - proved reserves:
4.5 million bbl (37257)
Natural gas - production:
35 million cu m (2001 est.)
Natural gas - consumption:
2.021 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
2.018 billion cu m (2001 est.)
Natural gas - proved reserves:
254.9 million cu m (37257)
Agriculture - products:
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Exports:
$12.6 billion f.o.b. (2002)
Exports - commodities:
food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners:
Germany 10.4%, Italy 8.5%, UK 6.3%, Bulgaria 5.4%, US 5.3%, Cyprus 4.7% (2002)
Imports:
$31.4 billion f.o.b. (2002)
Imports - commodities:
machinery, transport equipment, fuels, chemicals
Imports - partners:
Germany 12.2%, Italy 11.5%, Russia 7.4%, South Korea 6%, France 5.7%, Netherlands 5.6%, US 4.7%, Belgium 4.3%, UK 4.1% (2002)
Debt - external:
$63.4 billion (2002 est.)
Economic aid - recipient:
$5.4 billion from EU
Currency:
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
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.06 (2002), 1.12 (2001), 365.4 (2000), 305.65 (1999), 295.53 (1998)
note: in January 2001, the drachma became a participating currency within the Eurosystem, and the euro market rate became applicable to all transactions
Fiscal year:
calendar year

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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