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Economy - overview:
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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.
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GDP:
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purchasing power parity - $203.3 billion (2002 est.)
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GDP - real growth rate:
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4% (2002 est.)
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GDP - per capita:
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purchasing power parity - $19,100 (2002 est.)
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GDP - composition by sector:
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agriculture: 8.1%
industry: 22.3%
services: 69.3% (2002 est.)
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: 3%
highest 10%: 25.3% (1993 est.)
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Distribution of family income - Gini index:
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32.7 (1993)
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Inflation rate (consumer prices):
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3.6% (2002 est.)
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Labor force:
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4.37 million (2002 est.)
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Labor force - by occupation:
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industry 20%, agriculture 20%, services 59% (2000 est.)
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Unemployment rate:
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10.3% (2002 est.)
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Budget:
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revenues: $45 billion
expenditures: $47.6 billion, including capital expenditures of $NA (1998 est.)
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Industries:
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tourism; food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
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Industrial production growth rate:
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7% (2000 est.)
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Electricity - production:
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49.79 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 94.5%
hydro: 3.8%
other: 1.7% (2001)
nuclear: 0%
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Electricity - consumption:
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48.8 billion kWh (2001)
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Electricity - exports:
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1.062 billion kWh (2001)
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Electricity - imports:
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3.562 billion kWh (2001)
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Oil - production:
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5,992 bbl/day (2001 est.)
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Oil - consumption:
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405,700 bbl/day (2001 est.)
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Oil - exports:
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84,720 bbl/day (2001)
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Oil - imports:
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468,300 bbl/day (2001)
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Oil - proved reserves:
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4.5 million bbl (37257)
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Natural gas - production:
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35 million cu m (2001 est.)
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Natural gas - consumption:
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2.021 billion cu m (2001 est.)
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Natural gas - exports:
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0 cu m (2001 est.)
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Natural gas - imports:
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2.018 billion cu m (2001 est.)
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Natural gas - proved reserves:
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254.9 million cu m (37257)
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Agriculture - products:
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wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
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Exports:
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$12.6 billion f.o.b. (2002)
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Exports - commodities:
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food and beverages, manufactured goods, petroleum products, chemicals, textiles
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Exports - partners:
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Germany 10.4%, Italy 8.5%, UK 6.3%, Bulgaria 5.4%, US 5.3%, Cyprus 4.7% (2002)
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Imports:
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$31.4 billion f.o.b. (2002)
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Imports - commodities:
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machinery, transport equipment, fuels, chemicals
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Imports - partners:
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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)
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Debt - external:
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$63.4 billion (2002 est.)
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Economic aid - recipient:
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$5.4 billion from EU
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Currency:
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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
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Currency code:
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EUR
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Exchange rates:
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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
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Fiscal year:
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calendar year
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