Greece Economy - Flags, Maps, Economy, Geography, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System
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Greece Economy

    Economy—overview: Greece has a mixed capitalist economy with the public sector accounting for about half of GDP, although the government plans to privatize some leading state enterprises. Tourism is a key industry, providing a large portion of GDP and foreign exchange earnings. Greece is a major beneficiary of EU aid, equal to about 4% of GDP. The economy has improved steadily over the last few years, as the government has tightened policy with the goal of qualifying Greece to join the EU's single currency (the euro) in 2001. In particular, Greece has cut its budget deficit to just over 2% of GDP and tightened monetary policy, with the result that inflation fell below 4% by the end of 1998—the lowest rate in 26 years. The outlook for 1999 is good with the budget deficit and inflation both expected to decline further, while GDP growth stays near 3% and the current account deficit remains below 2% of GDP.

    GDP: purchasing power parity—$143 billion (1998 est.)

    GDP—real growth rate: 3% (1998 est.)

    GDP—per capita: purchasing power parity—$13,400 (1998 est.)

    GDP—composition by sector:
    agriculture: 8.5%
    industry: 23.5%
    services: 68% (1996)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 3.9% (1998 est.)

    Labor force: 4.28 million (1998)

    Labor force—by occupation: services 59.2%, agriculture 19.8%, industry 21% (1998)

    Unemployment rate: 10% (1998 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: 7.3% (1998 est.)

    Electricity—production: 40.028 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 89.16%
    hydro: 10.75%
    nuclear: 0%
    other: 0.09% (1996)

    Electricity—consumption: 41.388 billion kWh (1996)

    Electricity—exports: 1.3 billion kWh (1996)

    Electricity—imports: 2.66 billion kWh (1996)

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

    Exports: $12.4 billion (f.o.b., 1998)

    Exports—commodities: manufactured goods, foodstuffs, fuels (1998)

    Exports—partners: EU 56% (Germany 25%, Italy 11%, UK 8%, France 6%), US 16% (1997)

    Imports: $27.7 billion (c.i.f., 1998)

    Imports—commodities: manufactured goods, foodstuffs, fuels, chemicals (1998)

    Imports—partners: EU 61% (Italy 16%, Germany 16%, France 8%, UK 7%, Netherlands 5%) US 11% (1997)

    Debt—external: $40.8 billion (1997)

    Economic aid—recipient: $5.4 billion from EU (1997 est.)

    Currency: 1 drachma (Dr) = 100 lepta

    Exchange rates: drachmae (Dr) per US$1—278.78 (January 1999), 295.53 (1998), 273.06 (1997), 240.71 (1996), 231.66 (1995), 242.60 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)