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Greece:
Economy

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Economy - overview
Definition
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)
Definition - World rank and map
$324.6 billion (2007 est.)
GDP (official exchange rate)
Definition
$314.6 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
4% (2007 est.)
GDP - per capita
Definition - World rank and map
$29,200 (2007 est.)
GDP - composition by sector
Definition
agriculture: 3.6%
industry: 24.8%
services: 71.6% (2007 est.)
Labor force
Definition
4.92 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 12%
industry: 20%
services: 68% (2004 est.)
Unemployment rate
Definition - World rank and map
8.3% (2007 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: 2.5%
highest 10%: 26% (2000 est.)
Distribution of family income - Gini index
Definition - World rank and map
33 (2005)
Inflation rate (consumer prices)
Definition - World rank and map
3% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
26.2% of GDP (2007 est.)
Budget
Definition
revenues: $111.8 billion
expenditures: $120.6 billion (2007 est.)
Public debt
Definition - World rank and map
89.7% of GDP (2007 est.)
Agriculture - products
Definition
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Industries
Definition
tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Industrial production growth rate
Definition - World rank and map
3.2% (2007 est.)
Electricity - production
Definition - World rank and map
56.13 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
54.31 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
5,065 kWh (2005)
Electricity - exports
Definition
1.836 billion kWh (2005)
Electricity - imports
Definition
5.616 billion kWh (2005)
Oil - production
Definition - World rank and map
5,687 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
415,700 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
38.8 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
119,200 bbl/day (2004)
Oil - imports
Definition - World rank and map
550,400 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
7 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
15.35 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
2.724 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
254 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
2.707 billion cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
950.5 million cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$43.7 billion (2007 est.)
Exports
Definition - World rank and map
$23.91 billion f.o.b. (2007 est.)
Exports - commodities
Definition
food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners
Definition
Germany 11.4%, Italy 10.7%, Cyprus 6.5%, Bulgaria 6.4%, UK 5.4%, Romania 4.5%, France 4.2%, US 4.1% (2006)
Imports
Definition - World rank and map
$80.79 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery, transport equipment, fuels, chemicals
Imports - partners
Definition
Germany 12.9%, Italy 11.7%, Russia 5.6%, France 5.6%, China 5%, Netherlands 5% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$3.658 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$86.72 billion (31 December 2007)
Stock of direct foreign investment - at home
Definition
$43.18 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$18.02 billion (2007 est.)
Market value of publicly traded shares
Definition
$145 billion (2005)
Economic aid - donor
Definition
$424 million (2006)
Economic aid - recipient
Definition
$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
Currency (code)
Definition
euro (EUR)
Exchange rates
Definition
euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year
Definition
calendar year


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