
Greece Economy
Greece Economy: A summary of information about Greece Economy, from government research data as well as independent research and other sources.
Greece: Economy
Economy - overview
Greece has a mixed capitalist economy with the public sector accounting for about half of GDP. 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 below 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 - and averaged only 2.6% in 1999. Further restructuring of the economy and the reduction of unemployment remain major challenges.
GDP
purchasing power parity - $149.2 billion (1999 est.)
GDP - real growth rate
3% (1999 est.)
GDP - per capita
purchasing power parity - $13,900 (1999 est.)
GDP - composition by sector
agriculture: 8.3% industry: 27.3% services: 64.4% (1998)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
2.6% (1999 est.)
Labor force
4.32 million (1999 est.)
Labor force - by occupation
services 59.2%, agriculture 19.8%, industry 21% (1998)
Unemployment rate
9.9% (1999 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
1% (1999 est.)
Electricity - production
43.677 billion kWh (1998)
Electricity - production by source
fossil fuel: 8.26% hydro: 91.24% nuclear: 0% other: 0.5% (1998)
Electricity - consumption
42.18 billion kWh (1998)
Electricity - exports
900 million kWh (1998)
Electricity - imports
2.46 billion kWh (1998)
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, food and beverages, 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
$41.9 billion (1998)
Economic aid - recipient
$5.4 billion from EU (1997 est.)
Currency
1 drachma (Dr) = 100 lepta
Exchange rates
drachmae (Dr) per US$1 - 326.59 (January 2000), 305.65 (1999), 295.53 (1998), 273.06 (1997), 240.71 (1996), 231.66 (1995)
Fiscal year
calendar year