Economy Of 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 Greek economy grew by 4.0% in 2003 and is expected to grow by 4.2% in 2004, the year that Athens will host the 2004 Olympic Games. 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.
GDP:
purchasing power parity - $212.2 billion (2003 est.)
GDP - real growth rate:
4% (2003 est.)
GDP - per capita:
purchasing power parity - $19,900 (2003 est.)
GDP - composition by sector:
agriculture: 6.7%
industry: 22%
services: 71.2% (2003 est.)
Investment (gross fixed):
25.5% of GDP (2003)
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% (2003 est.)
Labor force:
4.39 million (2003 est.)
Labor force - by occupation:
industry 20%, agriculture 20%, services 59% (2000 est.)
Unemployment rate:
9.4% (2003 est.)
Budget:
revenues: $76.84 billion
expenditures: $79.48 billion, including capital expenditures of NA (2003 est.)
Public debt:
100.9% of GDP (2003)
Agriculture - products:
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Industries:
tourism; food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
Industrial production growth rate:
0.7% (2003 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 (1 January 2002)
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 (1 January 2002)
Current account balance:
$-11.33 billion (2003)
Exports:
$5.899 billion f.o.b. (2003 est.)
Exports - commodities:
food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners:
Germany 12.6%, Italy 10.5%, UK 7%, US 6.5%, Bulgaria 6.2%, Cyprus 4.8%, France 4.2%, Turkey 4% (2003 est.)
Imports:
$33.27 billion f.o.b. (2003 est.)
Imports - commodities:
machinery, transport equipment, fuels, chemicals
Imports - partners:
Germany 12.5%, Italy 12.2%, France 6.6%, Russia 6.1%, South Korea 5.4%, US 5.2%, Netherlands 5.2%, Japan 4.3%, UK 4.2% (2003 est.)
Reserves of foreign exchange & gold:
$5.802 billion (2003)
Debt - external:
$65.51 billion (2003 est.)
Economic aid - recipient:
$5.4 billion from EU (1995)
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 - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 365.399 (2000), 305.647 (1999)
Fiscal year:
calendar year