Greece



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Greece Economy 2008


Economy - overview: 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): $327.6 billion (2007 est.)
GDP (official exchange rate): $314.6 billion (2007 est.)
GDP - real growth rate: 4% (2007 est.)
GDP - per capita (PPP): $30,600 (2007 est.)
GDP - composition by sector: agriculture: 3.6% industry: 24.5% services: 71.9% (2007 est.)
Labor force: 4.92 million (2007 est.)
Labor force - by occupation: agriculture: 12% industry: 20% services: 68% (2004 est.)
Unemployment rate: 8.3% (2007 est.)
Household income or consumption by percentage share: lowest 10%: 2.5% highest 10%: 26% (2000 est.)
Distribution of family income - Gini index: 33 (2005)
Investment (gross fixed): 25.7% of GDP (2007 est.)
Budget: revenues: $115.2 billion expenditures: $124.1 billion (2007 est.)
Public debt: 89.5% of GDP (2007 est.)
Inflation rate (consumer prices): 2.9% (2007 est.)
Central bank discount rate: NA
Commercial bank prime lending rate: 7.71% (31 December 2007)
Stock of money: NA note: see entry for the European Union for money supply in the Euro Area; the European Central Bank (ECB) controls monetary policy for the 15 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders
Stock of quasi money: NA
Stock of domestic credit: $392.4 billion (31 December 2007)
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: 2.2% (2007 est.)
Electricity - production: 59.33 billion kWh (2007 est.)
Electricity - consumption: 55.98 billion kWh (2006 est.)
Electricity - exports: 269 million kWh (2007 est.)
Electricity - imports: 5.894 billion kWh (2007 est.)
Oil - production: 4,265 bbl/day (2007 est.)
Oil - consumption: 441,400 bbl/day (2007 est.)
Oil - exports: 125,100 bbl/day (2005)
Oil - imports: 527,200 bbl/day (2005)
Oil - proved reserves: 10 million bbl (1 January 2008 est.)
Natural gas - production: 24 million cu m (2007 est.)
Natural gas - consumption: 4.069 billion cu m (2007 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 4.1 billion cu m (2007 est.)
Natural gas - proved reserves: 1.982 billion cu m (1 January 2008 est.)
Current account balance: -$44.4 billion (2007 est.)
Exports: $23.91 billion f.o.b. (2007 est.)
Exports - commodities: food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners: Germany 11.6%, Italy 10.8%, Cyprus 6.6%, Bulgaria 6.5%, UK 5.5%, Romania 4.5%, France 4.2%, US 4.2% (2007)
Imports: $80.79 billion f.o.b. (2007 est.)
Imports - commodities: machinery, transport equipment, fuels, chemicals
Imports - partners: Germany 12.9%, Italy 11.7%, Russia 5.6%, France 5.6%, China 5%, Netherlands 5% (2007)
Reserves of foreign exchange and gold: $3.658 billion (31 December 2007 est.)
Debt - external: $86.72 billion (31 December 2007)
Stock of direct foreign investment - at home: $52.84 billion (2007 est.)
Stock of direct foreign investment - abroad: $30.8 billion (2007 est.)
Market value of publicly traded shares: $145 billion (2005)
Currency (code): euro (EUR)
Exchange rates: euros (EUR) per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)

NOTE: The economy information regarding Greece on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greece Economy 2008 information contained here. All suggestions for corrections of any errors about Greece Economy 2008 should be addressed to the CIA.