| Economy - overview: |
Greece has a mixed capitalist economy with the public sector accounting for about half of GDP. 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 in the run-up to Greece's entry into the EU's Economic and Monetary Union (EMU) on 1 January 2001. In particular, Greece has cut its budget deficit to below 1% of GDP and tightened monetary policy, with the result that inflation fell from 20% in 1990 to 3.1% in 2000. Major challenges remaining include the reduction of unemployment and further restructuring of the economy, including the privatization of some leading state enterprises. Growth, 3.8% in 2000, may fall off to 3%-3.5% in 2001.
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| GDP: |
purchasing power parity - $181.9 billion (2000 est.)
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| GDP - real growth rate: |
3.8% (2000 est.)
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| GDP - per capita: |
purchasing power parity - $17,200 (2000 est.)
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| GDP - composition by sector: |
agriculture:
8.3%
industry:
27.3%
services:
64.4% (1998)
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| Population below poverty line: |
NA%
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| Household income or consumption by percentage share: |
lowest 10%:
3%
highest 10%:
25.3% (1993 est.)
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| Inflation rate (consumer prices): |
3.1% (2000 est.)
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| Labor force: |
4.32 million (1999 est.)
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| Labor force - by occupation: |
industry 21%, agriculture 20%, services 59% (2000 est.)
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| Unemployment rate: |
11.3% (2000 est.)
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| Budget: |
revenues:
$45 billion
expenditures:
$47.6 billion, including capital expenditures of $NA (1998 est.)
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| Industries: |
tourism; food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
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| Industrial production growth rate: |
7% (2000 est.)
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| Electricity - production: |
46.432 billion kWh (1999)
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| Electricity - production by source: |
fossil fuel:
89.6%
hydro:
9.72%
nuclear:
0%
other:
0.68% (1999)
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| Electricity - consumption: |
43.343 billion kWh (1999)
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| Electricity - exports: |
1.65 billion kWh (1999)
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| Electricity - imports: |
1.811 billion kWh (1999)
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| Agriculture - products: |
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
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| Exports: |
$15.8 billion (f.o.b., 2000)
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| Exports - commodities: |
manufactured goods, food and beverages, petroleum products
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| Exports - partners: |
EU 49% (Germany 15%, Italy 13%, UK 6%), US 6% (1999)
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| Imports: |
$33.9 billion (c.i.f., 2000)
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| Imports - commodities: |
manufactured goods, foodstuffs, fuels, chemicals
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| Imports - partners: |
EU 66% (Italy 15%, Germany 15%, France 9%, UK 6%) (1999)
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| Debt - external: |
$57 billion (2000 est.)
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| Economic aid - recipient: |
$5.4 billion from EU (1997 est.)
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| Currency: |
drachma (GRD); euro (EUR)
note:
on 1 January 1999, the EU introduced the euro as a common currency that is now being used by financial institutions in Greece (which entered the European Monetary Union on 1 January 2001) at a fixed rate of 340.750 drachmae per euro and will replace the local currency for all transactions in 2002
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| Exchange rates: |
drachmae per US dollar - 380.21 (December 2000), 365.40 (2000), 305.65 (1999), 295.53 (1998), 273.06 (1997), 240.71 (1996)
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| Fiscal year: |
calendar year
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