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Travel & Tourism . Tourist Guide to the Country

Greece Economy

Greece    Economy Top of Page
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.
GDP: purchasing power parity - $181.9 billion (2000 est.)
GDP - real growth rate: 3.8% (2000 est.)
GDP - per capita: purchasing power parity - $17,200 (2000 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%:  3%

highest 10%:  25.3% (1993 est.)
Inflation rate (consumer prices): 3.1% (2000 est.)
Labor force: 4.32 million (1999 est.)
Labor force - by occupation: industry 21%, agriculture 20%, services 59% (2000 est.)
Unemployment rate: 11.3% (2000 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: 7% (2000 est.)
Electricity - production: 46.432 billion kWh (1999)
Electricity - production by source: fossil fuel:  89.6%

hydro:  9.72%

nuclear:  0%

other:  0.68% (1999)
Electricity - consumption: 43.343 billion kWh (1999)
Electricity - exports: 1.65 billion kWh (1999)
Electricity - imports: 1.811 billion kWh (1999)
Agriculture - products: wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Exports: $15.8 billion (f.o.b., 2000)
Exports - commodities: manufactured goods, food and beverages, petroleum products
Exports - partners: EU 49% (Germany 15%, Italy 13%, UK 6%), US 6% (1999)
Imports: $33.9 billion (c.i.f., 2000)
Imports - commodities: manufactured goods, foodstuffs, fuels, chemicals
Imports - partners: EU 66% (Italy 15%, Germany 15%, France 9%, UK 6%) (1999)
Debt - external: $57 billion (2000 est.)
Economic aid - recipient: $5.4 billion from EU (1997 est.)
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
Currency code: GRD; EUR
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)
Fiscal year: calendar year


Countryfacts Information Courtesy: CIA Worldbook

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