Greece Economy
Economy - overviewGreece has a mixed capitalist economy with the public sector accounting for about 40% 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 annual GDP. The Greek economy grew by about 4.0% for the past two years, largely because of an investment boom and infrastructure upgrades for the 2004 Athens Olympic Games. Despite strong growth, Greece has failed to meet the EU's Growth and Stability Pact budget deficit criteria of 3% of GDP since 2000; public debt, inflation, and unemployment are also above the eurozone average. Further restructuring of the economy include privatizing several state enterprises, undertaking pension and other reforms, and minimizing bureaucratic inefficiencies.
GDP
purchasing power parity - $213.6 billion (2003 est.)
GDP - real growth rate
4.7% (2003 est.)
GDP - per capita
purchasing power parity - $20,000 (2003 est.)
GDP - composition by sector
agriculture: 6.7%
industry: 22%
services: 71.2% (2003 est.)
Investment
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
3.6% (2003 est.)
Labor force
4.39 million (2003 est.)
Labor force - by occupation
agriculture 20%, industry 20%, services 60% (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 - 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)
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)
Reserves of foreign exchange & gold
$5.802 billion (2003)
Debt - external
$65.51 billion (2003 est.)
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)
