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World > Europe > Greece > Economy (Facts)

Greece - Economy (Facts)
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 2006, 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 2005, but finally appears on track to meet that criteria in 2006. 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.
GDP - real growth rate: 4.2% (2006 est.)
GDP (purchasing power parity): $256.3 billion (2006 est.)
GDP (official exchange rate): $223.8 billion (2006 est.)
GDP - per capita (PPP): $24,000 (2006 est.)
GDP - composition by sector: agriculture: 5.1%
industry: 20.6%
services: 74.4% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: 3%
highest 10%: 28.3% (1998 est.)
Inflation rate (consumer prices): 3.3% (2006 est.)
Labor force: 4.88 million (2006 est.)
Labor force - by occupation: agriculture: 12%
industry: 20%
services: 68% (2004 est.)
Unemployment rate: 9.2% (2006 est.)
Budget: revenues: $99.16 billion
expenditures: $106.7 billion; including capital expenditures of NA (2006 est.)
Industries: tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Industrial production growth rate: 2% (2006 est.)
Electricity - production: 55.51 billion kWh (2004)
Electricity - consumption: 53.5 billion kWh (2005 est.)
Electricity - exports: 1.5 billion kWh (2004)
Electricity - imports: 3.4 billion kWh (2004)
Oil - production: 5,401 bbl/day (2004 est.)
Oil - consumption: 435,700 bbl/day (2005 est.)
Oil - exports: 119,200 bbl/day (2004)
Oil - imports: 550,400 bbl/day (2004)
Oil - proved reserves: 7 million bbl (1 January 2005)
Natural gas - production: 23 million cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 2.641 billion cu m (2004 est.)
Agriculture - products: wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Exports: $24.42 billion f.o.b. (2006 est.)
Exports - commodities: food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners: Germany 11.4%, Italy 11.2%, Bulgaria 6.4%, UK 6%, Cyprus 5.4%, Turkey 5.2%, France 4.5%, US 4.4%, Spain 4% (2006)
Imports: $59.12 billion f.o.b. (2006 est.)
Imports - commodities: machinery, transport equipment, fuels, chemicals
Imports - partners: Germany 12.6%, Italy 11.6%, Russia 7.1%, France 5.8%, Netherlands 5.2%, South Korea 4.2% (2006)
Debt - external: $301.9 billion (30 June 2006 est.)
Economic aid - recipient: $8 billion annually from EU (2000-06); Greece will receive about $3.8 billion per year between 2007-13 under the EU's Community Support Funds IV
Currency: Euro (EUR)

Current Euro Exchange Rates
Historical Euro Exchange Rates
Chart Euro Exchange Rates
Currency code: EUR
Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Euro Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Euro Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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