Short facts about the economy in Greece

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

Source: World Factbook