Overview: Since the mid-1970s, the Greek economy has reflected the global decline in economic growth and investment. Whereas real GDP grew at 8% (annual average) before the oil price hikes, in recent years it has grown at less than 2% on average. The year 1988 witnessed a partial comeback, following a two-year stabilization program. GDP rose 3.5%, inflation eased off, and business confidence improved moderately. Drought conditions since December 1988 cloud the agricultural picture for 1989. Meanwhile, the economy is gradually adjusting to the challenges posed by the steadily increasing integration of the European community, including the progressive lowering of protective barriers.

GNP: $46.6 billion, per capita $4,670; real growth rate 0% (1986)

Inflation rate (consumer prices): 16.4% (1987)

Unemployment rate: 7.4% (1986)

Budget: revenues $15.3 billion; expenditures $20.2 billion, including capital expenditures of $2.7 billion (1987)

Exports: $5.6 billion (f.o.b., 1987); @m5commodities--manufactured goods, food and live animals, fuels and lubricants, raw materials; @m5partners--FRG 24%, Italy 14%, nonoil developing countries 11.8%, France 9.5%, US 7.1%, UK 6.8%

Imports: $12.5 billion (c.i.f., 1987); @m5commodities--machinery and transport equipment, light manufactures, fuels and lubricants, foodstuffs, chemicals; @m5partners--FRG 22%, nonoil developing countries 14%, oil exporting countries 13%, Italy 12%, France 8%, US 3.2%

External debt: $17.1 billion (December 1986)

Industrial production: growth rate 1% (1986)

Electricity: 10,531,000 kW capacity; 33,110 million kWh produced, 3,310 kWh per capita (1988)

Industries: food and tobacco processing, textiles, chemicals, metal products, tourism, mining, petroleum

Agriculture: wheat, olives, tobacco, cotton, raisins, fruit; nearly self-sufficient

Aid: US commitments, including Ex-Im (FY70-81), $525 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-86), $1.2 billion

Currency: drachma (plural--drachmas); 1 drachma (Dr) = 100 lepta

Exchange rates: drachma (Dr) per US$1--152.09 (January 1989), 141.86 (1988), 135.43 (1987), 139.98 (1986), 138.12 (1985)

Fiscal year: calendar year

NOTE: The information regarding Greece on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greece Economy 1989 information contained here. All suggestions for corrections of any errors about Greece Economy 1989 should be addressed to the CIA.