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    Greece Economy - 1991

      Overview: Greece has a mixed capitalistic economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist government that enlarged the public sector from 55% of GDP in 1981 to about 70% when Prime Minister Mitsotakis took office. Mitsotakis inherited several severe economic problems from the preceding socialist and caretaker governments, which neglected the runaway budget deficit, a ballooning current account deficit, and accelerating inflation. With only a two-seat majority in the Chamber of Deputies, Mitsotakis has concentrated on cutting the public-sector payroll, cautiously expanding the tax base, and adopting guidelines for privatizing Greece's loss-ridden state-owned enterprises. Once the political situation is sorted out, Greece will have to face the challenges posed by the steadily increasing integration of the European Community, including the progressive lowering of trade and investment barriers. Tourism continues as a major industry, providing a vital offset to the sizable commodity trade deficit.

      GDP: $76.7 billion, per capita $7,650; real growth rate 0.9% (1990)

      Inflation rate (consumer prices): 19.0% (1990)

      Unemployment rate: 9.0% (1989)

      Budget: revenues $20.9 billion; expenditures $34.1 billion, including capital expenditures of $NA (1990)

      Exports: $9.0 billion (f.o.b., 1990); commodities--manufactured goods, food and live animals, fuels and lubricants, raw materials; partners--FRG 20%, Italy 17%, France 8%, UK 7%, US 6%

      Imports: $20.2 billion (c.i.f., 1990); commodities--machinery and transport equipment, light manufactures, fuels and lubricants, foodstuffs, chemicals; partners--FRG 21%, Italy 16%, France 8%, Netherlands 7%, UK 6%

      External debt: $18.7 billion (1989)

      Industrial production: growth rate - 1.0% (1990 est.); accounts for 22% of GDP

      Electricity: 10,500,000 kW capacity; 36,420 million kWh produced, 3,630 kWh per capita (1989)

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

      Agriculture: including fishing and forestry, accounts for 13% of GNP and 27% of the labor force; principal products--wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes, beef, mutton, pork, dairy products; self-sufficient in food; fish catch of 135,000 metric tons in 1987

      Economic aid: US commitments, including Ex-Im (FY70-81), $525 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $1.35 billion

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

      Exchange rates: drachma (Dr) per US$1--159.87 (January 1991), 158.51 (1990), 162.42 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greece Economy 1991 information contained here. All suggestions for corrections of any errors about Greece Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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