Economy - overview:
Greece has a mixed capitalist economy with the public sector accounting for half 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 GDP. The economy has improved steadily with economic growth averaging 4% since 1997, exceeding EU growth by more than 1 percentage point. Major challenges remaining include the reduction of the public debt, inflation, and unemployment, and further restructuring of the economy, including privatizing several state enterprises, undertaking serious reforms, and minimizing bureaucratic inefficiencies.
GDP:
purchasing power parity - $201.1 billion (2002 est.)
GDP - real growth rate:
3.5% (2002 est.)
GDP - per capita:
purchasing power parity - $19,000 (2002 est.)
GDP - composition by sector:
agriculture: 8%
industry: 23%
services: 69% (2002)
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 (consumer prices):
3.6% (2002)
Labor force:
4.37 million (2002 est.)
Labor force - by occupation:
industry 20%, agriculture 20%, services 60% (2002 est.)
Unemployment rate:
10.3% (2002 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:
49.79 billion kWh (2001)
Electricity - production by source:
fossil fuel: 94.5%
hydro: 3.8%
other: 1.7% (2001)
nuclear: 0%
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 (January 2002 est.)
Natural gas - proved reserves:
254.9 million cu m (January 2002 est.)
Agriculture - products:
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Exports:
$12.6 billion f.o.b. (2002)
Exports - commodities:
food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners:
EU 51.6% (Germany 15.9%, Italy 13.5%, UK 6.4%), US 5.7% (1999)
Imports:
$31.4 billion f.o.b. (2002)
Imports - commodities:
machinery, transport equipment, fuels, chemicals
Imports - partners:
EU 66.2% (Italy 15.6%, Germany 15%, France 9.2%, Netherlands 6.4%) (1999)
Debt - external:
$63.4 billion (2002 est.)
Economic aid - recipient:
$5.4 billion from EU
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 - 1.0626 (2002), 1.12 (2001), 365.399 (2000), 305.647 (1999), 295.529 (1998)
note: in January 2001, the drachma became a participating currency within the Eurosystem, and the euro market rate became applicable to all transactions
Fiscal year:
calendar year
NOTE: The information regarding Greece on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Greece Economy 2003 should be addressed to the CIA.
