Greece Economy - 2006

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 menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by about 4.0% for the between 2003 and 2005, largely because of an investment boom and infrastructure upgrades for the 2004 Athens Olympic Games. Economic growth slowed to about 3% in 2005. Greece has not met the EU's Growth and Stability Pact budget deficit criteria of 3% of GDP since 2000. Public debt, inflation, and unemployment are above the euro-zone average. To overcome these challenges, the Greek Government is expected to continue cutting government spending, reducing the size of the public sector, and reforming the labor and pension systems.

GDP (purchasing power parity):
$243.3 billion (2005 est.)

GDP (official exchange rate):
$210.7 billion (2005 est.)

GDP - real growth rate:
3.3% (2005 est.)

GDP - per capita (PPP):
$22,800 (2005 est.)

GDP - composition by sector:
agriculture: 6.2%
industry: 22.1%
services: 71.7% (2005 est.)

Labor force:
4.72 million (2005 est.)

Labor force - by occupation:
agriculture: 12%
industry: 20%
services: 68% (2004 est.)

Unemployment rate:
10.8% (2005 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 28.3% (1998 est.)

Distribution of family income - Gini index:
35.1 (2003)

Inflation rate (consumer prices):
3.8% (2005 est.)

Investment (gross fixed):
25.3% of GDP (2005 est.)

Budget:
revenues: $94.13 billion
expenditures: $103.4 billion; including capital expenditures of $NA (2005 est.)

Public debt:
108.9% of GDP (2005 est.)

Agriculture - products:
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products

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

Industrial production growth rate:
1.7% (2005 est.)

Electricity - production:
54.56 billion kWh (2003)

Electricity - consumption:
53.5 billion kWh (2005 est.)

Electricity - exports:
2.1 billion kWh (2002)

Electricity - imports:
4.2 billion kWh (2002)

Oil - production:
5,805 bbl/day (2003 est.)

Oil - consumption:
435,700 bbl/day (2005 est.)

Oil - exports:
84,720 bbl/day (2001)

Oil - imports:
468,300 bbl/day (2001)

Oil - proved reserves:
4.5 million bbl (1 January 2002)

Natural gas - production:
27 million cu m (2003 est.)

Natural gas - consumption:
2.34 billion cu m (2005 est.)

Natural gas - exports:
0 cu m (2001 est.)

Natural gas - imports:
2.018 billion cu m (2001 est.)

Natural gas - proved reserves:
991.1 million cu m (1 January 2002)

Current account balance:
-$14.5 billion (2005 est.)

Exports:
$18.54 billion f.o.b. (2005 est.)

Exports - commodities:
food and beverages, manufactured goods, petroleum products, chemicals, textiles

Exports - partners:
Germany 13%, Italy 10.2%, UK 7.5%, Bulgaria 6.3%, US 5.3%, Cyprus 4.6%, Turkey 4.5%, France 4.2% (2004)

Imports:
$48.2 billion f.o.b. (2005 est.)

Imports - commodities:
machinery, transport equipment, fuels, chemicals

Imports - partners:
Germany 13.3%, Italy 12.8%, France 6.4%, Netherlands 5.5%, Russia 5.5%, US 4.4%, UK 4.2%, South Korea 4.1% (2004)

Reserves of foreign exchange and gold:
$2.3 billion (2005 est.)

Debt - external:
$75.1 billion (2005 est.)

Economic aid - recipient:
$8 billion from EU (2000-06)

Currency (code):
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

Exchange rates:
euros per US dollar - 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001)