Greece Economy 2001

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

NOTE: The information regarding Greece on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greece Economy 2001 information contained here. All suggestions for corrections of any errors about Greece Economy 2001 should be addressed to the CIA.