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Greece Economy 2014
http://www.theodora.com/wfbcurrent/greece/greece_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. The economy contracted by 2.3% in 2009, 3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to about 8% in 2012. Deteriorating public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in late 2009, and has led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, overhauling the health-care and pension systems, and reforming the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the general public. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund and Euro-Zone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal however, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.

GDP (purchasing power parity):
$273.9 billion (2012 est.)
country comparison to the world: 47

$292.6 billion (2011 est.)
$315 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$245.8 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-6.4% (2012 est.)
country comparison to the world: 218

-7.1% (2011 est.)
-4.9% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$24,300 (2012 est.)
country comparison to the world: 62

$25,900 (2011 est.)
$27,900 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
10.2% of GDP (2012 est.)
country comparison to the world: 124

6.2% of GDP (2011 est.)
7.4% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 73.7%
government consumption: 17.8%
investment in fixed capital: 12.6%
investment in inventories: 1%
exports of goods and services: 27%
imports of goods and services: -32%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.4%
industry: 16%
services: 80.6% (2012 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:
-6.2% (2012 est.)
country comparison to the world: 175
[see also: Industrial production growth rate country ranks ]

Labor force:
4.95 million (2012 est.)
country comparison to the world: 78
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 12.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22.4%
services: 65.1% (2005 est.)

Unemployment rate:
24.3% (2012 est.)
country comparison to the world: 171

17.7% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
20% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26% (2000 est.)

Distribution of family income - Gini index:
33 (2005)
country comparison to the world: 99

35.4 (1998)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $111.8 billion
[see also: Budget revenues country ranks ]
expenditures: $136.8 billion (2012 est.)

Taxes and other revenues:
45.5% of GDP (2012 est.)
country comparison to the world: 22
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-10.2% of GDP (2012 est.)
country comparison to the world: 201
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
156.9% of GDP (2012 est.)
country comparison to the world: 3

170.3% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.5% (2012 est.)
country comparison to the world: 29

3.3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2012)
country comparison to the world: 114

1.75% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.33% (31 December 2012 est.)
country comparison to the world: 125

7.15% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$116.2 billion (31 December 2012 est.)
country comparison to the world: 32

$126.4 billion (31 December 2011 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$251.5 billion (31 December 2012 est.)
country comparison to the world: 35

$262.1 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$343.9 billion (31 December 2012 est.)
country comparison to the world: 32

$413.4 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$33.65 billion (31 December 2011)
country comparison to the world: 48

$72.64 billion (31 December 2010)
$54.72 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-8.392 billion (2012 est.)
country comparison to the world: 171

$-28.72 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$28.31 billion (2012 est.)
country comparison to the world: 66

$28.16 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Turkey 10.9%, Italy 7.8%, Germany 6.5%, Bulgaria 5.8%, Cyprus 5.3% (2012)

Imports:
$53.53 billion (2012 est.)
country comparison to the world: 52

$66.05 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Russia 12.1%, Germany 9.5%, Italy 8.3%, Saudi Arabia 5.5%, Netherlands 4.7%, China 4.5%, France 4.4% (2012)

Reserves of foreign exchange and gold:
$7.255 billion (31 December 2012 est.)
country comparison to the world: 80

$6.9 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$576.6 billion (31 December 2012)
country comparison to the world: 24

$478.7 billion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$37.8 billion (31 December 2012 est.)
country comparison to the world: 56

$29.17 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$43.46 billion (31 December 2012 est.)
country comparison to the world: 38

$43.7 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7752 (2012 est.)
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)


NOTE: The information regarding Greece on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greece Economy 2014 information contained here. All suggestions for corrections of any errors about Greece Economy 2014 should be addressed to the CIA.



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