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Greece Economy 1996
Greece has a mixed capitalist economy with the basic entrepreneurial system
overlaid in 1981-89 by a socialist system that enlarged the public sector
from 55% of GDP in 1981 to about 70% in 1989. Since then, the public sector
has been reduced to about 60% of GDP. Tourism continues as a major source of
foreign exchange, and agriculture is self-sufficient except for meat, dairy
products, and animal feedstuffs. Over the last decade, real GDP growth has
averaged 1.6% a year, compared with the European Union average of 2.2%.
Inflation continues to be well above the EU average, and the national debt
has reached 140% of GDP, the highest in the EU. Prime Minister PAPANDREOU
will probably make only limited progress correcting the economy's problems
of high inflation, large budget deficit, and decaying infrastructure. His
economic program suggests that although he will shun his expansionary
policies of the 1980s, he will avoid tough measures needed to slow inflation
or reduce the state's role in the economy. He has limited the previous
government's privatization plans, for example, and has called for generous
welfare spending and real wage increases. Athens continues to rely heavily
on EU aid, which recently has amounted to about 6% of GDP. Greece almost
certainly will not meet the EU's Maastricht Treaty convergence targets of
public deficit held to 3% of GDP and national debt to 60% of GDP by 1999.
Per capita GDP has fallen below Portugal's level, the lowest among EU
members.
GDP - purchasing power parity - $93.7 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$37.6 billion, including capital expenditures of $5.2 billion (1994)
$9 billion (f.o.b., 1993)
manufactured goods 53%, foodstuffs 34%, fuels 5%
Germany 24%, Italy 14%, France 7%, UK 6%, US 4% (1993)
$19.2 billion (f.o.b., 1993)
manufactured goods 72%, foodstuffs 15%, fuels 10%
Germany 16%, Italy 14%, France 7%, Japan 7%, UK 6% (1993)
growth rate 3.2% (1993 est.); accounts for 18% of GDP
tourism, food and tobacco processing, textiles, chemicals, metal products,
mining, petroleum
including fishing and forestry, accounts for 12% of GDP; principal products
- wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco,
potatoes; self-sufficient in food except meat, dairy products, and animal
feedstuffs
illicit producer of cannabis and limited opium; mostly for domestic
production; serves as a gateway to Europe for traffickers smuggling cannabis
and heroin from the Middle East and Southwest Asia to the West and precursor
chemicals to the East; transshipment point for Southwest Asian heroin
transiting the Balkan route
US commitments, including Ex-Im (FY70-81), $525 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $1.39 billion
1 drachma (Dr) = 100 lepta
drachmae (Dr) per US$1 - 238.20 (January 1995), 242.60 (1994), 229.26
(1993), 190.62 (1992), 182.27 (1991), 158.51 (1990)
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