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    Greece Economy - 1990

      Overview: Greece has a mixed capitalistic economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist-left-government that enlarged the public sector and became the nation's largest employer. Like many other Western economies, Greece suffered severely from the global oil price hikes of the 1970s, annual GDP growth plunging from 8% to 2% in the 1980s, and inflation, unemployment, and budget deficits rising sharply. The fall of the socialist government in 1989 and the inability of the conservative opposition to muster a clear majority have led to business uncertainty and the continued prospects for lackluster economic performance. Once the political situation is sorted out, Greece will have to face the challenges posed by the steadily increasing integration of the European Community, including the progressive lowering of tariff barriers. Tourism continues as a major industry, providing a vital offset to the sizable commodity trade deficit.

      GDP: $56.3 billion, per capita $5,605; real growth rate 2.3% (1989 est.)

      Inflation rate (consumer prices): 14.8% (December 1989)

      Unemployment rate: 7.7% (1988)

      Budget: revenues $15.5 billion; expenditures $23.9 billion, including capital expenditures of $2.5 billion (1988)

      Exports: $5.9 billion (f.o.b., 1988); commodities--manufactured goods, food and live animals, fuels and lubricants, raw materials; partners--FRG 24%, Italy 14%, nonoil developing countries 11.8%, France 9.5%, US 7.1%, UK 6.8%

      Imports: $13.5 billion (c.i.f., 1988); commodities--machinery and transport equipment, light manufactures, fuels and lubricants, foodstuffs, chemicals; partners--FRG 22%, nonoil developing countries 14%, oil exporting countries 13%, Italy 12%, France 8%, US 3.2%

      External debt: $20.0 billion (December 1988)

      Industrial production: growth rate 1.6% (1989 est.)

      Electricity: 10,500,000 kW capacity; 36,420 million kWh produced, 3,630 kWh per capita (1989)

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

      Agriculture: including fishing and forestry, accounts for 14% of GNP and 27% of the labor force; principal products--wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes, beef, mutton, pork, dairy products; self-sufficient in food; fish catch of 135,000 metric tons in 1987

      Aid: US commitments, including Ex-Im (FY70-81), $525 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $1.3 billion

      Currency: drachma (plural--drachmas); 1 drachma (Dr) = 100 lepta

      Exchange rates: drachma (Dr) per US$1--158.03 (January 1990), 162.42 (1989), 141.86 (1988), 135.43 (1987), 139.98 (1986), 138.12 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Greece on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greece Economy 1990 information contained here. All suggestions for corrections of any errors about Greece Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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