Greece

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Economic and political outline

Economic indicators | Foreign Trade in figures | Sources of general economic information | Political outline

Economic indicators

Greece realigned its economy to face competition from the other EU countries and its economy has showed continuous growth for several years. This is partly due to EU subsidies, especially those linked to the Athens 2004 Olympic Games (which represented 3.6% of its GDP in 2004). However, growth decreased in 2008 because of the global economic crisis, even though the financial sector has remained solid and domestic demand has been maintained. Activity has decreased in 2009 because of the drop in exports, and will only recover in 2010. Public debt, inflation and unemployment (whose level is nearing 10%) are above the Euro zone average.

Despite the authorities' adjustment efforts, a new deterioration of public finances is expected in 2010 because activity will suffer the after-effects of the recession. The high level of the public debt and the repeated budgetary overflows, limit the maneuverability of the discretionary budgetary recovery measures.

The Greek economy has several challenges to take on in the coming years: lower the public debt and unemployment levels, increase the basis for taxation and reduce tax fraud. New retirement and health reforms are also vital.

Main indicators	2006	2007	2008	2009	2010
GDP (billions USD)	267.71	312.75	357.55e	325.19e	328.42
GDP (constant prices, annual % change)	4.5	4.0	2.9	-0.2	-0.6
GDP per capita (USD)	24,069	28,057e	32,005	29,043e	29,267
General government balance (in % of GDP)	-2.8	-3.5e	-3.7e	-4.5	-5.2e
Inflation rate (%)	3.3	3.0	4.2	1.6e	2.1
Unemployment rate (% of the labor force)	8.9	8.3	7.6	9.0	10.5
Current Account (billions USD)	-29.72	-44.22	-51.48e	-43.85e	-41.53e
Current Account (in % of GDP)	-11.1	-14.1	-14.4	-13.5e	-12.6

Source: IMF - World Economic Outlook Database

Note: (e) Estimated data

Main sectors of industry

Traditionally, the Greek economy is based on agriculture. The sector represents 3% of the GDP and employs around 12% of the active population. The main crops are tobacco (largest European producer) and cotton (fifth largest exporter in the world). Greece also has a significant ovine livestock. A large fishing industry is found in coastal regions and the merchant navy represents 10% of the GDP.

Thanks to the economic diversification led by the country, industry has replaced agriculture as a second source of income, behind services, and accounts for around 20% the GDP. More specifically, Greece is the largest European ship owner.

Growth in the tertiary sector is booming. It accounts for nearly three-fourths of the GDP. Tourism provides a vital source of income and alone contributes 11% of the GDP.

Breakdown of economic activity by sector	Agriculture	Industry	Services
Employment by sector (in % of total employment)	12.4	22.4	65.1
Value added (in % of GDP)	3.6	23.1	73.3
Value added (annual % change)	-4.6	0.7	5.1

- last available data.

Monetary indicators	2004	2005	2006	2007	2008
Euro (EUR) - Average annual exchange rate for 1 USD	0.81	0.80	0.80	0.73	0.68

Source: World Bank - World Development Indicators

Indicator of economic freedom

Score:: 60.8/100
Position:: moderately free
World Rank:: 81 out of 179
Regional Rank:: 34 out of 44

Distribution of Economic freedom in the world
Source: 2008 Index of Economic freedom, Heritage Foundation

Country risk

See the country risk analysis provided by Ducroire.

Foreign trade in figures

Greece has an export orientated economy. However, export levels remain low and will probably lessen in the course of the coming years. This would increase the already substantial trade deficit.
Services are mostly made up of exports (maritime transportation, tourism, financial services, immigrant foreign currency remittances, etc).

Foreign trade indicators	2003	2004	2005	2006	2007
Imports of goods (millions USD)	38,184	47,360	51,900	64,585	81,041
Exports of goods (millions USD)	12,578	15,739	17,631	20,300	23,991
Imports of services (millions USD)	11,250	14,020	14,742	16,367	20,270
Exports of services (millions USD)	24,283	33,085	33,914	35,762	43,080
Imports of goods and services (annual % change)	8.7	10.7	0.5	8.7	7.0
Exports of goods and services (annual % change)	2.5	12.6	2.7	5.1	5.9
Imports of goods and services (in % of GDP)	33.0	34.2	33.0	34.5	35.4
Exports of goods and services (in % of GDP)	20.3	21.8	21.7	21.9	22.2
Trade Balance (millions USD)	-25,606	-31,621	-34,268	-44,285	-57,050
Trade Balance (including service) (millions USD)	-12,573	-12,556	-15,096	-24,889	-34,240
Foreign trade (in % of GDP)	53.3	55.9	54.7	56.4	57.6

Source: World Bank

Main partner countries

Main customers (% of exports)	2007
Germany	11.5%
Italy	10.7%
Cyprus	6.5%
Bulgaria	6.5%
United Kingdom	5.4%
Romania	4.5%
France	4.2%
United States	4.2%
Turkey	3.6%
Spain	3.4%
Albania	2.6%
Macedonia	2.3%
Russia	2.1%
Netherlands	2.0%
Belgium	1.6%
Poland	1.4%
Slovenia	1.2%
United Arab Emirates	1.2%
Sweden	1.0%
Austria	0.9%
See more countries	59.3%

Main suppliers (% of imports)	2007
Germany	12.8%
Italy	11.6%
Russia	5.6%
France	5.5%
China	5.0%
Netherlands	5.0%
Belgium	3.8%
Spain	3.6%
United Kingdom	3.6%
Iran	3.6%
South Korea	3.4%
Turkey	3.0%
United States	2.3%
Japan	2.2%
Switzerland	1.9%
Libya	1.8%
Saudi Arabia	1.7%
Bulgaria	1.6%
Kazakhstan	1.3%
Austria	1.3%
See more countries	59.3%

Source: Comtrade

Main products

Main exports (% of exports)	2007
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	12.2%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	5.5%
Aluminium and articles thereofAluminium and articles thereof	5.5%
Pharmaceutical productsPharmaceutical products	5.4%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	5.2%
Plastics and articles thereofPlastics and articles thereof	5.0%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	4.2%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	4.1%
Copper and articles thereofCopper and articles thereof	3.1%
Iron and steelIron and steel	2.9%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	2.8%
Articles of iron or steelArticles of iron or steel	2.5%
Fish and crustaceans, molluscs and other aquatic...Fish and crustaceans, molluscs and other aquatic invertebrates	2.4%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	2.3%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	2.1%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	2.1%
CottonCotton	2.1%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	1.7%
Furskins and artificial fur; manufactures thereofFurskins and artificial fur; manufactures thereof	1.6%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	1.5%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	1.1%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	1.1%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	1.1%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	1.1%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.9%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.8%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	0.8%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.8%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.7%
Miscellaneous chemical productsMiscellaneous chemical products	0.7%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	0.7%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.7%
Zinc and articles thereofZinc and articles thereof	0.7%
CerealsCereals	0.6%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	0.6%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.6%
Knitted or crocheted fabricsKnitted or crocheted fabrics	0.5%
Ships, boats and floating structuresShips, boats and floating structures	0.5%
Wadding, felt and nonwovens; special yarns; twine,...Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof	0.5%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.4%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.4%
Rubber and articles thereofRubber and articles thereof	0.4%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	0.4%
Aircraft, spacecraft, and parts thereofAircraft, spacecraft, and parts thereof	0.4%
Natural or cultured pearls, precious or...Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin	0.4%
Toys, games and sports requisites; parts and...Toys, games and sports requisites; parts and accessories thereof	0.4%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.4%
Ores, slag and ashOres, slag and ash	0.3%
Oil seeds and oleaginous fruits; miscellaneous...Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder	0.3%
Man-made filamentsMan-made filaments	0.3%
Preparations of meat, of fish or of crustaceans,...Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates	0.3%
Ceramic productsCeramic products	0.3%
FertilizersFertilizers	0.3%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.3%
Organic chemicalsOrganic chemicals	0.3%
Raw hides and skins (other than furskins) and...Raw hides and skins (other than furskins) and leather	0.2%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.2%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.2%
Carpets and other textile floor coveringsCarpets and other textile floor coverings	0.2%
Meat and edible meat offalMeat and edible meat offal	0.2%
Sugars and sugar confectionerySugars and sugar confectionery	0.2%
Lead and articles thereofLead and articles thereof	0.1%
Glass and glasswareGlass and glassware	0.1%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.1%
Special woven fabrics; tufted textile fabrics;...Special woven fabrics; tufted textile fabrics; lace; tapestries; trimmings; embroidery	0.1%
Pulp of wood or of other fibrous cellulosic...Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard	0.1%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.1%
See more products	66.3%

Main imports (% of imports)	2007
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	15.1%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	9.5%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	8.6%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	6.6%
Pharmaceutical productsPharmaceutical products	5.8%
Ships, boats and floating structuresShips, boats and floating structures	4.8%
Iron and steelIron and steel	3.7%
Plastics and articles thereofPlastics and articles thereof	3.2%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	2.3%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	1.9%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	1.8%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	1.7%
Organic chemicalsOrganic chemicals	1.7%
Meat and edible meat offalMeat and edible meat offal	1.7%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	1.5%
Copper and articles thereofCopper and articles thereof	1.5%
Aluminium and articles thereofAluminium and articles thereof	1.5%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	1.3%
Articles of iron or steelArticles of iron or steel	1.2%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	1.2%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	1.1%
Miscellaneous chemical productsMiscellaneous chemical products	1.0%
Natural or cultured pearls, precious or...Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin	1.0%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	1.0%
CerealsCereals	0.9%
Ceramic productsCeramic products	0.8%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.8%
Toys, games and sports requisites; parts and...Toys, games and sports requisites; parts and accessories thereof	0.7%
Rubber and articles thereofRubber and articles thereof	0.7%
Fish and crustaceans, molluscs and other aquatic...Fish and crustaceans, molluscs and other aquatic invertebrates	0.7%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.6%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.6%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	0.6%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	0.6%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.5%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.5%
Aircraft, spacecraft, and parts thereofAircraft, spacecraft, and parts thereof	0.5%
Glass and glasswareGlass and glassware	0.5%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.5%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.5%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.4%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.4%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	0.4%
Furskins and artificial fur; manufactures thereofFurskins and artificial fur; manufactures thereof	0.4%
Sugars and sugar confectionerySugars and sugar confectionery	0.4%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.4%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	0.4%
Oil seeds and oleaginous fruits; miscellaneous...Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder	0.4%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.4%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.4%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.3%
Zinc and articles thereofZinc and articles thereof	0.3%
Cocoa and cocoa preparationsCocoa and cocoa preparations	0.3%
Man-made staple fibresMan-made staple fibres	0.3%
FertilizersFertilizers	0.3%
Miscellaneous manufactured articlesMiscellaneous manufactured articles	0.3%
CottonCotton	0.3%
Preparations of meat, of fish or of crustaceans,...Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates	0.2%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.2%
Man-made filamentsMan-made filaments	0.2%
Clocks and watches and parts thereofClocks and watches and parts thereof	0.2%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	0.2%
Coffee, tea, maté and spicesCoffee, tea, maté and spices	0.2%
Live animalsLive animals	0.2%
Carpets and other textile floor coveringsCarpets and other textile floor coverings	0.2%
Wadding, felt and nonwovens; special yarns; twine,...Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof	0.2%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.2%
Photographic or cinematographic goodsPhotographic or cinematographic goods	0.1%
Knitted or crocheted fabricsKnitted or crocheted fabrics	0.1%
Live trees and other plants; bulbs, roots and the...Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage	0.1%
See more products	54.5%

Source: Comtrade

See more products: More imports (Intracen Data)
More exports (Intracen Data)

Sources of general economic information

Ministries: Ministry of development
Ministry of agriculture
Ministry of national economy
Ministry of commercial shipping
Statistical Office: The National Statistical Service of Greece
Central Bank: Central Bank of Greece
Stock Exchange: Athens exchange
Search Engines: Gogreece
Economic portals: Flash
Imerisia

Political outline

Executive Power: According to the Constitution, executive power is exercised by the President of the Republic and the Government ; after 1986, however, the role of the President in the executive branch is ceremonial. The position of Prime Minister, Greece's head of government, belongs to the current leader of the political party that can obtain the confidence of a plurality in the Parliament. The President of the Republic formally appoints the Prime Minister and, on his recommendation, appoints and dismisses the other members of the Cabinet.The Prime Minister exercises vast political power, and the amendment of 1986 further strengthened his position to the detriment of the President of the Republic.
Legislative Power: Legislative power is exercised by a 300-member unicameral Parliament. Statutes passed by the Parliament are promulgated by the President of the Republic. Parliamentary elections are held every four years, but the President of the Republic is obliged to dissolve the Parliament earlier on the proposal of the Cabinet, in view of dealing with a national issue of exceptional importance.The President is also obliged to dissolve the Parliament earlier, if the opposition manages to pass a motion of no confidence.
Main political parties: New Democracy
The Panhellenic Socialist Movement (PASOK)
The Communist Party of Greece (KKE)
The Coalition of the Radical Left (SYRIZA)
The Popular Orthodox Rally (LA.O.S.)
Current political leaders: Prime Minister of the Hellenic Republic : Kostas Karamanlis (New Democracy)
President of the Hellenic Republic : Karolos Papoulias
Next election dates: Parlementary elections : 2012

Indicator of freedom of the press

World Rank:: 33/173
Evolution:: 3 places down compared to 2007

Source: Worldwide Press Freedom Index 2007, Reporters Without Borders

Indicator of political freedom

Ranking:: Free
Political freedom:: 1/7
Civil liberties:: 2/7

Map of freedom 2007
Source: Freedom House

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