2013 was the sixth consecutive year of economic decline, with the Greek GDP shrinking by -4.2%. This was nevertheless an improvement on the previous year (-6%) and a return to positive numbers is expected in 2014.
The troika (IMF, EU, ECB) has continued to exert pressure on the Greek government and has forced it to reduce labour costs in an effort to increase the country's competitiveness. The conservative government has also amanged to restore public finances and register a surplus. The country's long-term rating has been increased by rating agencies which have seen the economy is returning to equilibrium. Prices begin to fall and consumption bottomed out. However, the debt has continued to rise and has reached historical levels (more than 176% of the GDP) and the privatisation programme and the job reduction plan for the public sector have encountered great difficulties. The government's key objective is still to reduce the budget deficit and the state debt and to improve the business climate in order to sustain economic recovery.
The country is facing a dramatic rise in unemployment, which now affects over a quarter of the workforce and more than 60% of people under the age of 25, as well as a proliferation of general strikes and other social protests against the austerity measures. The social-economic crisis has also been accompanied by a silent environmental crisis.
|Main Indicators||2011||2012||2013||2014||2015 (e)|
|GDP (billions USD)||290.15||248.56||241.80e||246.40||252.42|
|GDP (Constant Prices, Annual % Change)||-7.1||-7.0||-3.9e||0.6||2.9|
|GDP per Capita (USD)||26,085||22,347||21e||22,318e||22,886|
|General Government Balance (in % of GDP)||-8.3||-2.3||1.6e||1.6e||1.2|
|General Government Gross Debt (in % of GDP)||170.3||157.2||175.1e||174.2||171.0|
|Inflation Rate (%)||3.3||1.5||-0.9||-0.8||0.3|
|Unemployment Rate (% of the Labor Force)||17.7||24.2||27.3||25.8||23.8|
|Current Account (billions USD)||-28.61||-6.18||1.77e||1.72e||0.27|
|Current Account (in % of GDP)||-9.9||-2.5||0.7||0.7||0.1|
Source: IMF - World Economic Outlook Database , Last Available Data
Note: (e) Estimated Data
Traditionally, the Greek economy has been based on agriculture. The sector represents 3% of the GDP and employs around 12% of the workforce. The main crops are tobacco (largest European producer) and cotton (fifth largest exporter in the world). Greece also has a significant ovine livestock and a large fishing industry is found in coastal regions.
Thanks to the economic diversification led by the government, industry has replaced agriculture as a second source of income after services, and accounts for around 20% of the GDP. The main sectors are: electronic goods, transport materials, clothing and construction. More specifically, Greece is the largest European ship owner.The tertiary sector accounts for nearly three quarters of the GDP and employs two thirds of the workforce. Tourism provides a vital source of income and alone contributes 11% of the GDP. Marine fishing represents 10% of the GDP.
|Breakdown of Economic Activity By Sector||Agriculture||Industry||Services|
|Employment By Sector (in % of Total Employment)||13.0||16.7||70.3|
|Value Added (in % of GDP)||3.8||13.8||82.4|
|Value Added (Annual % Change)||-7.7||-10.1||-1.6|
Source: World Bank - Last Available Data.
|Euro (EUR) - Average Annual Exchange Rate For 1 USD||0.72||0.76||0.72||0.78||0.76|
Source: CIA - The world factbook - Last Available Data.
The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labor freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.
The business rankings model measures the quality or attractiveness of the business environment in the 82 countries covered by The Economist Intelligence Unit’s Country Forecast reports. It examines ten separate criteria or categories, covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure.
Greece has an export-oriented economy, trade representing more than 50% of the GDP (WTO, average data for 2010-2012). Its main trading partners are the European Union (especially Italy and Germany) and the United States.
Structurally in deficit, the trade balance has improved since the beginning of the crisis due to the imports declining more quickly than exports. This trend should become more pronounced in 2014 given the expected resumption in exports, which increased by 2.5% in 2013.
|Foreign Trade Indicators||2009||2010||2011||2012||2013|
|Imports of Goods (million USD)||67,775||63,793||60,867||63,202||62,154|
|Exports of Goods (million USD)||20,469||21,713||31,683||35,479||36,493|
|Imports of Services (million USD)||19,441||19,875||19,210||15,758||14,428|
|Exports of Services (million USD)||37,385||37,588||39,645||34,962||36,810|
|Imports of Goods and Services (Annual % Change)||-19.6||-5.5||-9.0||-9.1||-1.6|
|Exports of Goods and Services (Annual % Change)||-18.5||4.6||0.0||1.2||2.1|
|Imports of Goods and Services (in % of GDP)||29.4||30.7||32.3||32.7||33.2|
|Exports of Goods and Services (in % of GDP)||19.0||22.1||25.5||28.2||30.2|
|Trade Balance (million USD)||-42,857||-37,552||-37,884||-25,281||-22,904|
|Trade Balance (Including Service) (million USD)||-25,054||-20,259||-17,339||-5,996||-386|
|Foreign Trade (in % of GDP)||48.4||52.8||57.8||61.0||63.4|
Source: WTO - World Trade Organization ; World Bank , Last Available Data
(% of Exports)
|See More Countries||63.6%|
(% of Imports)
|See More Countries||55.8%|
Source: Comtrade, Last Available Data
|- bn USD of products exported in 2013|
|Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals||37.6%|
|Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)||3.5%|
|Plates, sheets and strip, of aluminium, of a...Plates, sheets and strip, of aluminium, of a thickness of > 0,2 mm (excl. expanded plates, sheets and strip)||1.8%|
|Olive oil and its fractions obtained from the...Olive oil and its fractions obtained from the fruit of the olive tree solely by mechanical or other physical means under conditions that do not lead to deterioration of the oil, whether or not refined, but not chemically modified||1.8%|
|Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304)||1.6%|
|See More Products||53.6%|
|- bn USD of products imported in 2013|
|Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude||26.3%|
|Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals||7.1%|
|Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)||4.8%|
|Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons||3.1%|
|Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods||2.6%|
|See More Products||56.1%|
Source: Comtrade, Last Available Data
|- bn USD of services exported in 2011|
|Sea transportSea transport||46.17%|
|Air transportAir transport||3.25%|
|Rail transportRail transport||0.09%|
|Miscellaneous business,...Miscellaneous business, professional, and technical services||5.08%|
|Legal, accounting, management...Legal, accounting, management consulting, and public relations||1.06%|
|Research and developmentResearch and development||0.38%|
|Merchanting and other trade-related...Merchanting and other trade-related services||0.39%|
|Other trade-related servicesOther trade-related services||0.36%|
|Operational leasing servicesOperational leasing services||0.11%|
|Other direct insuranceOther direct insurance||0.87%|
|Computer servicesComputer services||1.22%|
|Information servicesInformation services||0.07%|
|- bn USD of services imported in 2011|
|Sea transportSea transport||37.43%|
|Rail transportRail transport||0.17%|
|Miscellaneous business,...Miscellaneous business, professional, and technical services||8.27%|
|Legal, accounting, management...Legal, accounting, management consulting, and public relations||2.73%|
|Advertising, market research,...Advertising, market research, and public opinion polling||0.67%|
|Merchanting and other trade-related...Merchanting and other trade-related services||0.99%|
|Operational leasing servicesOperational leasing services||0.82%|
|Computer servicesComputer services||2.35%|
|Information servicesInformation services||0.28%|
Source: Comtrade, Last Available Data
The world rankings, published annually, measures the violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire sent to partner organizations,150 RWB correspondents, journalists, researchers, jurists and activists of human rights, including the main criteria - 44 in total - to assess the situation of press freedom in a given country. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).
The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.
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