Capital City: Athens
	It is %T:%M %A in Athens

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Economic trends

Greece has realigned its economy to face competition from other EU countries. The economy has shown continues growth for several years now, thanks to huge EU grants especially those related to 2004 Athens Olympic Games (EU grants accounted for 3.6% of its GDP in 2004). The GDP growth rate is around 4% since 2004. 3,6% are forecasted for 2008 by the IMF. Inflation (EU harmonised measure) is projected to have eased to 3.0% in 2007. The Greek economy faces two major challenges: the heavy burden of its public debt and the high level of unemployment (estimated at 10% in 2006). An estimated EU budgetary grand of USD24 billion has been allocated to Greece for the period 2007-2013. The unemployment rate remains high at around 10% but inflation is under control at nearly 3.5%.

Main branches of industry

Traditionally an agriculture-based economy, Greece has had limited success in diversifying its economic base. However, industry has replaced agriculture as the leading source of income; agriculture accounts for nearly 6% of the GDP (employs around 20% of the active population) while as the manufacturing accounts for around 23%. The main crops are tobacco (largest European producer) and cotton (fifth largest exporter in the world). Tourism, a part of the growing service sector (nearly 70% of GDP), provides a vital source of revenue and contributes 11% to the GDP. Large numbers of sheep and goats are raised in Greece. Greece is the largest European ship-owner and merchant navy accounts for 10% of the GDP. A significant fishing industry exits in coastal areas.

International trade

The share of foreign trade in country’s GDP is nearly 50%. Greece has open to international trade mainly through the EU. The top three export partners are: Germany, Italy and United Kingdom. The goods mainly exported are mineral fuels & oils, pharmaceutical products, apparel & clothing accessories, electric machinery & equipment, and tobacco. The top three import partners are: Germany, Italy and Russia. Greece mainly imports mineral fuels & oils, vehicles, electric and mechanical equipment, pharmaceutical products and consumer goods.