Greece Economy - 2004

Economy - overview:
Greece has a mixed capitalist economy with the public sector accounting for half of GDP and with per capita GDP 70% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of GDP. The Greek economy grew by 4.0% in 2003 and is expected to grow by 4.2% in 2004, the year that Athens will host the 2004 Olympic Games. Remaining challenges include the reduction of the public debt, inflation, and unemployment; and further restructuring of the economy, including privatizing several state enterprises, undertaking pension and other reforms, and minimizing bureaucratic inefficiencies.

GDP:
purchasing power parity - $212.2 billion (2003 est.)

GDP - real growth rate:
4% (2003 est.)

GDP - per capita:
purchasing power parity - $19,900 (2003 est.)

GDP - composition by sector:
agriculture: 8.1%
industry: 22.3%
services: 69.3% (2002 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 25.3% (1993 est.)

Distribution of family income - Gini index:
32.7 (1993)

Inflation rate (consumer prices):
3.3% (2003 est.)

Labor force:
4,406,700 (2nd quarter 2003 est.)

Labor force - by occupation:
industry 20%, agriculture 20%, services 59% (2000 est.)

Unemployment rate:
9.8% (2003 est.)

Budget:
revenues: $45 billion
expenditures: $47.6 billion, including capital expenditures of $NA (1998 est.)

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

Industrial production growth rate:
7% (2000 est.)

Electricity - production:
49.79 billion kWh (2001)

Electricity - production by source:
fossil fuel: 94.5%
hydro: 3.8%
other: 1.7% (2001)
nuclear: 0%

Electricity - consumption:
48.8 billion kWh (2001)

Electricity - exports:
1.062 billion kWh (2001)

Electricity - imports:
3.562 billion kWh (2001)

Oil - production:
5,992 bbl/day (2001 est.)

Oil - consumption:
405,700 bbl/day (2001 est.)

Oil - exports:
84,720 bbl/day (2001)

Oil - imports:
468,300 bbl/day (2001)

Oil - proved reserves:
4.5 million bbl (1 January 2002)

Natural gas - production:
35 million cu m (2001 est.)

Natural gas - consumption:
2.021 billion cu m (2001 est.)

Natural gas - exports:
0 cu m (2001 est.)

Natural gas - imports:
2.018 billion cu m (2001 est.)

Natural gas - proved reserves:
254.9 million cu m (1 January 2002)

Agriculture - products:
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products

Exports:
$5.899 billion f.o.b. (2003 est.)

Exports - commodities:
food and beverages, manufactured goods, petroleum products, chemicals, textiles

Exports - partners:
Germany 10.4%, Italy 8.5%, UK 6.3%, Bulgaria 5.4%, US 5.3%, Cyprus 4.7% (2002)

Imports:
$33.27 billion f.o.b. (2003 est.)

Imports - commodities:
machinery, transport equipment, fuels, chemicals

Imports - partners:
Germany 12.2%, Italy 11.5%, Russia 7.4%, South Korea 6%, France 5.7%, Netherlands 5.6%, US 4.7%, Belgium 4.3%, UK 4.1% (2002)

Debt - external:
$63.4 billion (2002 est.)

Economic aid - recipient:
$5.4 billion from EU (1995)

Currency:
euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

Currency code:
EUR

Exchange rates:
euros per US dollar - 0.89 (2003), 1.06 (2002), 1.12 (2001), 365.4 (2000), 305.65 (1999)