Economy - overview Greece has a mixed capitalist economy with the public sector accounting for about half of GDP. Tourism is a key industry, providing a large portion of GDP and foreign exchange earnings. Greece is a major beneficiary of EU aid, equal to about 3.3% of GDP. The economy has improved steadily over the last few years, as the government tightened policy in the run-up to Greece's entry into the EU's Economic and Monetary Union (EMU) on 1 January 2001. Major challenges remaining include the reduction of unemployment and further restructuring of the economy, including privatizing several state enterprises, undertaking social security reforms, overhauling the tax system, and minimizing bureaucratic inefficiencies. Economic growth is forecast at 3%-3.5% in 2002.

GDP purchasing power parity - $189.7 billion (2001 est.)

GDP - real growth rate 3.7% (2001 est.)

GDP - per capita purchasing power parity - $17,900 (2001 est.)

GDP - composition by sector
agriculture: 8.3%
industry: 27.3%
services: 64.4% (1998)

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) 3.4% (2001)

Labor force 4.32 million (1999 est.)

Labor force - by occupation industry 21%, agriculture 20%, services 59% (2000 est.)

Unemployment rate 11% (2001 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 49.581 billion kWh (2000)

Electricity - production by source
fossil fuel: 91.53%
hydro: 6.6%
other: 1.87% (2000)
nuclear: 0%

Electricity - consumption 46.099 billion kWh (2000)

Electricity - exports 1.74 billion kWh (2000)

Electricity - imports 1.729 billion kWh (2000)

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

Exports $12.5 billion (f.o.b., 2001)

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

Exports - partners EU 44% (Germany 12%, Italy 9%, UK 6%), US 5% (2000)

Imports $30.3 billion (f.o.b., 2001)

Imports - commodities machinery, transport equipment, fuels, chemicals

Imports - partners EU 59% (Germany 13%, Italy 13%, France 7%, Netherlands 6%, UK 5%), US 3% (2000)

Debt - external $57 billion (2000 est.)

Economic aid - recipient $5.4 billion from EU (1997 est.)

Currency euro (EUR); drachma (GRD)
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; GRD

Exchange rates euros per US dollar - 1.1324 (January 2002), 1.1175 (2001); drachmae per US dollar - 380.21 (December 2000), 365.40 (2000), 305.65 (1999), 295.53 (1998), 273.06 (1997)
note: in January 2001, the drachma became a participating currency within the Eurosystem, and the euro market rate became applicable to all transactions

Fiscal year calendar year

NOTE: The information regarding Greece on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greece Economy 2002 information contained here. All suggestions for corrections of any errors about Greece Economy 2002 should be addressed to the CIA.