Greece Business Resources

Economy - overview:
Greece has a capitalist economy with the public sector accounting for about 40% 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 annual GDP. The Greek economy grew by about 4.0% for the past two years, largely because of an investment boom and infrastructure upgrades for the 2004 Athens Olympic Games. Despite strong growth, Greece has failed to meet the EU's Growth and Stability Pact budget deficit criteria of 3% of GDP since 2000; public debt, inflation, and unemployment are also above the eurozone average. Further restructuring of the economy will need to include privatizing of several state enterprises, undertaking pension and other reforms, and minimizing bureaucratic inefficiencies.

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

Airlines
Airlines in Europe
Airlines Worldwide

Airports
Airports in Europe
Airports Worldwide

Country Budget
revenues: $54.39 billion
expenditures: $64.4 billion, including capital expenditures of NA (2004 est.)

Currency (code)
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 Exchange Rate
euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)

Fiscal Year
calendar year

GDP (Gross Domestic Product)
GDP (purchasing power parity): $226.4 billion (2004 est.)
GDP - real growth rate: 3.7% (2004 est.) 
GDP - per capita: purchasing power parity - $21,300 (2004 est.)
GDP - composition by sector:
agriculture: 7%
industry: 22%
services: 71% (2004 est.)

Imports / Exports
Exports: $15.5 billion f.o.b. (2004 est.)
Exports - commodities: food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners: Germany 13.2%, Italy 10.3%, UK 7.5%, Bulgaria 6.3%, US 5.3%, Cyprus 4.6%, Turkey 4.5%, France 4.2% (2004)

Imports: $54.28 billion f.o.b. (2004 est.)
Imports - commodities: machinery, transport equipment, fuels, chemicals
Imports - partners: Germany 13.3%, Italy 12.8%, France 6.4%, Netherlands 5.5%, Russia 5.5%, US 4.4%, UK 4.2%, South Korea 4.1% (2004)

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

Investing
Forex, Foreign Exchange Market: Currency Trading

Labor Force & Unemployment Rate
Labor force: 4.4 million (2004 est.)
Labor force - by occupation: agriculture 12%, industry 20%, services 68% (2004 est.)
Unemployment rate: 10% (2004 est.)