Greece has a mixed capitalistic economy with a large public sector. Service economy is predominately in the country, which (including tourism) accounts for over 73% of GDP. Almost 9% of the world’s merchant fleet is Greek-owned, making the Greek fleet the largest in the world. Other important sectors include food processing, tobacco, textiles, chemicals (including refineries), pharmaceuticals, cement, glass, telecommunication and transport equipment. Agricultural output has steadily decreased in importance over the last decade, accounting now for only 5% of total GDP. Greece enjoys a geostrategic position for the transit of oil and gas from Caspian Basin and western Asia producers to the consumers of that energy in Europe. The adoption of the euro as its national currency provided Greece with access to competitive loan rates and also to low rates of the Eurobond market. In between 1997-2007, Greece averaged 4% GDP growth, almost twice the European Union (EU) average. The country enjoyed steady growth rate around the Athens Olympic Games.

The economy went into recession in 2009 and contracted by 2%, as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit, which was triggered by falling state revenues, and increased government expenditures.

Key economic challenges with which the government is currently contending include a burgeoning government deficit, escalating public debt, and a decline in competitiveness.


Labor force:
5 million (2009 est.)
country comparison to the world: 73

Labor force by occupation:
agriculture: 12.4%
industry: 22.4%
services: 65.1% (2005 est.)

Unemployment rate:
9% (2009 est.)
country comparison to the world: 100
7.7% (2008 est.)

Population below poverty line:
20% (2009 est.)

Household income or consumption by percentage share:
lowest 10%: 2.5%
highest 10%: 26% (2000 est.)

Distribution of family income - Gini index:
33 (2005)
country comparison to the world: 96
35.4 (1998)

Investment (gross fixed):
15.6% of GDP (2009 est.)
country comparison to the world: 134

Budget:
revenues: $108.7 billion
expenditures: $145.2 billion (2009 est.)

Public debt:
113.4% of GDP (2009 est.)
country comparison to the world: 8
97.4% of GDP (2008 est.)

Inflation rate (consumer prices):
1.2% (2009 est.)
country comparison to the world: 44
4.1% (2008 est.)

Central bank discount rate:
3% (31 December 2008)
country comparison to the world: 98
5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate:
8.65% (31 December 2008)
country comparison to the world: 119
7.71% (31 December 2007)

Stock of money:
$NA
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders

Stock of quasi money:
$NA

Stock of domestic credit:
$394.6 billion (31 December 2008)
country comparison to the world: 22
$365.9 billion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)
country comparison to the world: 32
$264.9 billion (31 December 2007)
$208.3 billion (31 December 2006)

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

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

Industrial production growth rate:
3.2% (2009 est.)
country comparison to the world: 35

Electricity - production:
58.79 billion kWh (2007 est.)
country comparison to the world: 43

Electricity - consumption:
58.28 billion kWh (2007 est.)
country comparison to the world: 42

Electricity - exports:
1.962 billion kWh (2008 est.)

Electricity - imports:
7.575 billion kWh (2008 est.)

GDP (purchasing power parity):
$341 billion (2009 est.)
country comparison to the world: 34
$347.9 billion (2008 est.)
$338 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$342.2 billion (2009 est.)

GDP – real growth rate:
-2% (2009 est.)
country comparison to the world: 143
2% (2008 est.)
4% (2007 est.)

GDP – per capita (PPP)
$32,100 (2009 est.)
country comparison to the world: 43
$32,400 (2008 est.)
$31,600 (2007 est.)
note: data are in 2009 US dollars

GDP- composition by sector:
agriculture: 3.4%
industry: 20.8%
services: 75.8% (2009 est.)

Oil - production:
4,891 bbl/day (2008 est.)
country comparison to the world: 96

Oil - consumption:
434,000 bbl/day (2008 est.)
country comparison to the world: 34

Oil - exports:
151,300 bbl/day (2008 est.)
country comparison to the world: 59

Oil - imports:
553,000 bbl/day (2008 est.)
country comparison to the world: 23
Oil - proved reserves:
10 million bbl (1 January 2009 est.)
country comparison to the world: 89

Natural gas - production:
14 million cu m (2008 est.)
country comparison to the world: 91

Natural gas - consumption:
4.206 billion cu m (2008 est.)
country comparison to the world: 64

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 74

Natural gas - imports:
4.205 billion cu m (2008 est.)
country comparison to the world: 35

Natural gas - proved reserves:
1.982 billion cu m (1 January 2009 est.)
country comparison to the world: 96
Current account balance:
-$34.43 billion (2009 est.)
country comparison to the world: 185
-$45.16 billion (2008 est.)

Exports:
$21.37 billion (2009 est.)
country comparison to the world: 66
$29.14 billion (2008 est.)

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

Exports - partners:
Italy 11.5%, Germany 10.5%, Bulgaria 7.1%, Cyprus 6.2%, US 5%, UK 4.7%, Romania 4.4% (2008)

Imports:
$64.27 billion (2009 est.)
country comparison to the world: 39
$93.91 billion (2008 est.)

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

Imports - partners:
Germany 12.1%, Italy 11.7%, Russia 7.4%, China 5.6%, France 5.1%, Netherlands 4.7% (2008)

Reserves of foreign exchange and gold:
$NA (31 December 2009 est.)
$3.473 billion (31 December 2008 est.)

Debt - external:
$552.8 billion (30 June 2009)
country comparison to the world: 17
$504.6 billion (31 December 2008)

Stock of direct foreign investment - at home:
$43.07 billion (31 December 2009 est.)
country comparison to the world: 53
$36.7 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$29.55 billion (31 December 2009 est.)
country comparison to the world: 35
$32.44 billion (31 December 2008 est.)

Exchange rates:
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005)