Greece Background Informaiton based on Bureau of European and Eurasian Affairs, August 2004 (Greece/Greek/Crete/Creta/Kriti):

Background Note: Greece
 

PROFILE OFFICIAL NAME:
Hellenic Republic

Economy (2001 est.)
GDP: $120 billion.
Per capita GDP: $11,350.9.
Growth rate: 3.5%.
Inflation rate: 3.5%.
Unemployment rate: 11%.
Natural resources: Bauxite, lignite, magnesite, oil, marble. Agriculture (8% of GDP): Products--sugar, beets, wheat, maize, tomatoes, olives, olive oil, grapes, raisins, wine, oranges, peaches, tobacco, cotton, livestock, dairy products.
Manufacturing (22% of GDP): Types--Processed foods, shoes, textiles, metals, chemicals, electrical equipment, cement, glass, transport equipment, petroleum products, construction, electrical power.
Services (70% of GDP): Transportation, tourism, communications, trade, banking, public administration, defense.
Trade: Exports--$11 billion: manufactured goods, food and beverages, petroleum products, cement, chemicals. Major markets--Germany, Italy, France, U.S., U.K. Imports--$28 billion: basic manufactures, food and animals, crude oil, chemicals, machinery, transport equipment. Major suppliers--Germany, Italy, France, Japan, Netherlands, U.S.

ECONOMY
The government has succeeded in reducing budget deficits and inflation, two key factors that allowed Greece to join the Economic and Monetary Union (EMU) on January 1, 2001. Greece, along with 11 out of its 14 EU partners, adopted the euro as its new common currency in January 2002. The euro is expected to boost trade, help dismantle the last remaining market barriers within the EU, and stimulate production. The Greek economy was expected to grow by 4% in 2003 and is expected to grow by 4.2% in 2004, the year that Athens will host the 2004 Olympics. Years of austerity and reform programs, however, have kept unemployment steady in some sectors. Foreign investment also has dropped, and efforts to revive it have been only partially successful. Greece's large general government debt is estimated to drop to 98.5% of GDP (162 billion euros) in 2004, a slower progress than projected in the past. Services make up the largest and fastest-growing sector of the Greek economy. About 12 million tourists visited Greece in 2002 with net revenues at about 7.7 five billion euros. Industrial activity continues to post dramatic increases while Greece's food industry and high-tech/telecommunications remain fast-growing sectors. Agriculture employs about 12% of the work force and is still characterized by small farms and low capital investment, despite significant support from the EU in structural funds and subsidies. Traditionally a seafaring nation, the Greek-owned merchant fleet totaled 3,355 ships in May 2003, 9.3% of world merchant fleet and 18.3% of gross tonnage.

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