Economy overview: Greece has a mixed capitalist economy with a public sector accounting for about half of the GDP. Tourism is a key sector of the economy, which provides a large part of the GDP and foreign exchange earnings. Greece is the recipient of significant subsidies from the EU, the amount of which reaches 4% of GDP. The economy has been improving steadily over the past few years as the government took tough steps to join the euro area in 2001. In particular, Greece reduced its budget deficit to below 1% of GDP and tightened monetary policy, bringing inflation down from 20% in 1990 to 3.1% in 2000. Further restructuring of the economy (including the privatization of several large state-owned enterprises) and reducing unemployment remain priorities. Growth of 3.8% in 2000 GDP: at purchasing power parity – $181.9 billion (2000 est.). See cheeroutdoor.com to know more about Greece Business. Real GDP growth rate: 3.8% (2000 est.). GDP per capita: at purchasing power parity – $17,200 (2000 est.). The composition of GDP by sectors of the economy: agriculture: 8.3%; industry: 27.3%; service sector: 64.4% (1998). Proportion of the population below the poverty line: no data available. Percentage distribution of household income or consumption: per 10% of the poorest families: 3%; top 10% of families: 25.3% (1993 est.). Inflation rate at consumer prices: 3.1% (2000 est.). Labor force: 4.32 million people (1999 est.). Employment structure: services 59%, agriculture 20%, industry 21% (2000). Unemployment rate: 11.3% (2000 est.). Budget: revenues: $45 billion; expenditures: $47.6 billion, including capital expenditures – NA (1998 est.). Spheres of economy: tourism; production of food and tobacco products, textiles, chemicals, metal products; mining and oil industry. Growth in industrial production: 7% (2000 est.). Electricity generation: 46.432 billion kWh (1999) Sources of electricity generation: fossil fuels: 89.6%; hydropower: 9.72%; nuclear fuel: 0%; others: 0.68% (1999). Electricity consumption: 43.343 billion kWh (1999) Export of electricity: 1.65 billion kWh (1999). Electricity import: 1.81 billion kWh (1999) Agricultural products: wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products. Export: $15.8 billion (free on board, 2000) Exports: manufactured goods, food and beverages, fuels. Export partners: EU 49% (Germany 15%, Italy 13%, UK 6%), US 6% (1999). Imports: $33.9 billion (S.I.F., 1998) Imports: manufactured goods, foodstuffs, fuels, chemicals. Import partners: EU 66% (Italy 15%, Germany 15%, France 9%, UK 6%) (1999). External debt: $57 billion (2000 est.) Recipient of economic assistance: $5.4 billion from the EU (1997 est.). Donor of economic aid: Currency: drachma, euro. Currency code: GRD; EUR. Exchange rate: GRD / USD – 380.21 (December 2000), 365.40 (2000), 305.65 (1999), 295.53 (1998), 273.06 (1997), 240.71 (1996); GRD/EUR -340.750 (fixed from January 1, 1999, when Greece joined the European Monetary Union; the euro will completely replace the drachma in circulation in 2002). Fiscal year: calendar year.
Telecommunications
Telecommunications Telephone lines: 5.431 million (1997). Mobile Cell Phones: 937,700 (1997). Telephone system: satisfactory, modern networks cover all areas; microwave radio relay provides most of the traffic; good cellular connection and international service; domestic: microwave radio relay trunking system, wide wired network; submarine cables link the islands; international: communication using tropospheric scatter; 8 submarine cables; satellite earth stations: 2 Intelsat (1 Atlantic Ocean and 1 Indian Ocean), 1 Eutelsat, 1 Inmarsat (Indian Ocean region). Broadcast stations: AM – 26, FM – 88, shortwave -4 (1998). Radio receivers: 5.02 million (1997) Television broadcast stations: 36 (and 1,341 low power repeaters); also two stations of the US Armed Forces Broadcasting Network (1995). Televisions: 2.54 million (1997) Internet country code: gr Internet service providers: 27 (2000). Number of users: 1.33 million (2000).
Transport
Transport Railways: total: 2,548 km; standard gauge: 1,565 km (1.435 m gauge) (36 km electrified; 23 km dual gauge); narrow gauge: 961 km (1,000 m gauge); 22 km (0.750 m gauge) (funicular on steep slopes). Roads: total: 117,000 km; paved: 107,406 km (including 470 km of expressways); unpaved: 9,594 km (1996 est.) Waterways: 80 km; the system consists of three coastal canals, including the Corinth Canal (6 km), which crosses the Isthmus of Corinth, connecting the Corinth and Saronic Gulfs and shortening the sea route from the Adriatic to Piraeus by 325 km, and three rivers not connected by canals. Pipelines: for crude oil – 26 km; for oil products – 547 km. Ports and harbours: Alexandroupolis, Volos, Igoumenitsa, Heraklion (Crete), Kavala, Kerkyra, Lavrion, Patras, Piraeus, Thessaloniki, Chalkis, Elefsis. Merchant navy: total: 780 vessels (of 1,000 tons displacement and over) with a total displacement of 25,564,988 gross register tons / 44,761,916 long tons of gross tonnage; ships of various types: bulk carriers – 272, cargo ships – 55, chemical tankers – 22, combination carriers – 5, combination carriers carrying ore and oil – 6, container ships – 51, liquefied gas tankers – 5, multifunctional heavy cargo ships – 1, passenger ships – 14, cargo-passenger ships – 2, oil tankers – 255, refrigerator ships – 3, ferries – 20, coastal passenger ships – 63, specialized tankers – 5, cargo ships for transportation of vehicles – 1; note: including foreign vessels registered here for ‘flag of convenience’ reasons: South Korea 1, UK 4 (2000 est.). Airports: 81 (2000 est.). Airports with paved runways: total: 65; over 3,047 m: 6; from 2438 to 3047 m:15; from 1,524 to 2,437 m: 19; from 914 to 1,523 m: 16; less than 914 m: 9 (2000 est.). Airports with unpaved runways: total: 16; over 3,047 m: 1; from 1524 to 2437 m:1; from 914 to 1,523 m: 4; less than 914 m: 10 (2000 est.). Helipads: 2 (2000 est.).
Armed Forces
Branches of the Armed Forces: Greek Army, Greek Navy, Greek Air Force, National Guard, Police. Conscription age: 21 years old. Total Military Manpower: Male 15 to 49: 2,673,539 (2001 est.). Eligible for military service: men aged 15 to 49: 2,040,227 (2001 est.). Number of persons annually reaching military age: men: 77,976; Military spending in dollar terms: $6.12 billion (1999 est.) Military spending as part of GDP: 4.91% (1999 est.)
International Issues
International issues International disputes: complex dispute with Turkey over territories, maritime and air space in the Aegean; confrontation with Turkey over the Cyprus issue; dispute with the former Yugoslav Republic of Macedonia over its name. Illicit drugs: transit point for traffickers of marijuana and heroin from the Middle East and Southwest Asia to the West and chemicals used in drug production to the East; some South American cocaine is smuggled through or consumed in Greece.
