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Greece

Greece Economy Stats

chris.lockyer781

Author: chris.lockyer781

Greece is a pretty wealthy country. Greek GDP (Gross Domestic Product) is measured to be $249.1 billion. According to official stats, the Greek economy reached 41st place in 2012. This position is pretty impressive for a small country (93th worldwide) like Greece. There are many reasons that have helped make Greece a prosperous country. The fertile Greek land (agriculture and subsoil) and sea offer high-quality products like olive oil, fish, lignite and iron ore. Greece’s strategic position has attracted many successful corporations as a distribution center. Recent commerce data shows that Greek exports reached $20.09 billion in 2009. Tourism also provides a big piece of revenue in Greece. Generally speaking, the Greek economy is largely supported by small and privately-owned businesses. One in 1,680 Greeks have their own business. The total number of Greek businesses is 6,407.

Wealth distribution is pretty unequal in Greece. According to 2002 stats, 10% of the population owns 25.3% of the income distribution, while another tenth of the population holds only 3% of the total income distribution. But during the last few decades, Greek productivity has made small, steady steps forward. A good example is the comparison between Greek GDP values over the last 62 years. In 1950, Greek GDP per capita was only $1,951. By 1973, Greek GDP had almost quadrupled ($7,779), while it reached $22,082.89 in 2012. Another interesting fact is the Purchasing Power Parity (PPP) of Greek people in 2004. Greeks were spending 6.6% more on goods than they could produce, or economically speaking Greek used to spend 106.6% of total GDP.

Nowadays, the strength of the Greek economy has weakened because of wrong political decisions and deep layers of deception and corruption among public authorities. These decisions have brought austerity to Greece. In May 2010, Greece received a €110 billion loan from EU and IMF (International Monetary Fund) as part of the first memorandum. An additional financial loan of €130 billion was given to Greek government. The second memorandum was even tougher for Greeks. The execution of a swap and a generous haircut of the face value (53.5%) were the knockout blow for the Greek economy.

Greek debt is enormous. A new memorandum is in sight, so no one can be sure about the future of the Greek economy.

Overview:

Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But the economy went into recession in 2009 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. The economy contracted by 2% in 2009, and 4.8% in 2010. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15.4% of GDP. Austerity measures reduced the deficit to 9.4% of GDP in 2010. Public debt, inflation, and unemployment are above the euro-zone average while per capita income is below; unemployment rose to 12% in 2010. Eroding public finances, a credibility gap stemming from inaccurate and misreported statistics, and consistent underperformance on following through with reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, and has led the country into a financial crisis. Under intense pressure by the EU and international market participants, the government has adopted a medium-term austerity program that includes cutting government spending, reducing the size of the public sector, decreasing tax evasion, reforming the health care and pension systems, and improving competitiveness through structural reforms to the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of often vocal opposition from the country's powerful labor unions and the general public. Greek labor unions are striking over new austerity measures, but the strikes so far have had a limited impact on the government's will to adopt reforms. An uptick in widespread unrest, however, could challenge the government's ability to implement reforms and meet budget targets, and could also lead to rioting or violence. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May, the International Monetary Fund and Eurozone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to boost revenues and cut spending to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. Greece's lenders are calling on Athens to step up efforts in 2011 to increase tax collection, shore up public enterprises, and rein in health spending, and are planning to give Greece more time to repay its EU-IMF loan. Greece responded by introducing major structural reforms, but investors still question whether Greece can sustain fiscal efforts in the face of a bleak economic outlook and public discontent.

Definitions

  • Balance of payments > Capital and financial account > Foreign direct investment > Net inflows > BoP > Current US: Foreign direct investment are the net inflows of investment to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. This series shows net inflows (new investment inflows less disinvestment) in the reporting economy from foreign investors. Data are in current U.S. dollars."
  • Budget > Expenditures: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues > Per capita: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Budget > Revenues per capita: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Business > Companies > Corporate governance (overall rating): Overall rating of each country's adherence to the corporate governance guidelines set forth in three prominent economical essays. The ratings are out of 10, with 10 meaning full adherence.
  • Companies > Listed domestic companies, total: Listed domestic companies, total. Listed domestic companies are the domestically incorporated companies listed on the country's stock exchanges at the end of the year. This indicator does not include investment companies, mutual funds, or other collective investment vehicles.
  • Consumer price index: Consumer price index reflects changes in the cost to the average consumer of acquiring a fixed basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.
    2000 = 100
  • Consumer spending: Household final consumption expenditure (formerly private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country. This item also includes any statistical discrepancy in the use of resources relative to the supply of resources."
  • Currency: The national medium of exchange and its basic sub-unit.
  • Currency > Official exchange rate > LCU per US$, period average: Official exchange rate (LCU per US$, period average). Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar).
  • Currency > PPP conversion factor to official exchange rate ratio: Purchasing power parity conversion factor is the number of units of a country's currency required to buy the same amount of goods and services in the domestic market as a U.S. dollar would buy in the United States. Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). The ratio of the PPP conversion factor to the official exchange rate (also referred to as the national price level) makes it possible to compare the cost of the bundle of goods that make up gross domestic product (GDP) across countries. It tells how many dollars are needed to buy a dollar's worth of goods in the country as compared to the United States.
  • Current account balance: This entry records a country's net trade in goods and services, plus net earnings from rents, interest, profits, and dividends, and net transfer payments (such as pension funds and worker remittances) to and from the rest of the world during the period specified. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Current account balance > BoP > Current US$ per capita: Current account balance is the sum of net exports of goods, services, net income, and net current transfers. Data are in current U.S. dollars. Figures expressed per capita for the same year.
  • Current account balance per capita: This entry records a country's net trade in goods and services, plus net earnings from rents, interest, profits, and dividends, and net transfer payments (such as pension funds and worker remittances) to and from the rest of the world during the period specified. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Debt > Central government debt, total > Current LCU: Central government debt, total (current LCU). Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.
  • Debt > External: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services.
  • Debt > External > Per capita: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services. Per capita figures expressed per 1 population.
  • Debt > Government debt > Gross government debt, share of GDP: Gross government debt as % of GDP (IMF).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Debt > Net foreign assets > Current LCU: Net foreign assets (current LCU). Net foreign assets are the sum of foreign assets held by monetary authorities and deposit money banks, less their foreign liabilities. Data are in current local currency.
  • Development > Human Development Index: Human Development Index trends, 1980-2012.
  • Distribution of family income > Gini index: This index measures the degree of inequality in the distribution of family income in a country. The index is calculated from the Lorenz curve, in which cumulative family income is plotted against the number of families arranged from the poorest to the ric
  • Economic freedom: Index of 'economic freedom', according to the American organisation 'The Heritage Foundation'. It is worth noting that such indices are based on highly culturally contingent factors. This data makes a number of assumptions about 'freedom' and the role of the government that are not accepted by much of the world's population. A broad discussion of The Heritage Foundation's definition and methodology can be found at http://www.heritage.org/research/features/index/ChapterPDFs/chapter5.HTML.
  • Economic growth > Per capita: Annual percentage growth rate of GDP per capita based on constant local currency. GDP per capita is gross domestic product divided by midyear population. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports > Commodities: This entry provides a listing of the highest-valued exported products; it sometimes includes the percent of total dollar value.
  • Exports > Main exports: Country main exports.
  • Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • Foreign direct investment > Net > BoP > Current US$ per capita: Foreign direct investment is net inflows of investment to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. This series shows total net, that is, net FDI in the reporting economy from foreign sources less net FDI by the reporting economy to the rest of the world. Data are in current U.S. dollars. Figures expressed per capita for the same year.
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Agriculture: The gross domestic product (GDP) or value of all final goods produced by the agricultural sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition by sector > Services: The gross domestic product (GDP) or value of all final services produced within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition, by end use > Imports of goods and services: This entry is derived from Economy > GDP > Composition, by end use, which shows who does the spending in an economy: consumers, businesses, government, and foreigners. The distribution gives the percentage contribution to total GDP of household consumption, government consumption, investment in fixed capital, investment in inventories, exports of goods and services, and imports of goods and services, and will total 100 percent of GDP if the data are complete.
    household consumption consists of expenditures by resident households, and by nonprofit institutions that serve households, on goods and services that are consumed by individuals. This includes consumption of both domestically produced and foreign goods and services.
    government consumption consists of government expenditures on goods and services. These figures exclude government transfer payments, such as interest on debt, unemployment, and social security, since such payments are not made in exchange for goods and services supplied.
    investment in fixed capital consists of total business spending on fixed assets, such as factories, machinery, equipment, dwellings, and inventories of raw materials, which provide the basis for future production. It is measured gross of the depreciation of the assets, i.e., it includes investment that merely replaces worn-out or scrapped capital. Earlier editions of The World Factbook referred to this concept as Investment (gross fixed) and that data now have been moved to this new field.
    investment in inventories consists of net changes to the stock of outputs that are still held by the units that produce them, awaiting further sale to an end user, such as automobiles sitting on a dealer’s lot or groceries on the store shelves. This figure may be positive or negative. If the stock of unsold output increases during the relevant time period, investment in inventories is positive, but, if the stock of unsold goods declines, it will be negative. Investment in inventories normally is an early indicator of the state of the economy. If the stock of unsold items increases unexpectedly – because people stop buying - the economy may be entering a recession; but if the stock of unsold items falls - and goods "go flying off the shelves" - businesses normally try to replace those stocks, and the economy is likely to accelerate.
    exports of goods and services consist of sales, barter, gifts, or grants of goods and services from residents to nonresidents.
    imports of goods and ...
    Full definition
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Official exchange rate per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at offical exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artifically fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home-currency-denominated GDP changed. Figures expressed per capita for the same year.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Per capita > PPP per thousand people: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year. Figures expressed per thousand people for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Purchasing power parity > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • GDP in 1970: Gross domestic product GDP by exchange rate billion US dollar in 1970.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • GDP per capita > Constant 2000 US$: GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant U.S. dollars.
  • GDP per capita > Constant LCU: GDP per capita is gross domestic product divided by midyear population. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant local currency.
  • GDP per capita > PPP > Current international $: GDP per capita based on purchasing power parity (PPP). PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current international dollars.
  • GDP per person: GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.
  • GINI index: Gini index measures the extent to which the distribution of income (or, in some cases, consumption expenditure) among individuals or households within an economy deviates from a perfectly equal distribution. A Lorenz curve plots the cumulative percentages of total income received against the cumulative number of recipients, starting with the poorest individual or household. The Gini index measures the area between the Lorenz curve and a hypothetical line of absolute equality, expressed as a percentage of the maximum area under the line. Thus a Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality.
  • GNI per capita: Country GNI per capita.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Gross National Income > Per $ GDP: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop Per $ GDP figures expressed per $100 of Gross Domestic Product.
  • Gross National Income per capita: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop). Figures expressed per capita for the same year.
  • Gross domestic savings > Current US$ per capita: Gross domestic savings are calculated as GDP less final consumption expenditure (total consumption). Data are in current U.S. dollars. Figures expressed per capita for the same year.
  • Human Development Index: The human development index values in this table were calculated using a consistent methodology and consistent data series. They are not strictly comparable with those in earlier Human Development Reports.
  • Imports: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Imports per capita: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Inbound tourism income > Current US$: International tourism receipts are expenditures by international inbound visitors, including payments to national carriers for international transport. These receipts include any other prepayment made for goods or services received in the destination country. They also may include receipts from same-day visitors, except when these are important enough to justify separate classification. For some countries they do not include receipts for passenger transport items. Data are in current U.S. dollars."
  • Industries: A rank ordering of industries starting with the largest by value of annual output.
  • Inequality > GINI index: Gini index measures the extent to which the distribution of income (or, in some cases, consumption expenditure) among individuals or households within an economy deviates from a perfectly equal distribution. A Lorenz curve plots the cumulative percentages of total income received against the cumulative number of recipients, starting with the poorest individual or household. The Gini index measures the area between the Lorenz curve and a hypothetical line of absolute equality, expressed as a percentage of the maximum area under the line. Thus a Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality."
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • International tourism > Number of arrivals: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited.
  • International tourism > Receipts > Current US$ > Per $ GDP: International tourism receipts are expenditures by international inbound visitors, including payments to national carriers for international transport. These receipts should include any other prepayment made for goods or services received in the destination country. They also may include receipts from same-day visitors, except in cases where these are so important as to justify a separate classification. Data are in current U.S. dollars. Per $ GDP figures expressed per 1,000 $ gross domestic product.
  • Labor force: This entry contains the total labor force figure.
  • Micro > Small and medium enterprises > Number > Per capita: Micro, small, and medium-size enterprises are business that may be defined by the number of employees. There is no international standard definition of firm size; however, many institutions that collect information use the following size categories: micro enterprises have 0-9 employees, small enterprises have 10-49 employees, and medium-size enterprises have 50-249 employees. Per capita figures expressed per 1,000 population.
  • New businesses registered > Number > Per capita: New businesses registered are the number of new firms, defined as firms registered in the current year of reporting." Per capita figures expressed per 1,000 population.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Poverty and inequality > Richest quintile to poorest quintile ratio: The ratio of average income of the richest 20% of the population to the average income of the poorest 20% of the population.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Reserves of foreign exchange and gold per capita: This entry gives the dollar value for the stock of all financial assets that are available to the central monetary authority for use in meeting a country's balance of payments needs as of the end-date of the period specified. This category includes not only foreign currency and gold, but also a country's holdings of Special Drawing Rights in the International Monetary Fund, and its reserve position in the Fund. Figures expressed per capita for the same year.
  • Stock of direct foreign investment > At home: This entry gives the cumulative US dollar value of all investments in the home country made directly by residents - primarily companies - of other countries as of the end of the time period indicated. Direct investment excludes investment through purchase of shares.
  • Tax > GDP > Constant LCU: GDP (constant LCU). GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant local currency.
  • Tax > Highest marginal tax rate > Individual rate: Highest marginal tax rate (individual rate) is the highest rate shown on the schedule of tax rates applied to the taxable income of individuals.
  • Tax > Tax rates: Revenue is cash receipts from taxes, social contributions, and other revenues such as fines, fees, rent, and income from property or sales. Grants are also considered as revenue but are excluded here."
  • Technology index: The technology index denotes the country's technological readiness. This index is created with such indicators as companies spending on R&D, the creativity of its scientific community, personal computer and internet penetration rates.
  • Tourism > International tourism, number of arrivals per capita: International tourism, number of arrivals. International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival. Figures expressed per capita for the same year.
  • Tourist arrivals: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival."
  • Tourist arrivals > Per capita: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival." Per capita figures expressed per 1,000 population.
  • Trade > Exports per capita: The total US dollar amount of exports on an f.o.b. (free on board) basis. Figures expressed per capita for the same year.
  • Trade > Imports per capita: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Trade > With US > US imports of bauxite and aluminum: US imports of bauxite and aluminum, USD Thousands, 2004
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Agriculture > Products wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products 2013
Balance of payments > Capital and financial account > Foreign direct investment > Net inflows > BoP > Current US $2.42 billion 2009 49th out of 176
Budget > Expenditures $136.80 billion 2012 27th out of 188
Budget > Revenues $111.80 billion 2013 29th out of 223
Budget > Revenues > Per capita $10,760.03 per capita 2007 24th out of 155
Budget > Revenues per capita $10,126.02 2010 23th out of 144
Budget surplus > + or deficit > - -10.2% of GDP 2012 172nd out of 182
Business > Companies > Corporate governance (overall rating) 4.25 2014 22nd out of 38
Central bank discount rate 1.5% 2012 40th out of 52
Companies > Listed domestic companies, total 267 2012 34th out of 110
Consumer price index 118.15% 2005 79th out of 157
Consumer spending 75.3 2009 38th out of 128
Currency euro 2008
Currency > Official exchange rate > LCU per US$, period average $365.40 2000 39th out of 181
Currency > PPP conversion factor to official exchange rate ratio 0.87 2005 28th out of 157
Current account balance $-8,392,000,000.00 2012 159th out of 180
Current account balance > BoP > Current US$ per capita -1,610.17 BoP $ 2005 124th out of 135
Current account balance per capita 0.0 2010 108th out of 149
Debt > Central government debt, total > Current LCU 222.17 billion 2011 36th out of 58
Debt > External $576.60 billion 2012 23th out of 172
Debt > External > Per capita $34,699.23 per capita 2007 17th out of 131
Debt > Government debt > Gross government debt, share of GDP 158.55 IMF 2014 2nd out of 174
Debt > Government debt > Public debt, share of GDP 161.3 CIA 2014 3rd out of 153
Debt > Net foreign assets > Current LCU -40,051,071,173.84 2012 161st out of 166
Development > Human Development Index 0.86 2012 29th out of 184
Distribution of family income > Gini index 33 2005 22nd out of 48
Economic freedom 55.4 2013 117th out of 176
Economic growth > Per capita -2.36 2009 87th out of 163
Exports $28.31 billion 2012 64th out of 189
Exports > Commodities food and beverages, manufactured goods, petroleum products, chemicals, textiles 2013
Exports > Main exports Textiles and clothing, food, oil products 2013
Exports per capita $2,509.71 2012 70th out of 189
Fiscal year calendar year 2013
Foreign direct investment > Net > BoP > Current US$ per capita -73.699 BoP $ 2005 115th out of 135
GDP $249.10 billion 2012 41st out of 177
GDP > Composition by sector > Agriculture 3.8% 2012 141st out of 218
GDP > Composition by sector > Industry 16% 2012 180th out of 217
GDP > Composition by sector > Services 80.1% 2012 12th out of 179
GDP > Composition, by end use > Imports of goods and services -32% 2012 45th out of 183
GDP > Composition, by sector of origin > Services 80.6% 2012 11th out of 189
GDP > Official exchange rate per capita $26,707.93 2010 29th out of 181
GDP > Per capita $30,598.83 per capita 2007 27th out of 183
GDP > Per capita > PPP $24,300.00 2012 42nd out of 188
GDP > Per capita > PPP per thousand people $2.15 2012 74th out of 187
GDP > Purchasing power parity $273.90 billion 2012 46th out of 190
GDP > Purchasing power parity > Per capita $30,598.83 per capita 2007 27th out of 185
GDP > Purchasing power parity per capita $28,450.14 2010 30th out of 181
GDP > Real growth rate -6.4% 2012 190th out of 191
GDP in 1970 $11.30 1970 19th out of 26
GDP per capita $22,082.89 2012 31st out of 177
GDP per capita > Constant 2000 US$ 12,799.44 constant 2000 US$ 2005 30th out of 167
GDP per capita > Constant LCU 13892.52 2005
GDP per capita > PPP > Current international $ 23,380.83 PPP $ 2005 28th out of 158
GDP per capita in 1950 $1,951.00 1950 28th out of 52
GDP per capita in 1973 $7,779.00 1973 20th out of 52
GDP per person 29,240.05 2009 27th out of 168
GINI index 34.27 2000 25th out of 40
GNI per capita $24,490.00 2013 30th out of 92
Gross National Income $121.00 billion 2001 29th out of 158
Gross National Income > Per $ GDP $53.45 per $100 1978 1st out of 1
Gross National Income per capita $11,050.27 2001 25th out of 158
Gross domestic savings > Current US$ per capita 3,351.44$ 2005 24th out of 140
Human Development Index 0.912 2006 24th out of 177
Imports $53.53 billion 2012 50th out of 189
Imports per capita $4,745.50 2012 62nd out of 189
Inbound tourism income > Current US$ $17.59 billion 2008 16th out of 149
Industries tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum 2013
Inequality > GINI index 34.27 2000 24th out of 41
Inflation rate > Consumer prices 1.5% 2012 174th out of 199
International tourism > Number of arrivals 14.28 million 2005 16th out of 147
International tourism > Receipts > Current US$ > Per $ GDP 60.82$ per $1,000 of GDP 2005 34th out of 106
Labor force 4 2013 167th out of 230
Micro > Small and medium enterprises > Number > Per capita 69.94 per 1,000 people 2003 2nd out of 18
New businesses registered > Number > Per capita 0.499 per 1,000 people 2004 56th out of 87
Population below poverty line 20% 2009 24th out of 36
Poverty and inequality > Richest quintile to poorest quintile ratio 6.2 2000 7th out of 21
Public debt 156.9% of GDP 2012 3rd out of 149
Reserves of foreign exchange and gold per capita $326.82 2007 94th out of 139
Stock of direct foreign investment > At home $37.80 billion 2012 55th out of 100
Tax > GDP > Constant LCU 168.51 billion 2012 110th out of 183
Tax > Highest marginal tax rate > Individual rate 40% 2009 22nd out of 87
Tax > Tax rates 39.57 2008 12th out of 85
Technology index 4.42 2005 37th out of 101
Tourism > International tourism, number of arrivals per capita 1.45 2011 33th out of 164
Tourist arrivals 15.94 million 2008 16th out of 145
Tourist arrivals > Per capita 1,486.46 per 1,000 people 2008 27th out of 144
Trade > Exports per capita $1,869.56 2010 67th out of 146
Trade > Imports per capita $3,970.82 2010 50th out of 146
Trade > With US > US imports of bauxite and aluminum 66,226 2004 13th out of 115
Unemployment rate 24.3% 2012 8th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; International Monetary Fund, Balance of Payments database, supplemented by data from the United Nations Conference on Trade and Development and official national sources.; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by corporate governance; Global Stock Markets Factbook; World Development Indicators database; World Bank national accounts data, and OECD National Accounts data files.; All CIA World Factbooks 18 December 2003 to 18 December 2008; International Monetary Fund, International Financial Statistics. World Bank World Development Indicators.; World Development Indicators database. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; International Monetary Fund, Government Finance Statistics Yearbook and data files. World Bank World Development Indicators.; Wikipedia: List of countries by public debt (List); Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); International Monetary Fund, International Financial Statistics and data files. World Bank World Development Indicators.; United Nations Development Programme. Source tables; The Heritage Foundation; British Broadcasting Corporation 2014; CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbook 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; OECD; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; Angus Maddison; Angus Maddison; . Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; Human Development Report 2006, United Nations Development Programme; World Tourism Organisation, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files.; World Bank, Development Research Group. Data are based on primary household survey data obtained from government statistical agencies and World Bank country departments. Data for high-income economies are from the Luxembourg Income Study database. For more information and methodology, please see PovcalNet (http://iresearch.worldbank.org/PovcalNet/jsp/index.jsp).; International Finance Corporation's micro, small, and medium-size enterprises database (http://www.ifc.org/ifcext/sme.nsf/Content/Resources).; CIA World Factbooks 18 December 2003 to 28 March 2011; http://hdr.undp.org/sites/default/files/reports/14/hdr2013_en_complete.pdf, United Nations Development Programme, 2013. Table 3, p. 152 ff.; World Bank national accounts data; KPMG's Individual Income Tax and Social Security Rate Survey 2009 (www.kpmg.com), and PricewaterhouseCoopers's Worldwide Tax Summaries Online (www.pwc.com).; International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; World economic forum - Global Competitiveness Report 2004-2005; World Tourism Organization, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; FTDWebMaster, Foreign Trade Division, U.S. Census Bureau

Citation

NationMaster

Greece Economy Profiles (Subcategories)

Adjusted savings 3 Inequality 13
Aid 6 Inflation 10
Balance of payments 28 Innovation 38
Budget 10 Interest payments 3
Business 12 International tourism 13
Changes in net 4 Investment 3
Commercial service 4 Labor force 3
Commercial service imports 4 Market capitalization of listed companies 4
Commitment to Development Index 4 Merchandise 4
Companies 36 Merchandise imports 4
Consumption 10 Micro 4
Currency 16 National accounts 104
Current account balance 5 Natural gas 8
Current transfers 4 Net capital account 4
Debt 51 Net current transfers 4
Economic aid 6 Net current transfers from abroad 6
Economic growth 8 Net errors and omissions 4
Economic structure 4 Net income 4
Electricity 8 Net income from abroad 6
Entrepreneurship 12 Net trade in goods 4
Exports 3 Net trade in goods and services 4
External balance on goods and services 7 Oil 10
External debt 3 Portfolio investment 4
Final 15 Poverty and inequality 6
Financial sector 26 Productivity 3
Foreign direct investment 14 Public expenditure 4
GDP 42 Purchasing power parity 11
GDP growth 4 Reserves 6
GDP per capita 4 Retail 3
GNI 12 Royalty and license fees 8
Goods 4 Savings 44
Goods imports 4 Service 4
Government 14 Service imports 4
Government debt 4 Services 10
Government deficits and debt 4 Spending 73
Government spending 5 Stock of direct foreign investment 6
Gross capital formation 5 Stocks traded 5
Gross domestic savings 5 Support and aid 4
Gross fixed capital formation 10 Tax 78
Gross national expenditure 6 Taxes 3
Gross savings 6 Total 9
Gross value added at factor cost 9 Tourism 19
High-technology 4 Tourism expenditures 5
Household final 18 Tourism receipts 5
Income 24 Tourist arrivals by region of origin 7
Income distribution 4 Trade 1622
Income payments 4 Trademark applications 4
Income receipts 4 Welfare 5
  • Greece ranked second for unemployment rate amongst European Union in 2012.
  • Greece ranked first for GDP > composition, by end use > household consumption amongst High income OECD countries in 2013.
  • Greece ranked 4th last for GDP > composition by sector > industry amongst Europe in 2012.
  • Greece ranked #24 for GDP amongst Christian countries in 2012.
  • Greece ranked second for GDP > composition by sector > services amongst NATO countries in 2012.
  • Greece ranked 8th last for GDP per capita amongst Eurozone in 2012.
  • Greece ranked last for GDP > real growth rate amongst Heavily indebted countries in 2012.

5

Greece is a pretty wealthy country. Greek GDP (Gross Domestic Product) is measured to be $249.1 billion. According to official stats, the Greek economy reached 41st place in 2012. This position is pretty impressive for a small country (93th worldwide) like Greece. There are many reasons that have helped make Greece a prosperous country. The fertile Greek land (agriculture and subsoil) and sea offer high-quality products like olive oil, fish, lignite and iron ore. Greece’s strategic position has attracted many successful corporations as a distribution center. Recent commerce data shows that Greek exports reached $20.09 billion in 2009. Tourism also provides a big piece of revenue in Greece. Generally speaking, the Greek economy is largely supported by small and privately-owned businesses. One in 1,680 Greeks have their own business. The total number of Greek businesses is 6,407.

Wealth distribution is pretty unequal in Greece. According to 2002 stats, 10% of the population owns 25.3% of the income distribution, while another tenth of the population holds only 3% of the total income distribution. But during the last few decades, Greek productivity has made small, steady steps forward. A good example is the comparison between Greek GDP values over the last 62 years. In 1950, Greek GDP per capita was only $1,951. By 1973, Greek GDP had almost quadrupled ($7,779), while it reached $22,082.89 in 2012. Another interesting fact is the Purchasing Power Parity (PPP) of Greek people in 2004. Greeks were spending 6.6% more on goods than they could produce, or economically speaking Greek used to spend 106.6% of total GDP.

Nowadays, the strength of the Greek economy has weakened because of wrong political decisions and deep layers of deception and corruption among public authorities. These decisions have brought austerity to Greece. In May 2010, Greece received a €110 billion loan from EU and IMF (International Monetary Fund) as part of the first memorandum. An additional financial loan of €130 billion was given to Greek government. The second memorandum was even tougher for Greeks. The execution of a swap and a generous haircut of the face value (53.5%) were the knockout blow for the Greek economy.

Greek debt is enormous. A new memorandum is in sight, so no one can be sure about the future of the Greek economy.

Posted on 09 Apr 2014

chris.lockyer781

chris.lockyer781

396 Stat enthusiast

  • Global ratings agencies like Fitch pointed out the recovering economy and fiscal outlook for Greece which has been blamed as being responsible for the sovereign debt crisis in Europe. The Country’s long-term debt was raised to B which is five levels lower than the investment grade. However, Greece managed to achieve a primary surplus in the general government account last year. This was a key target in the European Union-IMF financial assistance program. This country triggered Europe’s sovereign debt crisis in 2009 when it disclosed that the budget deficit swelled to more than 15 per cent of the total economic output. Observers believe that Greece is prepared to return to growth after six consecutive years of tightening. According to Fitch, “Economic data out turns have been encouraging and support our baseline expectation that the recovery will gradually take hold this year.”

    Then Premier George Papandreou sought an international bailout in exchange for budget cuts and economic reconstruction that resulted into his ouster. To this day, political volatility still disturbs Greece. If the left-leaning Syria Party wins the election on May 25, as opinion polls predict, it may break up the coalition led by New Democracy and result to feeble progress towards steadiness. For the time being, Greek officials have to cope with age-old budgetary problems. Although there is rampant tax evasion and issues in rationalizing public administration, economic leaders claimed that last year, Greece realized a primary fiscal surplus before interest payments on public debt. This surplus represented a big achievement relative to the deficit which is equivalent to 10.5 percent of GDP four years ago.

    Notwithstanding indications of a turnaround, depressed economic conditions still exist all over Greece. The very high rate of unemployment (especially among the youth) remains a major challenge. It contributes to troublesome social and political tensions.

    jaacosta47 25 May 2014

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