Greece has a capitalist economy with a public sector accounting for abou
leading euro-zone economies. Tourism provides 18% of GDP. Immigrant
unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.
per year between 2003 and 2007, but the economy went into recession in
and Athens' failure to address a growing budget deficit. By 2013 the econ
Greece met the EU's Growth and Stability Pact budget deficit criterion o
deficit reaching 15% of GDP. Austerity measures have reduced the defici
Deteriorating public finances, inaccurate and misreported statistics, and
agencies to downgrade Greece's international debt rating in late 2009, an
EU and international market participants, the government adopted a me
decreasing tax evasion, overhauling the health-care and pension systems,
long-term challenges to continue pushing through unpopular reforms in t
and the general public. In April 2010 a leading credit agency assigned Gr
Monetary Fund and Euro-Zone governments provided Greece emergency
could make debt repayments to creditors. In exchange for the largest bai
and tax increases totaling $40 billion over three years, on top of the tough
2010 targets set by the EU and the IMF, especially after Eurostat - the EU
for 2009 and 2010. European leaders and the IMF agreed in October 201
deal however, called for holders of Greek government bonds to write dow
significant portion of sovereign debt, the banking system was adversely a
was set aside to ensure the banking system was adequately capitalized. In
$7.8 billion in austerity measures during 2013-15. However, the massive a
tax revenues. Throughout 2013, Greece's lenders called on Athens to step
public enterprises, and rein in health spending. In June 2013 Prime Mini
departure of one party, the Democratic Left, from the governing coalition
restructure the state-owned television and radio company. Subsequent re
reform targets prompted Greek lenders to withhold bailout fund disburs
signs of strengthening by the end of 2013 as leading macroeconomic indic
GDP (purchasing power parity):
$267.1 billion (2013 est.)
country comparison to the world: 51
$277.7 billion (2012 est.)
$296.6 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate):
$243.3 billion (2013 est.)
GDP - real growth rate:
-3.8% (2013 est.)
country comparison to the world: 216
-6.4% (2012 est.)
-7.1% (2011 est.)
GDP - per capita (PPP):
$23,600 (2013 est.)
country comparison to the world: 63
$24,600 (2012 est.)
$26,200 (2011 est.)
note: data are in 2013 US dollars
Gross national saving:
12.2% of GDP (2013 est.)
country comparison to the world: 127
10.2% of GDP (2012 est.)
6.2% of GDP (2011 est.)
GDP - composition, by end use:
household consumption: 72.7%
government consumption: 17.4%
investment in fixed capital: 12.3%
investment in inventories: 0.9%
exports of goods and services: 28.4%
imports of goods and services: -31.7%
(2013 est.)
GDP - composition, by sector of origin:
agriculture: 3.5%
industry: 16%
services: 80.5% (2013 est.)
Agriculture - products:
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes
Industries:
tourism, food and tobacco processing, textiles, chemicals, metal products
Industrial production growth rate:
-3.5% (2013 est.)
country comparison to the world: 186
Labor force:
4.918 million (2013 est.)
country comparison to the world: 79
Labor force - by occupation:
agriculture: 12.4%
industry: 22.4%
services: 65.1% (2005 est.)
Unemployment rate:
27.9% (2013 est.)
country comparison to the world: 177
24.3% (2012 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:
34.3 (2012 est.)
country comparison to the world: 93
33.5 (2011 est.)
Budget:
revenues: $106.2 billion
expenditures: $116 billion (2013 est.)
Taxes and other revenues:
43.7% of GDP (2013 est.)
country comparison to the world: 23
Budget surplus (+) or deficit (-):
-4% of GDP (2013 est.)
country comparison to the world: 146
Public debt:
175% of GDP (2013 est.)
country comparison to the world: 3
156.9% of GDP (2012 est.)
Fiscal year:
calendar year
Inflation rate (consumer prices):
-0.8% (2013 est.)
country comparison to the world: 3
1.5% (2012 est.)
Central bank discount rate:
0.75% (31 December 2013)
country comparison to the world: 121
1.5% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending fa
Commercial bank prime lending rate:
7.1% (31 December 2013 est.)
country comparison to the world: 115
7.33% (31 December 2012 est.)
Stock of narrow money:
$112.1 billion (31 December 2013 est.)
country comparison to the world: 32
$116.2 billion (31 December 2012 est.)
note: see entry for the European Union for money supply in the euro area
members of the Economic and Monetary Union (EMU); individual memb
their own borders
Stock of broad money:
$247.4 billion (31 December 2013 est.)
country comparison to the world: 34
$250 billion (31 December 2012 est.)
Stock of domestic credit:
$325.1 billion (31 December 2013 est.)
country comparison to the world: 34
$343.9 billion (31 December 2012 est.)
Market value of publicly traded shares:
$44.58 billion (31 December 2012 est.)
country comparison to the world: 52
$33.65 billion (31 December 2011)
$NA (31 December 2010 est.)
Current account balance:
$2.021 billion (2013 est.)
country comparison to the world: 40
-$5.933 billion (2012 est.)
Exports:
$30.39 billion (2013 est.)
country comparison to the world: 65
$28.31 billion (2012 est.)
Exports - commodities:
food and beverages, manufactured goods, petroleum products, chemicals
Exports - partners:
Turkey 11.6%, Italy 9.9%, Germany 6.5%, Bulgaria 4.9% (2013 est.)
Imports:
$50.58 billion (2013 est.)
country comparison to the world: 56
$53.53 billion (2012 est.)
Imports - commodities:
machinery, transport equipment, fuels, chemicals
Imports - partners:
Russia 13.8%, Germany 9.5%, Italy 7.9%, Iraq 7.8%, Netherlands 4.7%,
Reserves of foreign exchange and gold:
$7.255 billion (31 December 2012 est.)
country comparison to the world: 81
$7.255 billion (31 December 2012 est.)
Debt - external:
$568.7 billion (30 September 2013 est.)
country comparison to the world: 25
$577.2 billion (2012)
Stock of direct foreign investment - at home:
$40.1 billion (31 December 2013 est.)
country comparison to the world: 57
$37.8 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad:
$43.31 billion (31 December 2013 est.)
country comparison to the world: 39
$43.46 billion (31 December 2012 est.)
Exchange rates:
euros (EUR) per US dollar 0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
ABOUT
REFERENCES
APPENDICES
FAQs
CONTACT
EUROPE :: GREECE
P A G E L A S T U P DA T E D O N JU N E 2 2 , 2 0 1 4
ntroduction :: GREECE
Geography :: GREECE
People and Society :: GREECE
V I E W 5 9 P H O T OS O F
GREECE
Government :: GREECE
Economy :: GREECE
Energy :: GREECE
Electricity - production:
56.2 bi lli on kW h (2012 est.)
country comparison to the world: 4 7
Electricity - consumption:
56.4 bi lli on kW h (2010 est.)
country comparison to the world: 4 3
Electricity - exports:
4.122 bi lli on kW h (2012 est.)
country comparison to the world: 3 1
Electricity - imports:
5.946 bi lli on kW h (2012 est.)
country comparison to the world: 3 4
Electricity - installed generating capacity:
15.12 mi lli on kW (2010 est .)
country comparison to the world: 4 7
Electricity - from fossil fuels:
69.5% of total i nstal l ed capaci ty (2010 est.)
country comparison to the world: 1 0 7
Electricity - from nuclear fuels:
0% of total i nstal l ed capaci ty (2010 est.)
country comparison to the world: 9 9
Electricity - from hydroelectric plants:
16.2% of total i nstal l ed capaci ty (2010 est.)
country comparison to the world: 9 7
Electricity - from other renewable sources:
10.5% of total i nstal l ed capaci ty (2010 est.)
country comparison to the world: 2 7
Crude oil - production:
7,497 bbl /day (2012 est.)
country comparison to the world: 9 4
Crude oil - exports:
ABOUT
REFERENCES
APPENDICES
FAQs
CONTACT
EUROPE :: GREECE
P A G E L A S T U P DA T E D O N JU N E 2 2 , 2 0 1 4
Electricity - production:
56.2 bi lli on kW h (2012 est.)
country comparison to the world: 4 7
Electricity - consumption:
56.4 bi lli on kW h (2010 est.)
V I E W 5 9 P H O T OS O F
GREECE
country comparison to the world: 4 3
Electricity - exports:
4.122 bi lli on kW h (2012 est.)
country comparison to the world: 3 1
Electricity - imports:
5.946 bi lli on kW h (2012 est.)
country comparison to the world: 3 4
Electricity - installed generating capacity:
15.12 mi lli on kW (2010 est .)
country comparison to the world: 4 7
Electricity - from fossil fuels:
69.5% of total i nstal l ed capaci ty (2010 est.)
country comparison to the world: 1 0 7
Electricity - from nuclear fuels:
0% of total i nstal l ed capaci ty (2010 est.)
country comparison to the world: 9 9
Electricity - from hydroelectric plants:
16.2% of total i nstal l ed capaci ty (2010 est.)
country comparison to the world: 9 7
Electricity - from other renewable sources:
10.5% of total i nstal l ed capaci ty (2010 est.)
country comparison to the world: 2 7
Crude oil - production:
7,497 bbl /day (2012 est.)
country comparison to the world: 9 4
Crude oil - exports:
17,020 bbl /day (2010 est.)
country comparison to the world: 5 6
Crude oil - imports:
405,500 bbl /day (2010 est .)
country comparison to the world: 1 9
Crude oil - proved reserves:
10 mi lli on bbl (1 January 20 13 est.)
country comparison to the world: 9 1
Refined petroleum products - production:
462,000 bbl /day (2010 est .)
country comparison to the world: 3 2
Refined petroleum products - consumption:
343,400 bbl /day (2011 est .)
country comparison to the world: 3 5
Refined petroleum products - exports:
183,100 bbl /day (2010 est .)
country comparison to the world: 3 3
Refined petroleum products - imports:
133,100 bbl /day (2010 est .)
country comparison to the world: 4 3
Natural gas - production:
6 milli on c u m (2 011 est.)
country comparison to the world: 9 2
Natural gas - consumption:
4.2 bi lli on cu m ( 2012 est.)
country comparison to the world: 6 6
Natural gas - exports:
0 cu m (2011 est .)
country comparison to the world: 1 1 1
Natural gas - imports:
4.376 bi lli on cu m (2012 es t.)
country comparison to the world: 3 7
Natural gas - proved reserves:
991.1 mi lli on cu m (1 Ja nua ry 2013 est.)
country comparison to the world: 1 0 3
Carbon dioxide emissions from consumption of energy:
85.6 mi lli on Mt (2012 est.)
ITALY
Italy has a diversified industrial economy, which is divided into a develop
developed, highly subsidized, agricultural south, where unemployment is
high-quality consumer goods produced by small and medium-sized enter
economy, which by some estimates accounts for as much as 17% of GDP.
and service sectors. Italy is the third-largest economy in the euro-zone, b
growth have rendered it vulnerable to scrutiny by financial markets. Pub
but investor concerns about Italy and the broader euro-zone crisis eased
debt from euro-era records. The government still faces pressure from inv
standing structural impediments to growth, such as labor market ineffici
market conditions deteriorated, with growth at -1.8% and unemploymen
now 8% below its 2007 pre-crisis level.
GDP (purchasing power parity):
$1.805 tri lli on (2013 est.)
country comparison to the world: 1 2
$1.838 tri lli on (2012 est.)
$1.883 tri lli on (2011 est.)
note: da ta are i n 2 013 US dol l ars
GDP (official exchange rate):
$2.068 tri lli on (2013 est.)
GDP - real growth rate:
1.8% (2013 est. )
country comparison to the world: 2 1 1
2.4% (2012 est. )
0.4% (2011 est.)
GDP - per capita (PPP):
$29,600 (2013 est.)
country comparison to the world: 5 1
$29,800 (2012 est.)
$30,100 (2011 est.)
note: da ta are i n 2 013 US dol l ars
Gross national saving:
17.4% of GDP ( 2013 est.)
country comparison to the world: 9 4
16.9% of GDP ( 2012 est.)
16.4% of GDP ( 2011 est.)
GDP - composition, by end use:
household consumption: 60%
government consumption: 20.6%
nvestment in fixed capital: 17.6 %
nvestment in inventories: -0.3%
exports of goods and services: 3 0.1%
mports of goods and services: - 27.9%
2013 est.)
GDP - composition, by sector of origin:
agriculture: 2%
ndustry: 24.4 %
services: 73 .5% (2013 est.)
Agriculture - products:
rui ts, vegetabl es, grapes, potatoes , sug ar beets, s oybea ns, gr ai n, ol i ves; beef, dai ry prod ucts; fi s h
Industries:
ouri sm, mac hi ne ry, i ron a nd steel , chemi cal s, food processi ng, te xti l es, motor ve hi cl es, cl othi ng, footwea r, cerami cs
Industrial production growth rate:
2.7% (2013 est. )
country comparison to the world: 1 8 3
Labor force:
25.74 mi lli on (2013 est.)
country comparison to the world: 2 6
Labor force - by occupation:
agriculture: 3.9%
ndustry: 28.3 %
services: 67 .8% (2011)
Unemployment rate:
12.4% (2013 es t.)
country comparison to the world: 1 2 5
10.7% (2012 es t.)
Population below poverty line:
29.9% (2012)
Household income or consumption by percentage share:
owest 10%: 2. 3%
highest 10%: 26.8% (20 00)
Distribution of family income - Gini index:
31.9 (2012 est.)
country comparison to the world: 1 0 9
27.3 (1995)
Budget:
revenues: $984 bi lli on
expenditures: $1.052 tri lli on (201 3 est.)
Taxes and other revenues:
47.6% of GDP ( 2013 est.)
country comparison to the world: 1 8
Budget surplus (+) or deficit (-):
3.3% of GDP (2 013 est.)
country comparison to the world: 1 3 0
Public debt:
133% of GDP (2 013 est.)
country comparison to the world: 4
126.9% of GDP (2012 est.)
note: Ital y reports i ts data o n p ubl ic debt accordi ng to g ui deli nes set out i n t he Maastri c ht Treaty; ge ner al governme nt g ross debt i s defi ne d i n t he Maastri c ht Treaty as co nso
and deposi ts (AF.2), sec uri ti es other tha n s hares e xcl udi ng fi na nci al deri vati ves (AF.3, excl udi ng AF.34) , and l oans (AF. 4); t he ge neral governm e nt sector c ompri ses the ce n
Fiscal year:
cal endar year
Inflation rate (consumer prices):
1.2% (2013 est.)
country comparison to the world: 3 1
3% (2012 est.)
Central bank discount rate:
0.25% (31 Dece mber 2013 )
country comparison to the world: 1 3 1
0.75% (31 Dece mber 2012 )
note: t hi s i s the E ur opea n Ce ntral Bank 's rate o n t he margi nal l endi ng facili ty, whi ch off ers over ni g ht cre di t to banks i n t he e uro are a
Commercial bank prime lending rate:
5.2% (31 Decem ber 2013 est.)
country comparison to the world: 1 5 0
5.22% (31 Dece mber 2012 est.)
Stock of narrow money:
$1.138 tri lli on (31 Decembe r 2013 est.)
country comparison to the world: 6
$1.162 tri lli on (31 Decembe r 2012 est.)
note: se e e ntry for t he E urope a n U ni on for mo ney s uppl y i n the e uro a rea; t he E urope a n Ce ntral Ba nk (E CB) co ntrol s monetary pol i cy for the 17 members of t he Eco nomi c an
Stock of broad money:
$2.15 tri lli on (31 December 2013 e st.)
country comparison to the world: 8
$2.134 tri lli on (31 Decembe r 2012 est.)
Stock of domestic credit:
$3.407 tri lli on (31 Decembe r 2013 est.)
country comparison to the world: 8
$3.438 tri lli on (31 Decembe r 2012 est.)
Market value of publicly traded shares:
$480.5 bi lli on (31 Decemb er
country comparison to the
$431.5 bi lli on (31 Decemb er
$318.1 bi lli on (31 Decemb er
2012 est.)
world: 2 1
2011)
2010 est.)
Current account balance:
$2.4 bi lli on (2013 est.)
country comparison to the world: 1 5 0
$14.88 bi lli on (2012 est.)
Exports:
$474 bi lli on (2013 est.)
country comparison to the world: 1 1
$478.9 bi lli on (2012 est.)
Exports - commodities:
engi neeri ng pro d ucts, te xti l es and cl othi ng, prod uc ti on mac hi nery, mo tor ve hi cl es, transport eq ui pme nt, c hemi cal s; food, beverages a nd tob acco; mi neral s, no nferro us metal s
Exports - partners:
Germa ny 12.63 %, Fra nce 1 1.11%, Uni ted States 6. 84%, Swi tzerl and 5 .72%, U ni ted Ki ngdom 4.7 2%, Spai n 4.4 8% (2013 est.)
Imports:
$435.8 bi lli on (2013 est.)
country comparison to the world: 1 3
$453.5 bi lli on (2012 est.)
Imports - commodities:
engi neeri ng pro d ucts, c he mi cal s, transp ort eq ui pme nt, e nergy prod uct s, mi neral s and no nferro us metal s, texti l es and cl ot hi ng; food, beverag es, a nd tobacco
Imports - partners:
Germa ny 14.73 %, Fra nce 8. 4%, C hi na 8.4%, R ussi a 6.35%, N et herl ands 5.85%, Spai n 4.54%, B el gi um 4.09% (2013 est.)
Reserves of foreign exchange and gold:
$181.7 bi lli on (31 Decemb er 2012 est.)
country comparison to the world: 1 6
$173.3 bi lli on (31 Decemb er 2011 est.)
Debt - external:
$2.604 tri lli on (31 Decembe r 2013 est.)
country comparison to the world: 8
$2.516 tri lli on (31 Decembe r 2012 est.)
Stock of direct foreign investment - at home:
$466.3 bi lli on (31 Decemb er 2013 est.)
country comparison to the world: 1 8
$457.8 bi lli on (31 Decemb er 2012 est.)
Stock of direct foreign investment - abroad:
$683.6 bi lli on (31 Decemb er 2013 est.)
country comparison to the world: 1 3
$653.3 bi lli on (31 Decemb er 2012 est.)
Exchange rates:
euro s (EUR) per US dol l ar 0.7634 (2013 e st.)
0.7752 (2012 e st.)
0.755 (2010 est .)
0.7198 (2009 e st.)
0.6827 (2008 e st.)