FITA helps you find
service providers for:

Market Research


flag Greece Greece: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

Although the crisis hit Greece later than its European neighbors, it nevertheless plunged the country into a deep recession. Greece had to be saved from bankrupcy by the International Monetary Fund (IMF) and the European Commission (EC), however the budgetary restriction measures adopted to restore public finances have taken their toll on growth. The latter was estimated at -4% in 2010. The country recently announced that its deficit would be "very likely " higher than its forecast of 9.5% of GDP. This will have a worsening impact on the debt, currently estimated at 142.5% of GDP. For the foreign observers the Greek economy should not recover before 2012 and only if the country fully implement the restructuring program of its economy.

The government is making an effort to pursue the measures planned in the structural reforms program to which it is bound by the loans it has received from the IMF and the EC. The priority is to reduce the fiscal deficit by increasing taxation, privatizing public companies and reforming the healthcare system.

The country is facing growing unemployment (which is higher than 10%) and a proliferation of social protest movements against the austerity measures.

 
Main Indicators 2009201020112012 (e)2013 (e)
GDP (billions USD) 327.33305.42e312.04306.42309.57
GDP (Constant Prices, Annual % Change) -2.3-4.4-5.0e-2.01.5
GDP per Capita (USD) 29,32827,31127,875e27,34927,607
General Government Balance (in % of GDP) -18.6-11.4e-6.9-4.7-3.3
General Government Gross Debt (in % of GDP) 127.1142.8165.6e189.1187.9
Inflation Rate (%) 1.44.72.91.01.0
Unemployment Rate (% of the Labor Force) 9.412.516.518.519.0
Current Account (billions USD) -35.96-31.93e-26.12-20.39-18.72
Current Account (in % of GDP) -11.0-10.5-8.4-6.0-

Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data

Note: (e) Estimated Data

Main Sectors of Industry

Traditionally, the Greek economy is based on agriculture. The sector represents 3% of the GDP and employs around 12% of the active population. The main crops are tobacco (largest European producer) and cotton (fifth largest exporter in the world). Greece also has a significant ovine livestock. A large fishing industry is found in coastal regions and the merchant navy represents 10% of the GDP.

Thanks to the economic diversification led by the country, industry has replaced agriculture as a second source of income, behind services, and accounts for around 20% of the GDP. The main sectors are: electronic goos, transport materials, clothing and construction. More specifically, Greece is the largest European shipowner.

Growth in the tertiary sector is booming. It accounts for nearly three-fourths of the GDP. Tourism provides a vital source of income and alone contributes 11% of the GDP. Marine fishing represents 10% of the GDP.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 11.9 21.2 66.9
Value Added (in % of GDP) 3.2 17.8 79.1
Value Added (Annual % Change) 9.8 -6.0 -1.1

Source: World Bank - Last Available Data.

 
 
Monetary Indicators 2000
Euro (EUR) - Average Annual Exchange Rate For 1 USD 365.40

Source: World Bank - Last Available Data.

 
 
Learn more about Market Analysis about Greece on Globaltrade.net, the Directory for International Trade Services.
 

Indicator of Economic Freedom

Score:
60.3/100
Position:
Moderately free
World Rank:
82/179
Regional Rank:
35/42

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

Return to top

Foreign Trade in Figures

Greece has an export-oriented economy, trade representing more than 50% of the GDP. The trade balance is negative and has worsened as an effect of the fall in exports caused by the recession. However, the Greek Minister of Finance recently stated that the figures for the first quarter of 2011 showed a significant recovery in exports.

Greece's main trading partners are the European Union (especially Italy and Germany) and the United States. 

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 63,61976,24789,68167,77550,694
Exports of Goods (million USD) 20,74923,58025,65120,46920,919
Imports of Services (million USD) 15,87219,69224,28819,44119,797
Exports of Services (million USD) 35,49042,79449,80437,38537,071
Imports of Goods and Services (Annual % Change) 9.79.84.0-18.6-
Exports of Goods and Services (Annual % Change) 5.15.9---
Imports of Goods and Services (in % of GDP) 33.034.636.329.6-
Exports of Goods and Services (in % of GDP) 22.522.723.418.8-
Trade Balance (million USD) -44,285-57,050-65,046-42,836-37,537
Trade Balance (Including Service) (million USD) -24,889-34,240-39,477-25,054-20,259
Foreign Trade (in % of GDP) 55.557.259.748.4-

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2010
Germany 10.9%
Italy 10.8%
Cyprus 7.1%
Bulgaria 6.5%
Turkey 5.3%
See More Countries 59.4%
Main Suppliers
(% of Imports)
2010
Germany 10.5%
Italy 9.9%
Russia 9.8%
China 6.0%
Netherlands 5.3%
See More Countries 58.5%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 9.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 5.9%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 2.6%
Cotton, neither carded nor combedCotton, neither carded nor combed 2.3%
Plates, sheets and strip, of aluminium, of a...Plates, sheets and strip, of aluminium, of a thickness of > 0,2 mm (excl. expanded plates, sheets and strip) 2.1%
See More Products 77.2%
Main Imports
(% of Imports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 16.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 6.2%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods 6.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.5%
See More Products 64.4%

Source: Comtrade, Last Available Data

 
See More Products
More imports (Intracen Data)
More exports (Intracen Data)
 

Return to top

Sources of General Economic Information

Ministries
Ministry of development
Ministry of agriculture
Ministry of national economy
Ministry of commercial shipping
Statistical Office
The National Statistical Service of Greece
Central Bank
Central Bank of Greece
Stock Exchange
Athens exchange
Search Engines
Gogreece
Economic Portals
Flash
Imerisia

Return to top

Political Outline

Executive Power
According to the Constitution, executive power is exercised by the President of the Republic and the Government ; after 1986, however, the role of the President in the executive branch is ceremonial. The position of Prime Minister, Greece's head of government, belongs to the current leader of the political party that can obtain the confidence of a plurality in the Parliament. The President of the Republic formally appoints the Prime Minister and, on his recommendation, appoints and dismisses the other members of the Cabinet.The Prime Minister exercises vast political power, and the amendment of 1986 further strengthened his position to the detriment of the President of the Republic.
Legislative Power
Legislative power is exercised by a 300-member unicameral Parliament. Statutes passed by the Parliament are promulgated by the President of the Republic. Parliamentary elections are held every four years, but the President of the Republic is obliged to dissolve the Parliament earlier on the proposal of the Cabinet, in view of dealing with a national issue of exceptional importance.The President is also obliged to dissolve the Parliament earlier, if the opposition manages to pass a motion of no confidence.
Main Political Parties
New Democracy
The Panhellenic Socialist Movement (PASOK)
The Communist Party of Greece (KKE)
The Coalition of the Radical Left (SYRIZA)
The Popular Orthodox Rally (LA.O.S.)
Current Political Leaders
President of the Hellenic Republic : Karolos Papoulias - PASOK (since 2005)
Prime Minister of the Hellenic Republic : Interim Prime Minister Lukas PAPADEMOS - Independent (since 10 November 2011)
Next Election Dates
Parliamentary elections : 2012
 

Indicator of Freedom of the Press

World Rank:
73/178
Evolution:
38 places down compared to 2009

Source: Worldwide Press Freedom Index 2010, Reporters Without Borders

 

Indicator of Political Freedom

Ranking:
Free
Political Freedom:
1/7
Civil Liberties:
2/7

Map of freedom 2010
Source: Freedom House

 

Return to top

Any Comments About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Last Updates: January 2012