Economy - overview Greece has a mixed capitalist economy with the public sector accountingfor roughly half of GDP. Tourism is a major source of foreign exchange, andagriculture is self-sufficient, except for meat, dairy products, and animalfeedstuffs. Macroeconomic problems include mediocre GDP growth, the huge public sector, substantial budget deficits, and 10% unemployment. The government'shard drachma policy and public sector wage restraint are largely responsiblefor the downward trend in inflation, now at the lowest level in 22 years.Investment is likely to be the primary engine for economic growth in 1997.Athens continues to rely heavily on EU aid, which currently amounts to about4% of GDP. Despite widespread protests from unions and farmers, Prime MinisterSIMITIS presented a tough 1997 budget to help bring Greece closer to meetingthe EU criteria for participating in economic and monetary union. SIMITISfaces strong opposition to further privatization and further austerity. Plansto increase defense spending could undermine SIMITIS's goal to curb governmentexpenditures.

GDP purchasing power parity - $106.9 billion (1996 est.)

GDP - real growth rate 2.2% (1996 est.)

GDP - per capita purchasing power parity - $10,000 (1996 est.)

GDP - composition by sector
agriculture: 11%
industry: 25%
services : 64% (1994)

Inflation rate - consumer price index 8.6% (1996 est.)

Labor force
total: 4.21 million
by occupation : services 52%, agriculture 23%, industry 25% (1995)

Unemployment rate 10% (1996 est.)

Budget
revenues: $33 billion (excluding privatization receipts)
expenditures: $45 billion, including capital expenditures of $NA (1996 est.)

Industries tourism; food and tobacco processing, textiles; chemicals, metal products;mining, petroleum

Industrial production growth rate 1.8% (1996 est.)

Electricity - capacity 8.61 million kW (1994)

Electricity - production 41.5 billion kWh (1995)

Electricity - consumption per capita 3,466 kWh (1995 est.)

Agriculture - products wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes;meat, dairy products

Exports
total value: $5.9 billion (f.o.b., 1995)
commodities : manufactured goods 53%, foodstuffs 34%, fuels 5% (1994)
partners: EU 60% (Germany 22%, Italy 14%, France 6%, UK 6%), US 3% (1995)

Imports
total value: $20.3 billion (f.o.b., 1995)
commodities: manufactured goods 72%, foodstuffs 15%, fuels 10% (1994)
partners : EU 70% (Italy 18%, Germany 16%, France 8%, UK 6%) US 4% (1995)

Debt - external $34.2 billion (1996 est.)

Economic aid
recipient : ODA, $NA

Currency 1 drachma (Dr) = 100 lepta

Exchange rates drachmae (Dr) per US$1 - 251.55 (January 1997), 240.71 (1996), 231.66(1995), 242.60 (1994), 229.26 (1993), 190.62 (1992)

Fiscal year calendar year

NOTE: The information regarding Greece on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greece Economy 1997 information contained here. All suggestions for corrections of any errors about Greece Economy 1997 should be addressed to the CIA.