Greece - Economic Indicators
Greece Outlook: The Tide Is Finally Turning
Nov 12, 2019
View the Moody's Analytics Greece Forecast. Greece has managed to borrow with negative interest rates for the first time. Recent bond issuances and early debt repayments are reducing lending costs. The government continues to make investment a priority. Creditworthiness is gradually returning. The EU approved Greece’s Hercules plan to cut bad loans. The immigrant crisis is hindering the economy’s potential. Greece appears to be on solid...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Real Private Consumption | 2019 Q3 | 32,581 | 32,458 | Mil. Ch. 2010 EUR, SA | Quarterly |
| Real Government Consumption | 2019 Q3 | 9,855 | 10,589 | Mil. Ch. 2010 EUR, SA | Quarterly |
| Real Fixed Investment (gross fixed capital formation) | 2019 Q3 | 5,325 | 5,606 | Mil. Ch. 2010 EUR, SA | Quarterly |
| Investment | 2019 Q3 | 5,404 | 5,193 | Mil. EUR, SA | Quarterly |
| Real Investment | 2019 Q3 | 5,325 | 5,606 | Mil. Ch. 2010 EUR, SA | Quarterly |
| Real Gross Domestic Product | 2019 Q3 | 48,967 | 48,686 | Mil. Ch. 2010 EUR, SA | Quarterly |
| Private Consumption | 2019 Q3 | 31,732 | 31,584 | Mil. EUR, SA | Quarterly |
| Government Consumption | 2019 Q3 | 9,184 | 9,360 | Mil. EUR, SA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2019 Q3 | 5,404 | 5,193 | Mil. EUR, SA | Quarterly |
| Nominal Gross Domestic Product | 2019 Q3 | 46,988 | 47,085 | Mil. EUR, SA | Quarterly |
| Price | Reference | Last | Previous | Units | Frequency |
| Consumer Price Index (CPI) | Dec 2019 | 107.76 | 107.05 | Index 2009=100, NSA | Monthly |
| Producer Price Index (PPI) | Nov 2019 | 107.57 | 104.79 | Index 2010=100, NSA | Monthly |
| Wholesale Price Index | Dec 2004 | 110.42 | 109.93 | Index 2005=100 | Monthly |
| Labor | Reference | Last | Previous | Units | Frequency |
| Total Employment Non-Ag | Oct 2019 | 3,926 | 3,926 | Thousands, SA | Monthly |
| Tertiary Industries Employment | 2019 Q3 | 2,912 | 2,893 | Ths. #, NSA | Quarterly |
| Primary Industries Employment | 2019 Q3 | 447.8 | 456 | Ths. #, NSA | Quarterly |
| Secondary Industries Employment | 2019 Q3 | 611.7 | 606.4 | Ths. #, NSA | Quarterly |
| Labor Force Employment | 2019 Q3 | 3,971 | 3,956 | Ths. EUR, NSA | Quarterly |
| Total Employment | 2019 Q3 | 3,971 | 3,956 | Ths. EUR, NSA | Quarterly |
| Unemployment Rate | 2019 Q3 | 16.4 | 16.9 | %, NSA | Quarterly |
| Unemployment | 2019 Q3 | 777 | 805 | Ths. EUR, NSA | Quarterly |
| Labor Force | 2019 Q3 | 4,748 | 4,761 | Ths. EUR, NSA | Quarterly |
| Wage & Salaries | 2019 Q3 | 16,195 | 16,263 | Mil. EUR, SA | Quarterly |
| Agriculture Employment | 2017 | 591,868 | 607,088 | # | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Exports of Goods | Nov 2019 | 2,636 | 2,770 | Mil. EUR, NSA | Monthly |
| Current Account Balance | Nov 2019 | -1,392 | -673.4 | Mil. EUR, NSA | Monthly |
| Imports of Goods | Nov 2019 | 4,320 | 4,823 | Mil. EUR, NSA | Monthly |
| Balance of Goods | Nov 2019 | -1,683 | -2,053 | Mil. EUR, NSA | Monthly |
| Real Exports of Goods and Services | 2019 Q3 | 17,819 | 17,055 | Mil. Ch. 2010 EUR, SA | Quarterly |
| Real Imports of Goods and Services | 2019 Q3 | 17,457 | 17,344 | Mil. Ch. 2010 EUR, SA | Quarterly |
| Exports of Goods and Services | 2019 Q3 | 18,042 | 17,566 | Mil. EUR, SA | Quarterly |
| Imports of Goods and Services | 2019 Q3 | 17,805 | 17,574 | Mil. EUR, SA | Quarterly |
| Government | Reference | Last | Previous | Units | Frequency |
| Outstanding Public Debt - Foreign | 2019 Q3 | 306,067 | 306,016 | Mil. EUR, NSA | Quarterly |
| Gross External Debt | 2019 Q3 | 445,385 | 423,653 | Mil. EUR, NSA | Quarterly |
| Government Budget Balance | 2019 Q3 | 3,126 | 300 | Mil. EUR, NSA | Quarterly |
| Government Expenditures | 2019 Q3 | 20,860 | 22,211 | Mil. EUR, NSA | Quarterly |
| Government Revenues | 2019 Q3 | 23,986 | 22,511 | Mil. EUR, NSA | Quarterly |
| Outstanding Public Debt | 2018 | 334,573 | 317,485 | Mil. EUR | Annual |
| Markets | Reference | Last | Previous | Units | Frequency |
| Stock Market Index | 24 Jan 2020 | 948.64 | 939.17 | Index, NSA | Business Daily |
| Money Market Rate | Nov 2019 | 0.09 | 0.09 | %, NSA | Monthly |
| Average Long-term Government Bond | Nov 2018 | 4.42 | 4.37 | % p.a., NSA | Monthly |
| Treasury Bills (over 31 days) | Dec 2011 | 4.85 | 4.85 | % p.a., NSA | Monthly |
| Lending Rate | Sep 2011 | 2.93 | 3.23 | %, NSA | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| Building Permits | Oct 2019 | 1,840 | 1,323 | #, NSA | Monthly |
| House Price Index | 2019 Q3 | 167.3 | 163.6 | Index 1997=100, NSA | Quarterly |
| Residential Building Completions | Sep 2019 | 1,374 | 1,334 | #, NSA | Monthly |
| Building Completions | Sep 2019 | 488 | 481 | #, NSA | Monthly |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Consumer Confidence | Nov 2019 | -6.8 | -8.4 | SA | Monthly |
| Retail Sales | Oct 2019 | 103.8 | 108.5 | Index 2015=100, NSA | Monthly |
| Real Retail Sales | Oct 2019 | 102.1 | 107.2 | Vol. Index 2015=100, NSA | Monthly |
| Personal Income | 2017 | 8,920 | 8,672 | EUR | Annual |
| Business | Reference | Last | Previous | Units | Frequency |
| Capacity Utilization | 2019 Q4 | 72.1 | 71.8 | %, SA | Quarterly |
| Industrial Production | Nov 2019 | 99.96 | 105.26 | Index 2015=100, WDA | Monthly |
| Business Confidence | Nov 2019 | 1.4 | 1.9 | SA | Monthly |
| Change in Inventories | 2019 Q3 | 430.49 | 954.16 | Mil. EUR, SA | Quarterly |
| Real Change in Inventories | 2019 Q3 | 683.93 | 78.35 | Mil. Ch. 2010 EUR, SA | Quarterly |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Population | 2019 | 10,724 | 10,741 | Ths. # | Annual |
| Births | 2018 | 86.44 | 88.55 | Ths. #, NSA | Annual |
| Deaths | 2018 | 120.3 | 124.5 | Ths. #, NSA | Annual |
| Net Migration | 2017 | 49,996 | # | Annual | |
| Death Rate | 2016 | 11 | 11.2 | # per Ths. pop. | Annual |
| Birth Rate | 2014 | 8.5 | 8.6 | # per Ths. pop. | Annual |
Factbook
Background
Background:
Greece achieved independence from the Ottoman Empire in 1830. During the second half of the 19th century and the first half of the 20th century, it gradually added neighboring islands and territories, most with Greek-speaking populations. In World War II, Greece was first invaded by Italy (1940) and subsequently occupied by Germany (1941-44); fighting endured in a protracted civil war between supporters of the king and other anti-communist and communist rebels. Following the latter's defeat in 1949, Greece joined NATO in 1952. In 1967, a group of military officers seized power, establishing a military dictatorship that suspended many political liberties and forced the king to flee the country. In 1974 following the collapse of the dictatorship, democratic elections and a referendum created a parliamentary republic and abolished the monarchy. In 1981, Greece joined the EC (now the EU); it became the 12th member of the European Economic and Monetary Union (EMU) in 2001. Greece has suffered a severe economic crisis since late 2009, due to nearly a decade of chronic overspending and structural rigidities. Since 2010, Greece has entered three bailout agreements with the European Commission, the European Central Bank (ECB), the IMF, and with the third, the European Stability Mechanism (ESM). The Greek Government agreed to its current, $96 billion bailout in August 2015, which will conclude in August 2018.
Geography
Location:
Southern Europe, bordering the Aegean Sea, Ionian Sea, and the Mediterranean Sea, between Albania and Turkey
Geographic coordinates:
39 00 N, 22 00 E
Map references:
Europe
Area:
total: 131,957 sq km
land: 130,647 sq km
water: 1,310 sq km
country comparison to the world: 98
Area - comparative:
slightly smaller than Alabama
Area comparison map:
Land boundaries:
total: 1,110 km
border countries (4): Albania 212 km, Bulgaria 472 km, Macedonia 234 km, Turkey 192 km
Coastline:
13,676 km
Maritime claims:
territorial sea: 12 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate:
temperate; mild, wet winters; hot, dry summers
Terrain:
mountainous with ranges extending into the sea as peninsulas or chains of islands
Elevation:
mean elevation: 498 m
elevation extremes: lowest point: Mediterranean Sea 0 m
highest point: Mount Olympus 2,917 m
Natural resources:
lignite, petroleum, iron ore, bauxite, lead, zinc, nickel, magnesite, marble, salt, hydropower potential
Land use:
agricultural land: 63.4%
arable land 19.7%; permanent crops 8.9%; permanent pasture 34.8%
forest: 30.5%
other: 6.1% (2011 est.)
Irrigated land:
15,550 sq km (2012)
Population - distribution:
one-third of the population lives in and around metropolitan Athens; the remainder of the country has moderate population density mixed with sizeable urban clusters
Natural hazards:
severe earthquakes
volcanism: Santorini (367 m) has been deemed a Decade Volcano by the International Association of Volcanology and Chemistry of the Earth's Interior, worthy of study due to its explosive history and close proximity to human populations; although there have been very few eruptions in recent centuries, Methana and Nisyros in the Aegean are classified as historically active
Environment - current issues:
air pollution; air emissions from transport and electricity power stations; water pollution; degradation of coastal zones; loss of biodiversity in terrestrial and marine ecosystems; increasing municipal and industrial waste
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Sulfur 94, Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands
signed, but not ratified: Air Pollution-Persistent Organic Pollutants, Air Pollution-Volatile Organic Compounds
Geography - note:
strategic location dominating the Aegean Sea and southern approach to Turkish Straits; a peninsular country, possessing an archipelago of about 2,000 islands
People & Society
Population:
10,768,477 (July 2017 est.)
country comparison to the world: 85
Nationality:
noun: Greek(s)
adjective: Greek
Ethnic groups:
population: Greek 93%, other (foreign citizens) 7% (2001 census)
note: data represent citizenship, since Greece does not collect data on ethnicity
Languages:
Greek (official) 99%, other (includes English and French) 1%
Religions:
Greek Orthodox (official) 98%, Muslim 1.3%, other 0.7%
Age structure:
0-14 years: 13.83% (male 767,245/female 722,313)
15-24 years: 9.67% (male 532,179/female 509,487)
25-54 years: 42.45% (male 2,275,984/female 2,295,082)
55-64 years: 13.13% (male 692,420/female 721,641)
65 years and over: 20.91% (male 986,816/female 1,265,310) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 52.7
youth dependency ratio: 22.2
elderly dependency ratio: 30.5
potential support ratio: 3.3 (2015 est.)
Median age:
total: 44.5 years
male: 43.5 years
female: 45.6 years (2017 est.)
country comparison to the world: 7
Population growth rate:
-0.06% (2017 est.)
country comparison to the world: 204
Birth rate:
8.4 births/1,000 population (2017 est.)
country comparison to the world: 218
Death rate:
11.3 deaths/1,000 population (2017 est.)
country comparison to the world: 27
Net migration rate:
2.3 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 40
Population distribution:
one-third of the population lives in and around metropolitan Athens; the remainder of the country has moderate population density mixed with sizeable urban clusters
Urbanization:
urban population: 78.6% of total population (2017)
rate of urbanization: 0.31% annual rate of change (2015-20 est.)
Major urban areas - population:
ATHENS (capital) 3.052 million (2015)
Sex ratio:
at birth: 1.06 male(s)/female
0-14 years: 1.06 male(s)/female
15-24 years: 1.05 male(s)/female
25-54 years: 0.99 male(s)/female
55-64 years: 0.96 male(s)/female
65 years and over: 0.78 male(s)/female
total population: 0.95 male(s)/female (2017 est.)
Mother's mean age at first birth:
29.8 years (2014 est.)
Maternal mortality ratio:
3 deaths/100,000 live births (2015 est.)
country comparison to the world: 184
Infant mortality rate:
total: 4.6 deaths/1,000 live births
male: 5 deaths/1,000 live births
female: 4.1 deaths/1,000 live births (2017 est.)
country comparison to the world: 179
Life expectancy at birth:
total population: 80.7 years
male: 78 years
female: 83.4 years (2017 est.)
country comparison to the world: 36
Total fertility rate:
1.43 children born/woman (2017 est.)
country comparison to the world: 208
Health expenditures:
8.1% of GDP (2014)
country comparison to the world: 54
Physicians density:
6.26 physicians/1,000 population (2014)
Hospital bed density:
4.3 beds/1,000 population (2015)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 99.2% of population
rural: 98.1% of population
total: 99% of population
unimproved:
urban: 0.8% of population
rural: 1.9% of population
total: 1% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA (2016 est.)
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
24.9% (2016)
country comparison to the world: 54
Literacy:
definition: age 15 and over can read and write
total population: 97.7%
male: 98.5%
female: 96.9% (2015 est.)
School life expectancy (primary to tertiary education):
total: 18 years
male: 18 years
female: 18 years (2014)
Unemployment, youth ages 15-24:
total: 49.8%
male: 45.2%
female: 55% (2015 est.)
country comparison to the world: 7
Government
Country name:
conventional long form: Hellenic Republic
conventional short form: Greece
local long form: Elliniki Dimokratia
local short form: Ellas or Ellada
former: Hellenic State, Kingdom of Greece
etymology: the English name derives from the Roman (Latin) designation "Graecia," meaning "Land of the Greeks"; the Greeks call their country "Hellas" or "Ellada"
Government type:
parliamentary republic
Capital:
name: Athens
geographic coordinates: 37 59 N, 23 44 E
time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
13 regions (perifereies, singular - perifereia) and 1 autonomous monastic state* (aftonomi monastiki politeia); Agion Oros* (Mount Athos), Anatoliki Makedonia kai Thraki (East Macedonia and Thrace), Attiki (Attica), Dytiki Ellada (West Greece), Dytiki Makedonia (West Macedonia), Ionia Nisia (Ionian Islands), Ipeiros (Epirus), Kentriki Makedonia (Central Macedonia), Kriti (Crete), Notio Aigaio (South Aegean), Peloponnisos (Peloponnese), Sterea Ellada (Central Greece), Thessalia (Thessaly), Voreio Aigaio (North Aegean)
Independence:
3 February 1830 (from the Ottoman Empire); note - 25 March 1821, outbreak of the national revolt against the Ottomans; 3 February 1830, signing of the London Protocol recognizing Greek independence by Great Britain, France, and Russia
National holiday:
Independence Day, 25 March (1821)
Constitution:
history: many previous; latest entered into force 11 June 1975
amendments: proposed by at least 50 members of Parliament and agreed by three-fifths majority vote in two separate ballots at least 30 days apart; passage requires absolute majority vote by the next elected Parliament; entry into force finalized through a “special parliamentary resolution”; articles on human rights and freedoms and the form of government cannot be amended; amended 1986, 2001, 2008 (2016)
Legal system:
civil legal system based on Roman law
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Greece
dual citizenship recognized: yes
residency requirement for naturalization: 10 years
Suffrage:
17 years of age; universal and compulsory
Executive branch:
chief of state: President Prokopios (Prokopis) PAVLOPOULOS (since 13 March 2015)
head of government: Prime Minister Alexios TSIPRAS (since 21 September 2015); note - Vassiliki THANOU-CHRISTOFILOU served as interim prime minister beginning on 27 August 2015 after the resignation of Alexios TSIPRAS on 20 August 2015; she was Greece's first female prime minister
cabinet: Cabinet appointed by the president on the recommendation of the prime minister
elections/appointments: president elected by Hellenic Parliament for a 5-year term (eligible for a second term); election last held on 18 February 2015 (next to be held by February 2020); president appoints as prime minister the leader of the majority party or coalition in the Hellenic Parliament
election results: Prokopios PAVLOPOULOS (ND) elected president by Parliament - 233 of 300 votes
Legislative branch:
description: unicameral Hellenic Parliament or Vouli ton Ellinon (300 seats; 288 members directly elected in single- and multi-seat constituencies by proportional representation vote and 12 seats are filled from nationwide party lists; 50 seats allocated to the party with the highest total valid vote count and remaining seats are apportioned according to each party's or coalition's vote percentage; members serve up to 4 years)
elections: last held on 20 September 2015 (next to be held by 2019); note - snap elections were called because of upheaval in the governing SYRIZA party over a new bailout deal with international creditors
election results: percent of vote by party - SYRIZA 35.5%, ND 28.1%, Golden Dawn 7.0%, PASOK-DIMAR 6.3%, KKE 5.6%, To Potami (The River) 4.1%, ANEL 3.7%, EK 3.4%, other 6.3%; seats by party - SYRIZA 145, ND 75, Golden Dawn 18, PASOK-DIMAR 17, KKE 15, To Potami 11, ANEL 10, EK 9; note - only parties surpassing a 3% threshold are entitled to parliamentary seats; parties need 10 seats to become formal parliamentary groups but can retain that status if the party participated in the last election and received the minimum 3% threshold
Judicial branch:
highest court(s): Supreme Civil and Criminal Court or Areios Pagos (consists of 56 judges including the court presidents); Council of State (supreme administrative court) consists of the president, vice president, 42 privy councillors, and 98 associate and reporting judges, organized into 5- and 7-member chambers; Hellenic Court of Audit (government audit and enforcement) consists of the president, 5 vice presidents, 20 councillors, and 90 associate and reporting judges
judge selection and term of office: Supreme Court judges appointed by presidential decree on the advice of the Supreme Judicial Council (SJC), which includes the president of the Supreme Court, other judges, and the prosecutor of the Supreme Court; judges appointed for life following a 2-year probationary period; Council of State president appointed by the Greek Cabinet to serve a 4-year term; other judge appointments and tenure NA; Court of Audit president appointed by decree of the president of the republic on the advice of the SJC to serve a 4-year term with an age limit of 67
subordinate courts: Courts of Appeal and Courts of First Instance(district courts)
Political parties and leaders:
Anticapitalist Left Cooperation for the Overthrow or ANTARSYA [collective leadership]
Coalition of the Radical Left or SYRIZA [Alexios (Alexis) TSIPRAS]
Communist Party of Greece or KKE [Dimitrios KOUTSOUMBAS]
Democratic Left or DIMAR [Athanasios (Thanasis) THEOCHAROPOULOS]
Independent Greeks or ANEL [Panagiotis (Panos) KAMMENOS]
Movement for Change (formerly Panhellenic Socialist Movement or PASOK) [Foteini (Fofi) GENIMMATA]
Movement of Democratic Socialists or KIDISO [Georgios PAPANDREOU]
New Democracy or ND [Kyriakos MITSOTAKIS]
People's Association-Golden Dawn [Nikolaos MICHALOLIAKOS]
Popular Unity or LAE [Panagiotis LAFAZANIS]
To Potami (The River) [Stavros THEODORAKIS]
Union of Centrists or EK [Vasilis LEVENTIS]
Political pressure groups and leaders:
Supreme Administration of Civil Servants Unions or ADEDY [Spyros PAPASPYROS]
Federation of Greek Industries or SEV [Theodore FESSAS]
General Confederation of Greek Workers or GSEE [Ioannis PANAGOPOULOS]
International organization participation:
Australia Group, BIS, BSEC, CD, CE, CERN, EAPC, EBRD, ECB, EIB, EMU, ESA, EU, FAO, FATF, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NATO, NEA, NSG, OAS (observer), OECD, OIF, OPCW, OSCE, PCA, Schengen Convention, SELEC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Theocharis LALAKOS (since 27 June 2016)
chancery: 2217 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 939-1300
FAX: [1] (202) 939-1324
consulate(s) general: Boston, Chicago, Los Angeles, New York, Tampa (FL), San Francisco
consulate(s): Atlanta, Houston
Diplomatic representation from the US:
chief of mission: Ambassador Geoffrey R. PYATT (since 24 October 2016)
embassy: 91 Vasillisis Sophias Avenue, 10160 Athens
mailing address: PSC 108, APO AE 09842-0108
telephone: [30] (210) 721-2951
FAX: [30] (210) 645-6282
consulate(s) general: Thessaloniki
Flag description:
nine equal horizontal stripes of blue alternating with white; a blue square bearing a white cross appears in the upper hoist-side corner; the cross symbolizes Greek Orthodoxy, the established religion of the country; there is no agreed upon meaning for the nine stripes or for the colors
note: Greek legislation states that the flag colors are cyan and white, but cyan can mean "blue" in Greek, so the exact shade of blue has never been set and has varied from a light to a dark blue over time; in general, the hue of blue normally encountered is a form of azure
National symbol(s):
Greek cross (white cross on blue field, arms equal length); national colors: blue, white
National anthem:
name: "Ymnos eis tin Eleftherian" (Hymn to Liberty)
lyrics/music: Dionysios SOLOMOS/Nikolaos MANTZAROS
note: adopted 1864; the anthem is based on a 158-stanza poem by the same name, which was inspired by the Greek Revolution of 1821 against the Ottomans (only the first two stanzas are used); Cyprus also uses "Hymn to Liberty" as its anthem
Economy
Economy - overview:
Greece has a capitalist economy with a 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 18% 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 averaged growth of about 4% per year between 2003 and 2007, 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. By 2013, the economy had contracted 26%, compared with the pre-crisis level of 2007. Greece met the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP in 2007-08, but violated it in 2009, when the deficit reached 15% of GDP. Deteriorating public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in late 2009 and led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government accepted a bailout program that called on Athens to cut government spending, decrease tax evasion, overhaul the civil-service, health-care, and pension systems, and reform the labor and product markets. Austerity measures reduced the deficit to 1.3% in 2017. Successive Greek governments, however, failed to push through many of the most unpopular reforms in the face of widespread political opposition, including from the country's powerful labor unions and the general public.
In April 2010, a leading credit agency assigned Greek debt its lowest possible credit rating, and in May 2010, the IMF and euro-zone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. Greece, however, struggled to meet the 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. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal called for holders of Greek government bonds to write down a significant portion of their holdings to try to alleviate Greece’s government debt burden. However, Greek banks, saddled with a significant portion of sovereign debt, were adversely affected by the write down and $60 billion of the second bailout package was set aside to ensure the banking system was adequately capitalized.
In 2014, the Greek economy began to turn the corner on the recession. Greece achieved three significant milestones: balancing the budget - not including debt repayments; issuing government debt in financial markets for the first time since 2010; and generating 0.7% GDP growth — the first economic expansion since 2007.
Despite the nascent recovery, widespread discontent with austerity measures helped propel the far-left Coalition of the Radical Left (SYRIZA) party into government in national legislative elections in January 2015. Between January and July 2015, frustrations between the SYRIZA-led government and Greece’s EU and IMF creditors over the implementation of bailout measures and disbursement of funds led the Greek government to run up significant arrears to suppliers and Greek banks to rely on emergency lending, and also called into question Greece’s future in the euro zone. To stave off a collapse of the banking system, Greece imposed capital controls in June 2015 shortly before rattling international financial markets by becoming the first developed nation to miss a loan payment to the IMF. Unable to reach an agreement with creditors, Prime Minister Alexios TSIPRAS held a nationwide referendum on 5 July on whether to accept the terms of Greece’s bailout, campaigning for the ultimately successful “no” vote. The TSIPRAS government subsequently agreed, however, to a new $96 billion bailout in order to avert Greece’s exit from the monetary bloc. On 20 August, Greece signed its third bailout which allowed it to cover significant debt payments to its EU and IMF creditors and ensure the banking sector retained access to emergency liquidity. The TSIPRAS government — which retook office on 20 September after calling new elections in late August — successfully secured disbursal of two delayed tranches of bailout funds. Despite the economic turmoil, Greek GDP did not contract as sharply as feared, with official estimates of a -0.2% contraction in 2015, boosted in part by a strong tourist season.
In 2017, Greece saw improvements in GDP and unemployment. Unfinished economic reforms, a massive non-performing loan problem, and ongoing uncertainty regarding the political direction of the country hold the economy back. Some estimates put Greece’s black market at 20- to 25% of GDP, as more people have stopped reporting their income to avoid paying taxes that, in some cases, have risen to 70% of an individual’s gross income. These issues will continue to be a drag on the economy in 2018 and further delay recovery from the financial crisis.
GDP (purchasing power parity):
$299.5 billion (2017 est.)
$294.4 billion (2016 est.)
$294.3 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 59
GDP (official exchange rate):
$204.3 billion (2017 est.)
GDP - real growth rate:
1.8% (2017 est.)
0% (2016 est.)
-0.2% (2015 est.)
country comparison to the world: 163
GDP - per capita (PPP):
$27,800 (2017 est.)
$27,300 (2016 est.)
$27,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 72
Gross national saving:
10.5% of GDP (2017 est.)
9.9% of GDP (2016 est.)
9.9% of GDP (2015 est.)
country comparison to the world: 155
GDP - composition, by end use:
household consumption: 73.3%
government consumption: 19.5%
investment in fixed capital: 10.9%
investment in inventories: -1.7%
exports of goods and services: 31.5%
imports of goods and services: -33.6% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 4%
industry: 16%
services: 80% (2017 est.)
Agriculture - products:
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Industries:
tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Industrial production growth rate:
3% (2017 est.)
country comparison to the world: 98
Labor force:
4.769 million (2017 est.)
country comparison to the world: 85
Labor force - by occupation:
agriculture: 12.6%
industry: 15%
services: 72.4% (30 October 2015 e)
Unemployment rate:
22.3% (2017 est.)
23.6% (2016 est.)
country comparison to the world: 189
Population below poverty line:
36% (2014 est.)
Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 26.7% (2015 est.)
Distribution of family income - Gini index:
36.7 (2012 est.)
35.7 (2011 est.)
country comparison to the world: 88
Budget:
revenues: $95.36 billion
expenditures: $98.08 billion (2017 est.)
Taxes and other revenues:
46.7% of GDP (2017 est.)
country comparison to the world: 20
Budget surplus (+) or deficit (-):
-1.3% of GDP (2017 est.)
country comparison to the world: 64
Public debt:
180% of GDP (2017 est.)
179.4% of GDP (2016 est.)
country comparison to the world: 2
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.2% (2017 est.)
0% (2016 est.)
country comparison to the world: 55
Central bank discount rate:
0.05% (31 March 2016 est.)
0.15% (11 June 2014 est.)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 149
Commercial bank prime lending rate:
5.5% (31 December 2017 est.)
5.62% (31 December 2016 est.)
country comparison to the world: 135
Stock of narrow money:
$97.61 billion (31 December 2017 est.)
$86.53 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 41
Stock of broad money:
$156.9 billion (31 December 2017 est.)
$138.9 billion (31 December 2016 est.)
country comparison to the world: 50
Stock of domestic credit:
$249.1 billion (31 December 2017 est.)
$231.4 billion (31 December 2016 est.)
country comparison to the world: 41
Market value of publicly traded shares:
$42.08 billion (31 December 2015 est.)
$55.15 billion (31 December 2014 est.)
$82.59 billion (31 December 2013 est.)
country comparison to the world: 57
Current account balance:
$-498 million (2017 est.)
$-1.238 billion (2016 est.)
country comparison to the world: 105
Exports:
$29.23 billion (2017 est.)
$27.1 billion (2016 est.)
country comparison to the world: 63
Exports - commodities:
food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners:
Italy 11.2%, Germany 7.7%, Cyprus 6.4%, Turkey 5.3%, Bulgaria 5.2%, US 4.3%, UK 4.2%, Lebanon 4.1% (2016)
Imports:
$50.23 billion (2017 est.)
$45.45 billion (2016 est.)
country comparison to the world: 49
Imports - commodities:
machinery, transport equipment, fuels, chemicals
Imports - partners:
Germany 11.1%, Italy 8.8%, China 6.6%, Russia 6.4%, Netherlands 5.5%, Iraq 5.4%, France 4.4%, South Korea 4.1% (2016)
Reserves of foreign exchange and gold:
$6.893 billion (31 December 2016 est.)
$6.026 billion (31 December 2015 est.)
country comparison to the world: 84
Debt - external:
$506.6 billion (31 March 2016 est.)
$468.2 billion (31 March 2015 est.)
country comparison to the world: 22
Stock of direct foreign investment - at home:
$34.18 billion (31 December 2017 est.)
$30.8 billion (31 December 2016 est.)
country comparison to the world: 68
Stock of direct foreign investment - abroad:
$33.79 billion (31 December 2017 est.)
$32.91 billion (31 December 2016 est.)
country comparison to the world: 49
Exchange rates:
euros (EUR) per US dollar -
0.89 (2017 est.)
0.9 (2016 est.)
0.92 (2015 est.)
0.89 (2014 est.)
0.76 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
48.34 billion kWh (2015 est.)
country comparison to the world: 54
Electricity - consumption:
53.05 billion kWh (2015 est.)
country comparison to the world: 48
Electricity - exports:
1.037 billion kWh (2016 est.)
country comparison to the world: 58
Electricity - imports:
9.833 billion kWh (2016 est.)
country comparison to the world: 26
Electricity - installed generating capacity:
18.94 million kW (2015 est.)
country comparison to the world: 46
Electricity - from fossil fuels:
56.8% of total installed capacity (2015 est.)
country comparison to the world: 137
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 102
Electricity - from hydroelectric plants:
14.2% of total installed capacity (2015 est.)
country comparison to the world: 105
Electricity - from other renewable sources:
26.8% of total installed capacity (2015 est.)
country comparison to the world: 19
Crude oil - production:
3,172 bbl/day (2016 est.)
country comparison to the world: 85
Crude oil - exports:
3,082 bbl/day (2016 est.)
country comparison to the world: 65
Crude oil - imports:
477,400 bbl/day (2016 est.)
country comparison to the world: 20
Crude oil - proved reserves:
10 million bbl (1 January 2017 est.)
country comparison to the world: 93
Refined petroleum products - production:
626,000 bbl/day (2016 est.)
country comparison to the world: 28
Refined petroleum products - consumption:
299,600 bbl/day (2016 est.)
country comparison to the world: 44
Refined petroleum products - exports:
351,700 bbl/day (2016 est.)
country comparison to the world: 23
Refined petroleum products - imports:
181,000 bbl/day (2016 est.)
country comparison to the world: 34
Natural gas - production:
4 million cu m (2015 est.)
country comparison to the world: 100
Natural gas - consumption:
4.354 billion cu m (2015 est.)
country comparison to the world: 71
Natural gas - exports:
0 cu m (2014 est.)
country comparison to the world: 115
Natural gas - imports:
3.162 billion cu m (2015 est.)
country comparison to the world: 43
Natural gas - proved reserves:
991.1 million cu m (1 January 2017 est.)
country comparison to the world: 104
Carbon dioxide emissions from consumption of energy:
78 million Mt (2013 est.)
country comparison to the world: 46
Communications
Telephones - fixed lines:
total subscriptions: 5,200,950
subscriptions per 100 inhabitants: 48 (July 2016 est.)
country comparison to the world: 29
Telephones - mobile cellular:
total: 12,538,927
subscriptions per 100 inhabitants: 116 (July 2016 est.)
country comparison to the world: 75
Telephone system:
general assessment: adequate, modern networks reach all areas; good mobile telephone and international service
domestic: microwave radio relay trunk system; extensive open-wire connections; submarine cable to offshore islands
international: country code - 30; landing point for the SEA-ME-WE-3 optical telecommunications submarine cable that provides links to Europe, Middle East, and Asia; a number of smaller submarine cables provide connectivity to various parts of Europe, the Middle East, and Cyprus; tropospheric scatter; satellite earth stations - 4 (2 Intelsat - 1 Atlantic Ocean and 1 Indian Ocean, 1 Eutelsat, and 1 Inmarsat - Indian Ocean region) (2015)
Broadcast media:
broadcast media dominated by the private sector; roughly 150 private TV channels, about 10 of which broadcast nationwide; 1 government-owned terrestrial TV channel with national coverage; 3 privately owned satellite channels; multi-channel satellite and cable TV services available; upwards of 1,500 radio stations, all of them privately owned; government-owned broadcaster has 2 national radio stations (2014)
Internet country code:
.gr
Internet users:
total: 7,443,016
percent of population: 69.1% (July 2016 est.)
country comparison to the world: 58
Transportation
National air transport system:
number of registered air carriers: 9
inventory of registered aircraft operated by air carriers: 93
annual passenger traffic on registered air carriers: 12,583,541
annual freight traffic on registered air carriers: 27,452,961 mt-km (2015)
Civil aircraft registration country code prefix:
SX (2016)
Airports:
77 (2013)
country comparison to the world: 69
Airports - with paved runways:
total: 68
over 3,047 m: 6
2,438 to 3,047 m: 15
1,524 to 2,437 m: 19
914 to 1,523 m: 18
under 914 m: 10 (2017)
Airports - with unpaved runways:
total: 9
914 to 1,523 m: 2
under 914 m: 7 (2013)
Heliports:
9 (2013)
Pipelines:
gas 1,329 km; oil 94 km (2013)
Railways:
total: 2,548 km
standard gauge: 1,565 km 1.435-m gauge (764 km electrified)
narrow gauge: 961 km 1.000-m gauge; 22 km 0.750-m gauge (2014)
country comparison to the world: 67
Roadways:
total: 116,960 km
paved: 41,357 km (includes 1,091 km of expressways)
unpaved: 75,603 km (2010)
country comparison to the world: 41
Waterways:
6 km (the 6-km-long Corinth Canal crosses the Isthmus of Corinth; it shortens a sea voyage by 325 km) (2012)
country comparison to the world: 106
Merchant marine:
total: 1,364
by type: bulk carrier 207, container ship 7, general cargo 127, oil tanker 423, other 600 (2017)
country comparison to the world: 21
Ports and terminals:
major seaport(s): Aspropyrgos, Pachi, Piraeus, Thessaloniki
oil terminal(s): Agioi Theodoroi
container port(s): Piraeus (3,360,000) (2015)
LNG terminal(s) (import): Revithoussa
Military & Security
Military expenditures:
2.4% of GDP (2017)
2.56% of GDP (2016)
2.54% of GDP (2015)
2.34% of GDP (2014)
2.36% of GDP (2013)
country comparison to the world: 35
Military branches:
Hellenic Army (Ellinikos Stratos, ES), Hellenic Navy (Elliniko Polemiko Navtiko, EPN), Hellenic Air Force (Elliniki Polemiki Aeroporia, EPA) (2013)
Military service age and obligation:
19-45 years of age for compulsory military service; during wartime the law allows for recruitment beginning January of the year of inductee's 18th birthday, thus including 17 year olds; 18 years of age for volunteers; conscript service obligation is 1 year for the Army and 9 months for the Air Force and Navy; women are eligible for voluntary military service (2014)
Transnational Issues
Disputes - international:
Greece and Turkey continue discussions to resolve their complex maritime, air, territorial, and boundary disputes in the Aegean Sea; Greece rejects the use of the name Macedonia or Republic of Macedonia; the mass migration of unemployed Albanians still remains a problem for developed countries, chiefly Greece and Italy
Refugees and internally displaced persons:
refugees (country of origin): 14,420 (Syria); 11,440 (Afghanistan); 8,161 (Iraq) (2016)
stateless persons: 198 (2016)
note: 1,081,944 estimated refugee and migrant arrivals (January 2015 - May 2018); as of the end of April 2018, an estimated 54,700 migrants and refugees were stranded in Greece; 35,052 migrant arrivals in 2017
Illicit drugs:
a gateway to Europe for traffickers smuggling cannabis and heroin from the Middle East and Southwest Asia to the West and precursor chemicals to the East; some South American cocaine transits or is consumed in Greece; money laundering related to drug trafficking and organized crime
