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Economy overview
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Greece has a mixed capitalist economy with the public sector accounting for half of GDP and with per capita GDP 70% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of GDP. The Greek economy grew by 4.0% in 2003 and is expected to grow by 4.2% in 2004, the year that Athens will host the 2004 Olympic Games. Remaining challenges include the reduction of the public debt, inflation, and unemployment; and further restructuring of the economy, including privatizing several state enterprises, undertaking pension and other reforms, and minimizing bureaucratic inefficiencies.
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GDP
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purchasing power parity - $213.6 billion (2004 est.)
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GDP - real growth rate
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4.7% (2004 est.)
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GDP - per capita
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purchasing power parity - $20,000 (2004 est.)
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GDP - composition by sector
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agriculture: 6.7%
industry: 22%
services: 71.2% (2004 est.)
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Investment gross fixed
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25.5% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: 3%
highest 10%: 25.3% (1993 est.)
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Distribution of family income - Gini index
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32.7 (1993)
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Inflation rate consumer prices
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3.6% (2004 est.)
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Labor force
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4.39 million (2004 est.)
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Labor force by occupation
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agriculture 20%, industry 20%, services 60% (2000 est.)
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Unemployment rate
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9.4% (2004 est.)
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Budget
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revenues: $76.84 billion
expenditures: $79.48 billion, including capital expenditures of NA (2004 est.)
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Public debt
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100.9% of GDP (2004 est.)
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Agriculture products
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wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
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Industries
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tourism; food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
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Industrial production growth rate
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0.7% (2004 est.)
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Electricity production
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49.79 billion kWh (2001)
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Electricity production by source
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fossil fuel: 94.5%
hydro: 3.8%
other: 1.7% (2001)
nuclear: 0%
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Electricity consumption
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48.8 billion kWh (2001)
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Electricity exports
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1.062 billion kWh (2001)
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Electricity imports
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3.562 billion kWh (2001)
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Oil production
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5,992 bbl/day (2001 est.)
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Oil consumption
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405,700 bbl/day (2001 est.)
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Oil exports
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84,720 bbl/day (2001)
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Oil imports
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468,300 bbl/day (2001)
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Oil proved reserves
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4.5 million bbl (1 January 2002)
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Natural gas production
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35 million cu m (2001 est.)
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Natural gas consumption
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2.021 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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2.018 billion cu m (2001 est.)
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Natural gas proved reserves
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254.9 million cu m (1 January 2002)
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Current account balance
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$-11.33 billion (2004 est.)
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Exports
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$5.899 billion f.o.b. (2004 est.)
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Exports commodities
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food and beverages, manufactured goods, petroleum products, chemicals, textiles
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Exports partners
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Germany 12.6%, Italy 10.5%, UK 7%, US 6.5%, Bulgaria 6.2%, Cyprus 4.8%, France 4.2%, Turkey 4% (2003)
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Imports
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$33.27 billion f.o.b. (2003 est.)
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Imports commodities
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machinery, transport equipment, fuels, chemicals
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Imports partners
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Germany 12.5%, Italy 12.2%, France 6.6%, Russia 6.1%, South Korea 5.4%, US 5.2%, Netherlands 5.2%, Japan 4.3%, UK 4.2% (2003)
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Reserves of foreign exchange gold
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$5.802 billion (2004 est.)
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Debt external
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$65.51 billion (2004 est.)
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Economic aid recipient
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$5.4 billion from EU (1995)
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Currency
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euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
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Currency code
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EUR
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Exchange rates
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euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 365.399 (2000), 305.647 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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