Greek Economy
With a GDP growth rate currently approaching 4%, Greece’s
growth performance is much higher than the European Union average.
In fact, Greece lies among the best performing economies in the
Euro zone and today has become the economic hub of Southeast Europe
offering a stable and healthy economic environment that is supportive
to the needs of business and investors.
| Selected
Economic Indicators |
| |
1996 |
1998 |
2001 |
2002 |
2003 |
2004 |
2005* |
2006* |
GDP
growth at constant prices |
2.4% |
3.1% |
4.1% |
3.8% |
3.8% |
4.0% |
3.7% |
3.6% |
Inflation |
8.2% |
4.7% |
3.7% |
3.9% |
3.9% |
3.2% |
3.0% |
2.9% |
Unit
labour costs |
8.1% |
3.7% |
0.9% |
2.6% |
2.3% |
2.5% |
2.3% |
2.3% |
General
government balance |
-7.4% |
-2.5% |
-1.2% |
-1.1% |
-0.9% |
-0.4% |
0.2% |
0.6% |
General
government debt |
111.3% |
105.5% |
107.0% |
105.3% |
100.2% |
96.1% |
92.1% |
87.9% |
*Forrcast
Source: Ministry of Economy and Finance
The 2002 update of the Hellenic Stability
and Growth programme: 2002-2006. |
| Structure
of Gross Domestic Product 1995 - 2002 |
| Sector |
Year |
| 1995 |
1996 |
1997 |
1998 |
1999* |
2000* |
2001* |
2002* |
Primary
sector |
7.277 |
7.035 |
7.343 |
7.731 |
8.459 |
7.686 |
7.795 |
8.329 |
Industry,
including energy |
11.798 |
12.120 |
12.437 |
13.455 |
14.261 |
14.966 |
16.033 |
17.271 |
Construction |
4.751 |
4.797 |
5.348 |
6.499 |
7.231 |
7.814 |
8.651 |
10.051 |
Trade,
hotels and restaurants,
transport and communication |
19.817 |
20.321 |
24.097 |
26.352 |
28.170 |
31.602 |
34.511 |
35.756 |
Financial,
real estate, renting and business activities |
15.689 |
16.162 |
18.267 |
20.352 |
22.182 |
23.985 |
25.531 |
26.928 |
Other
service activities |
14.525 |
14.751 |
15.848 |
17.810 |
19.514 |
20.743 |
22.012 |
25.229 |
Sub-total |
73.858 |
75.187 |
83.341 |
92.199 |
99.817 |
106.796 |
114.533 |
123.564 |
Taxes
less subsidies and other |
6.069 |
6.625 |
7.705 |
8.306 |
9.769 |
10.794 |
12.082 |
12.538 |
Gross
domestic product |
79.927 |
81.812 |
91.046 |
100.505 |
109.586 |
117.590 |
126.615 |
136.102 |
Index
(1995 = 100) |
100,0 |
102,4 |
113,9 |
125,7 |
137,1 |
147,1 |
158,4 |
170,3 |
*provisional data
Source: national Statistical Service of Greece, National
accounts, various years |
| GDP
per capita 1998-2002
Current prices (in Euro) |
| Year |
1998 |
1999* |
2000* |
2001* |
2002* |
Total
mid-year population |
10.835.976 |
10.883.566 |
10.918.154 |
10.937.669 |
10.950.200 |
Gross
domestic product per capita |
9.761 |
10.372 |
11.140 |
11.970 |
12.889 |
Index
(1995 = 100) |
129,9 |
138 |
148,2 |
159,3 |
10051 |
*provisional
data
Source: National Statistical Service of Greece, National
accounts, various years |
| Basic
Economic Figures for Manufacturing in Greece 2000
Industry with average annual employment over 10 people
(5.016 companies)
Values in million Euro and in % |
| Branch |
Production
Index 2001
(1993=100) |
Production
(prices 1990) |
Production
structure
(%) |
Exports
(prices 1990) |
Imports
(prices 1990) |
Ostensible
consumption
(prices 1990) |
Food
& Beverages |
122,7 |
2499,5 |
29,7% |
806,6 |
1565,1 |
3258,1 |
Tobacco |
112,2 |
143,3 |
1,7% |
80,5 |
74,7 |
137,4 |
Textiles |
80,9 |
944,5 |
11,2% |
410,9* |
900,1* |
1389,7* |
Clothing
& Fur |
64,4 |
603,2 |
7,2% |
1040,2* |
694,6* |
243,3* |
Leather
& footwear |
65,7 |
89,6 |
1,1% |
21,9 |
181,5 |
249,1 |
Wood
& Cork |
100,5 |
80,0 |
1,0% |
15,1 |
207,9 |
272,8 |
Paper |
110,8 |
223,2 |
2,7% |
40,6 |
439,4 |
622,1 |
Publications-Printing |
114,7 |
255,2 |
3,0% |
27,1 |
66,2 |
294,3 |
Pharmaceuticals
-Cosmetics-Chemicals |
138,0 |
657,6 |
7,8% |
181,7 |
1078,6 |
1554,4 |
Rubber-plastics |
154,3 |
356,1 |
4,2% |
152,8 |
325,8 |
529,1 |
Non
metal minerals |
117,9 |
766,7 |
9,1% |
156,6 |
242,4 |
852,5 |
Basic
metalworks |
148,0 |
656,9 |
7,8% |
458,4 |
912,3 |
1110,8 |
Metal
products |
123,4 |
353,0 |
4,2% |
83,9 |
261,1 |
530,2 |
Machines
& appliances |
151,3 |
193,7 |
2,3 |
189,5 |
1093,5 |
1097,7 |
Electrical
appliances |
123,1 |
134,3 |
1,6% |
162,0 |
252,9 |
225,3 |
Telecom.
appliances |
138,0 |
120,7 |
1,4% |
52,8 |
530,9 |
598,8 |
Medical
instruments |
126,4 |
13,0 |
0,2% |
36,8 |
364,2 |
340,4 |
Vehicles |
89,8 |
51,2 |
0,6% |
18,1 |
1146,9 |
1180,1 |
Other
transportation |
70,0 |
88,8 |
1,1% |
109,8 |
881,7 |
860,7 |
Furniture
& other industry |
121,1 |
175,7 |
2,1% |
70,0 |
343,7 |
449,5 |
| *for
the year 1999
Source: Trends - Greek economy 2003, Athens 2003 |
| Structure
of Gross capital formation 1998 - 2002
Constant prices of the previous year (mil. Euro) |
| |
1995 |
1996 |
1997 |
1998 |
1999* |
2000* |
2001* |
2002* |
Agriculture-forestry-fisheries |
42 |
31 |
26 |
37 |
40 |
40 |
28 |
30 |
Metal
products
and machinery |
3.287 |
4.102 |
4.515 |
5.267 |
5.298 |
6.402 |
7.033 |
7.061 |
Transport
equipment |
1.393 |
1.657 |
1.744 |
2.248 |
2.764 |
3.277 |
3.408 |
4.101 |
Housing |
4.031 |
3.981 |
4.537 |
5.227 |
5.793 |
5.766 |
6.179 |
6.912 |
Other
constructions |
5.391 |
5.614 |
6.490 |
7.548 |
8.433 |
9.431 |
10.795 |
11.999 |
Other
products |
724 |
728 |
962 |
955 |
1.409 |
1.536 |
1.707 |
1.733 |
Total |
14.867 |
16.114 |
18.274 |
21.282 |
23.737 |
26.451 |
29.149 |
31.836 |
Changes
in Inventories |
252 |
290 |
274 |
223 |
-366 |
-102 |
156 |
173 |
Gross
Capital Formation |
15.119 |
16.404 |
18.548 |
21.505 |
23.371 |
26.349 |
29.305 |
32.009 |
Index
(1995 = 100) |
100,0 |
108,5 |
122,7 |
142,2 |
154,6 |
174,3 |
193,8 |
211,7 |
| *provisional
data
Source: National Statistical Service of Greece, National
accounts, various years. |
| Imports
2001
(million
€ and %) |
Food
drinks, tobacco |
3549 |
11,6% |
Raw
materials non edible |
695 |
2,3% |
Minerals
and ores |
118 |
0,4% |
Petroleum
products |
4836 |
15,9% |
Chemicals,
plastics, fertilizers etc. |
3094 |
12,8% |
Manufactures |
17161 |
56,3% |
Other
items |
209 |
0,7% |
Total |
30474 |
100.0% |
| Exports
2001
(million € and %) |
| Food
drinks, tobacco |
2432 |
21,0% |
| Raw
materials non edible |
515 |
4,4% |
| Minerals
and ores |
110 |
0,9% |
| Petroleum
products |
1295 |
11,2% |
| Chemicals,
plastics, fertilizers etc. |
1042 |
9,0% |
| Manufactures |
5703 |
49,2% |
| Other
items |
492 |
4,2% |
| Total |
11589 |
100.0% |
| Origin
of imports 2001
(million € and %) |
| EU
Countries |
17261 |
56,6% |
| Other
European Countries |
4874 |
16,0% |
| Asia |
5835 |
19,1% |
| America |
1600 |
5,3% |
| Rest
of the World |
904 |
3,0% |
| Total |
30474 |
100.0% |
| Destination
of Exports 2001
(million € and %) |
| EU
countries |
4842 |
41,8% |
| Other
European countries |
4289 |
37,0% |
| Asia |
1047 |
9,0% |
| America |
914 |
7,9% |
| Rest
of the world |
497 |
4,3% |
| Total |
11589 |
100.0% |
| Stock
of Direct Foreign Investment in Greece (31.12.01)
Distribution by Country of Investor (in million €) |
| Country |
Amount
(in million €) |
Percentage |
| Austria |
8,8 |
0,10 |
| Belgium |
116,4 |
0,80 |
| Germany |
1285,50 |
8,40 |
| Spain |
27,40 |
0,20 |
| Finland |
0,2 |
0,00 |
| France |
1.469,4 |
9,60 |
| Ireland |
134,6 |
0,90 |
| Italy |
375,00 |
2,50 |
| Luxemburg |
3.784,0 |
24,80 |
| Holland |
2.970,5 |
19,50 |
| Portugal |
-3,3 |
0,00 |
| Total
Eurozone |
10.168,4 |
66,60 |
| U.K. |
514,1 |
3,40 |
| Denmark |
21,4 |
0,10 |
| Sweden |
34,20 |
0,20 |
| Total
EU non-Euro zone |
569,8 |
3,70 |
| Total
EU |
10738,20 |
70,30 |
| Other
European countries |
2504,80 |
16,40 |
| Azia |
76,60 |
0,01 |
| Africa |
133,50 |
0,01 |
| Australia |
8,10 |
0,00 |
| U.S.A. |
1013,70 |
6,60 |
| South-America |
789,80 |
0,05 |
| Total
non-Euro zone countries |
5096,70 |
29,70 |
| Total |
15265,10 |
100,00 |
Source:
Bank of Greece
Directory of Statistics
Section for Balance of Payment Statistics
Office of Foereign Investments
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