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Economy - overview:
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Greece has a mixed capitalist economy with the public sector accounting for about half of GDP and with per capita GDP 70% of the Big Four European 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 economy has improved steadily over the last few years, as the government tightened policy in the run-up to Greece's entry into the EU's Economic and Monetary Union (EMU) on 1 January 2001. Major challenges remaining include the reduction of unemployment and further restructuring of the economy, including privatizing several state enterprises, undertaking social security reforms, overhauling the tax system, and minimizing bureaucratic inefficiencies. Economic growth is forecast at roughly 4% in 2003.
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GDP:
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purchasing power parity - $201.1 billion (2002 est.)
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GDP - real growth rate:
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3.5% (2002 est.)
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GDP - per capita:
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purchasing power parity - $19,000 (2002 est.)
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GDP - composition by sector:
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agriculture: 9%
industry: 22%
services: 70% (2000) (2000)
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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% (1993 est.)
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Distribution of family income - Gini index:
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33 (1993)
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Inflation rate (consumer prices):
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3.6% (2002)
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Labor force:
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4.32 million (1999 est.)
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Labor force - by occupation:
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industry 21%, agriculture 20%, services 59% (2000 est.)
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Unemployment rate:
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10.3% (2002 est.)
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Budget:
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revenues: $45 billion
expenditures: $47.6 billion, including capital expenditures of $NA (1998 est.)
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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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7% (2000 est.)
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Electricity - production:
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49.581 billion kWh (2000)
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Electricity - production by source:
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fossil fuel: 92%
hydro: 7%
other: 2% (2000)
nuclear: 0%
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Electricity - consumption:
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46.099 billion kWh (2000)
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Electricity - exports:
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1.74 billion kWh (2000)
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Electricity - imports:
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1.729 billion kWh (2000)
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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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Exports:
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$12.6 billion f.o.b. (2002)
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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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EU 51.6% (Germany 15.9%, Italy 13.5%, UK 6.4%), US 5.7% (1999)
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Imports:
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$31.4 billion f.o.b. (2002)
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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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EU 66.2% (Italy 15.6%, Germany 15%, France 9.2%, Netherlands 6.4%) (1999)
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Debt - external:
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$63.4 billion (2002 est.)
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Economic aid - recipient:
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$5.4 billion from EU (1997 est.)
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Currency:
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euro (EUR); drachma (GRD)
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; GRD
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Exchange rates:
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euros per US dollar - 1.1324 (January 2002), 1.1175 (2001); drachmae per US dollar - 380.21 (December 2000), 365.40 (2000), 305.65 (1999), 295.53 (1998), 273.06 (1997)
note: in January 2001, the drachma became a participating currency within the Eurosystem, and the euro market rate became applicable to all transactions
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Fiscal year:
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calendar year
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