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1994-05-02
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<text>
<title>
Greece: Economy
</title>
<article><hdr>The World Factbook 1993: Greece
Economy</hdr><body>
<p>Overview: Greece has a mixed capitalist economy with the basic
entrepreneurial system overlaid in 1981-89 by a socialist system that
enlarged the public sector from 55% of GDP in 1981 to about 70% when
Prime Minister MITSOTAKIS took office. Tourism continues as a major
source of foreign exchange, and agriculture is self-sufficient except
for meat, dairy products, and animal feedstuffs. Since 1986, real GDP
growth has averaged only 1.6% a year, compared with the Europen
Community average of 3%. The MITSOTAKIS government has made little
progress during its two and one-half years in power in coming to
grips with Greece's main economic problems: an inflation rate still
four times the EC average, a large public sector deficit, and a
fragile current account position. In early 1991, the government
secured a three-year, $2.5 billion assistance package from the EC
under the strictest terms yet imposed on a member country, as the EC
finally ran out of patience with Greece's failure to put its
financial affairs in order. On the advice of the EC Commission,
Greece delayed applying for the second installment until 1993 because
of the failure of the government to meet the 1992 targets. Although
MITSOTAKIS faced down the unions in mid-1992 in a dispute over
privatization plans, social security reform, and tax and price
increases, and his new economics czar, Stephanos MANOS, is a
respected economist committed to renovating the ailing economy.
However, a national elections due by May 1994 will probably prompt
MITSOTAKIS to backtrack on economic reform. In 1993, the GDP growth
rate likely will remain low; the inflation rate probably will
continue to fall, while remaining the highest in the EC.
</p>
<p>National product: GDP - purchasing power equivalent - $82.9 billion
(1992)
</p>
<p>National product real growth rate: 1.2% (1992)
</p>
<p>National product per capita: $8,200 (1992)
</p>
<p>Inflation rate (consumer prices): 15.6% (1992)
</p>
<p>Unemployment rate: 9.1% (1992)
</p>
<p>Budget: revenues $37.6 billion; expenditures $45.1 billion,
including capital expenditures of $5.4 billion (1993)
</p>
<list>
<l>Exports: $6.8 billion (f.o.b., 1991)</l>
<l> commodities: manufactured goods 53%, foodstuffs 31%, fuels
9%</l>
<l> partners: Germany 24%, France 18%, Italy 17%, UK 7%, US
6%</l>
<l>Imports: $21.5 billion (c.i.f., 1991)</l>
<l> commodities: manufactured goods 71%, foodstuffs 14%, fuels
10%</l>
<l> partners: Germany 20%, Italy 14%, France 8%, UK 5%, US
4%</l>
</list>
<p>External debt: $23.7 billion (1991)
</p>
<p>Industrial production: growth rate -1.0% (1991); accounts for 20%
of GDP
</p>
<p>Electricity: 10,500,000 kW capacity; 36,400 million kWh produced,
3,610 kWh per capita (1992)
</p>
<p>Industries: food and tobacco processing, textiles, chemicals, metal
products, tourism, mining, petroleum
</p>
<p>Agriculture: including fishing and forestry, accounts for 15% of
GDP and 27% of the labor force; principal products - wheat, corn,
barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes;
self-sufficient in food except meat, dairy products, and animal
feedstuffs; fish catch of 116,600 metric tons in 1988
</p>
<p>Illicit drugs: illicit producer of cannabis and limited opium;
mostly for domestic production; serves as 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;
transshipment point for Southwest Asian heroin transiting the Balkan
route
</p>
<p>Economic aid: US commitments, including Ex-Im (FY70-81), $525
million; Western (non-US) countries, ODA and OOF bilateral
commitments (1970-89), $1,390 million
</p>
<p>Currency: 1 drachma (Dr)=100 lepta
</p>
<p>Exchange rates: drachma (Dr) per US$1 - 215.82 (January 1993),
190.62 (1992), 182.27 (1991), 158.51 (1990), 162.42 (1989), 141.86
(1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>