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==History == ==History ==
{{seealso|Economic history of Greece and the Greek world}} {{See also|Economic history of Greece and the Greek world}}
] between 1996 and 2006]] ] between 1996 and 2006]]
The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world due to the ]) has been little researched. Recent research <ref> K. Kostis and S. Petmezas (ed.), ''I anaptixi tis Ellinikis oikonomias ton 19o aiona (Development of the Greek economy in the 19th century)'', Alexandria publications, Athens (2006) </ref> examines the gradual development of industry and further development of shipping in a predominantly agricultural economy, calculating an average rate of per capita GDP growth between 1833 and 1911 that was only slightly lower than that of Western European nations. Other studies support this view, providing comparative measures of standard of living. The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938,<ref> Paul Bairoch, ''Europe's GNP 1800-1975'', J. of European Economic History, 5, pp. 273-340 (1976)</ref><ref> Angus Maddison, ''Monitoring the World Economy 1820-1992'', OECD (1995)</ref> 75% in 1980 and 90% in 2007 <ref> Eurostat, including updated data since 1980 and data released in April, 2008</ref>{{vn}} , while it stood at 96.4% in 2008 according to CIA Factbook (September 2009 data). The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world due to the ]) has been little researched. Recent research <ref> K. Kostis and S. Petmezas (ed.), ''I anaptixi tis Ellinikis oikonomias ton 19o aiona (Development of the Greek economy in the 19th century)'', Alexandria publications, Athens (2006) </ref> examines the gradual development of industry and further development of shipping in a predominantly agricultural economy, calculating an average rate of per capita GDP growth between 1833 and 1911 that was only slightly lower than that of Western European nations. Other studies support this view, providing comparative measures of standard of living. The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938,<ref> Paul Bairoch, ''Europe's GNP 1800-1975'', J. of European Economic History, 5, pp. 273-340 (1976)</ref><ref> Angus Maddison, ''Monitoring the World Economy 1820-1992'', OECD (1995)</ref> 75% in 1980 and 90% in 2007 <ref> Eurostat, including updated data since 1980 and data released in April, 2008</ref>{{Verify source|date=September 2009}} , while it stood at 96.4% in 2008 according to CIA Factbook (September 2009 data).


In 2004, ], the statistical arm of the ], after an audit performed by the New Democracy government, revealed that the budgetary statistics on the basis of which Greece joined the European monetary union (budget deficit was one of four key criteria for entry), had been massively underreported by the previous Greek government (mostly by not recording a large share of military expenses).<ref>{{cite web|url=http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/GREECE/EN/GREECE-EN.PDF|title=REPORT BY EUROSTAT ON THE REVISION OF THE GREEK GOVERNMENT DEFICIT AND DEBT FIGURES|format=pdf|date=2004-11-22}}</ref> However, even according to the revised budget deficit numbers calculated according to the methodology in force at the time of Greece's application for entry into the Eurozone, the criteria for entry had been met.<ref>{{cite web|url=http://www.hri.org/news/greek/ana/2004/04-12-08.ana.html#09|title=Finmin says fiscal data saga has ended in wake of EU report|date=2004-12-08}}</ref> In 2004, ], the statistical arm of the ], after an audit performed by the New Democracy government, revealed that the budgetary statistics on the basis of which Greece joined the European monetary union (budget deficit was one of four key criteria for entry), had been massively underreported by the previous Greek government (mostly by not recording a large share of military expenses).<ref>{{cite web|url=http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/GREECE/EN/GREECE-EN.PDF|title=REPORT BY EUROSTAT ON THE REVISION OF THE GREEK GOVERNMENT DEFICIT AND DEBT FIGURES|format=pdf|date=2004-11-22}}</ref> However, even according to the revised budget deficit numbers calculated according to the methodology in force at the time of Greece's application for entry into the Eurozone, the criteria for entry had been met.<ref>{{cite web|url=http://www.hri.org/news/greek/ana/2004/04-12-08.ana.html#09|title=Finmin says fiscal data saga has ended in wake of EU report|date=2004-12-08}}</ref>


Although remaining above the euro area average, economic growth will turn negative in 2009 for the first time since 1993.<ref>European Commission, ''Economic Forecast &ndash; Spring 2009'', 65</ref>{{vn}} Indicative of the 'trend' of over-loaning in recent years is the fact that the ratio exceeded deposits for lending in the first half of the 100 units, suggesting that the allocations are now more than deposits. Although remaining above the euro area average, economic growth will turn negative in 2009 for the first time since 1993.<ref>European Commission, ''Economic Forecast &ndash; Spring 2009'', 65</ref>{{Verify source|date=September 2009}} Indicative of the 'trend' of over-loaning in recent years is the fact that the ratio exceeded deposits for lending in the first half of the 100 units, suggesting that the allocations are now more than deposits.
<ref>{{cite web|url=http://stocks.pathfinder.gr/news/560812.html|title=Ζούμε με δανεικά|language=Greek|date=2007-10-16}}</ref> <ref>{{cite web|url=http://stocks.pathfinder.gr/news/560812.html|title=Ζούμε με δανεικά|language=Greek|date=2007-10-16}}</ref>


==Maritime industry== ==Maritime industry==
{{main|Greek shipping|List of ports in Greece}} {{Main|Greek shipping|List of ports in Greece}}
The shipping industry is a key element of Greek economic activity dating back to ancient times.<ref name=shipping>{{cite web |url=http://www.greece.org/poseidon/work/articles/polemis_one.html |title=The History of Greek Shipping |last=Polemis |first=Spyros M. |publisher=www.greece.org |work= |accessdate=2007-04-09}}</ref> Today, shipping is one of the country's most important industries. It accounts for 4.5% of ], employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit.<ref name =nbg>{{cite web |url=http://www.nbg.gr/en/pr_release_resb.asp?P_ID=463 |work=National Bank of Greece |publisher=www.nbg.gr |title=Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy The shipping industry is a key element of Greek economic activity dating back to ancient times.<ref name=shipping>{{cite web |url=http://www.greece.org/poseidon/work/articles/polemis_one.html |title=The History of Greek Shipping |last=Polemis |first=Spyros M. |publisher=www.greece.org |work= |accessdate=2007-04-09}}</ref> Today, shipping is one of the country's most important industries. It accounts for 4.5% of ], employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit.<ref name =nbg>{{cite web |url=http://www.nbg.gr/en/pr_release_resb.asp?P_ID=463 |work=National Bank of Greece |publisher=www.nbg.gr |title=Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy
|date=2006-05-11 |accessdate=2007-04-08}}</ref> |date=2006-05-11 |accessdate=2007-04-08}}</ref>
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==Tourism== ==Tourism==
{{main|Tourism in Greece}} {{Main|Tourism in Greece}}
According to a survey conducted in ] in 2005, Greece was voted as the Chinese people's number one choice as a tourist destination,<ref>{{cite web|url=http://www.skyscrapercity.com/showpost.php?p=5623408&postcount=1 |title=View Single Post - Thank you China! With love from Greece! |publisher=SkyscraperCity |date= |accessdate=2009-03-22}}</ref> and 6,088,287 tourists visited only the city of ], the capital city. In November 2006, Austria, like China, announced that Greece was the favourite destination.<ref></ref>{{dead link|date=March 2009}} According to a survey conducted in ] in 2005, Greece was voted as the Chinese people's number one choice as a tourist destination,<ref>{{cite web|url=http://www.skyscrapercity.com/showpost.php?p=5623408&postcount=1 |title=View Single Post - Thank you China! With love from Greece! |publisher=SkyscraperCity |date= |accessdate=2009-03-22}}</ref> and 6,088,287 tourists visited only the city of ], the capital city. In November 2006, Austria, like China, announced that Greece was the favourite destination.<ref></ref>{{Dead link|date=March 2009}}


==References== ==References==
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{{Economy of Europe}} {{Economy of Europe}}
{{Organisation for Economic Co-operation and Development}} {{Organisation for Economic Co-operation and Development}}



] ]

Revision as of 14:10, 29 September 2009

Economy of Greece
File:2 euro Greece.jpgsyopin
Currency1 euro = 100 lepta (cents)
Fiscal yearCalendar year
Trade organisationsEU, WTO, OECD and BSEC
Statistics
GDP$351.3 billion (2008 est.)
GDP growth0.3% (Q1 2009)
GDP per capita$32,800 (2008)
GDP by sectoragriculture (5.1%), industry (20.6%), services (74.4%) - 2006
Inflation (CPI)0.5% (Jun 2009)
Population below poverty line< 2.0% (2009)
Labour force4.95 million (Apr 2009)
Labour force by occupationagriculture (12%), industry (20%), services (68%) - 2004
Unemployment9.4% (Apr 2009)
Main industriestourism; shipping; Industrial products, food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
External
Exports$27.4 billion (2008 est.)
Main export partnersGermany 11.5%, Italy 10.8%, Cyprus 6.5%, Bulgaria 5.4%, UK 5.4%, Romania 4.5%, France 4.2%, U.S. 4.0%, Turkey 3.6%, Spain 3.4% (2007)
Imports$82.28 billion (2008 est.)
Main import partnersGermany 12.9%, Italy 11.7%, France 5.6%, Russia 5.6%, Netherlands 5.0%, China 5.0%(2007)
Public finances
Government debt90.1% of GDP (2008 est.)
Revenues$132.4 billion
Expenses$143.8 billion (2008 est.)
All values, unless otherwise stated, are in US dollars.

Greece has, according to the International Monetary Fund, an estimated average per capita income of $30,661 for the year 2008, comparable to that of Germany, France or Italy. According to Eurostat data, Greek PPS GDP per capita stood at 95 per cent of the EU average in 2008. Greece ranks 18th in the 2006 HDI, 22nd on The Economist's 2005 worldwide quality-of-life index.

The Greek labor force totals 4.9 million, and it is the second most industrious between OECD countries, after South Korea. The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country with the largest work/hour ratio among European nations; Greeks worked an average of 1,900 hours per year, followed by the Spanish (average of 1,800 hours/year).

History

See also: Economic history of Greece and the Greek world
GDP Growth of Greece compared to the Eurozone between 1996 and 2006

The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world due to the Industrial revolution) has been little researched. Recent research examines the gradual development of industry and further development of shipping in a predominantly agricultural economy, calculating an average rate of per capita GDP growth between 1833 and 1911 that was only slightly lower than that of Western European nations. Other studies support this view, providing comparative measures of standard of living. The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938, 75% in 1980 and 90% in 2007 , while it stood at 96.4% in 2008 according to CIA Factbook (September 2009 data).

In 2004, Eurostat, the statistical arm of the European Commission, after an audit performed by the New Democracy government, revealed that the budgetary statistics on the basis of which Greece joined the European monetary union (budget deficit was one of four key criteria for entry), had been massively underreported by the previous Greek government (mostly by not recording a large share of military expenses). However, even according to the revised budget deficit numbers calculated according to the methodology in force at the time of Greece's application for entry into the Eurozone, the criteria for entry had been met.

Although remaining above the euro area average, economic growth will turn negative in 2009 for the first time since 1993. Indicative of the 'trend' of over-loaning in recent years is the fact that the ratio exceeded deposits for lending in the first half of the 100 units, suggesting that the allocations are now more than deposits.

Maritime industry

Main articles: Greek shipping and List of ports in Greece

The shipping industry is a key element of Greek economic activity dating back to ancient times. Today, shipping is one of the country's most important industries. It accounts for 4.5% of GDP, employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit.

During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis and Niarchos. The basis of the modern Greek maritime industry was formed after World War II when Greek shipping businessmen were able to amass surplus ships sold to them by the United States Government through the Ship Sales Act of the 1940s. According to the BTS, the Greek-owned maritime fleet is today the largest in the world, with 3,079 vessels accounting for 18% of the world's fleet capacity (making it the largest of any other country) with a total dwt of 141,931 thousand (142 million dwt). In terms of ship categories, Greece ranks first in both tankers and dry bulk carriers, fourth in the number of containers, and fourth in other ships. However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 70's.

Tourism

Main article: Tourism in Greece

According to a survey conducted in China in 2005, Greece was voted as the Chinese people's number one choice as a tourist destination, and 6,088,287 tourists visited only the city of Athens, the capital city. In November 2006, Austria, like China, announced that Greece was the favourite destination.

References

  1. World Economic Outlook Database-October 2008 "IMF World Economic Outlook, October 2007". {{cite web}}: Check |url= value (help)
  2. "GDP per capita in PPS" (PDF). Eurostat. Retrieved 2009-06-25.
  3. "Country Fact Sheets: Greece". UNDP. hdr.undp.org. Retrieved 2007-04-08.
  4. "The Economist Intelligence Unit's quality-of-life index (2005)" (PDF). The Economist. www.economist.com. Retrieved 2007-04-08.
  5. Posted by internetakias. "Οι Ελληνες 2οι πιο σκληρά εργαζόμενοι στον κόσμο!". Internetakias.gr. Retrieved 2009-03-22.
  6. e-go.gr , Pegasus Interactive (2008-10-06). "v4.ethnos.gr - Oι αργίες των Eλλήνων - ειδησεις, κοινωνια, ειδικες δημοσιευσεις". Ethnos.gr. Retrieved 2009-01-06.
  7. K. Kostis and S. Petmezas (ed.), I anaptixi tis Ellinikis oikonomias ton 19o aiona (Development of the Greek economy in the 19th century), Alexandria publications, Athens (2006)
  8. Paul Bairoch, Europe's GNP 1800-1975, J. of European Economic History, 5, pp. 273-340 (1976)
  9. Angus Maddison, Monitoring the World Economy 1820-1992, OECD (1995)
  10. Eurostat, including updated data since 1980 and data released in April, 2008
  11. "REPORT BY EUROSTAT ON THE REVISION OF THE GREEK GOVERNMENT DEFICIT AND DEBT FIGURES" (pdf). 2004-11-22.
  12. "Finmin says fiscal data saga has ended in wake of EU report". 2004-12-08.
  13. European Commission, Economic Forecast – Spring 2009, 65
  14. "Ζούμε με δανεικά" (in Greek). 2007-10-16.
  15. ^ Polemis, Spyros M. "The History of Greek Shipping". www.greece.org. Retrieved 2007-04-09.
  16. "Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy". National Bank of Greece. www.nbg.gr. 2006-05-11. Retrieved 2007-04-08.
  17. ^ Engber, Daniel (2005-08-17). "So Many Greek Shipping Magnates..." Slate. Washington Post/slate.msn.com. Retrieved 2007-04-09.
  18. ^ "Top 20 Ranking of World Merchant Fleet by Country of Owner as of 1 January 2001a". Bureau of Transportation Statistics. www.bts.gov. 2001. Retrieved 2007-04-08.
  19. "View Single Post - Thank you China! With love from Greece!". SkyscraperCity. Retrieved 2009-03-22.
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