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Economy of Greece

Greek agriculture, shipping and tourism
Currency	1 euro (ευρώ) = 100 cents (λεπτά)
Fiscal year	Calendar year
Trade organisations	EU, WTO, OECD, BSEC
Statistics
GDP	$254.978 billion (nom, 2012 est.) $280.796 billion (PPP, 2012 est.)
GDP growth	−6.4% (2012 est)
GDP per capita	$22,757 (nom, 2012 est.)
GDP by sector	Agriculture, forestry and fishing: 3%; mining & manufacturing: 12%; construction: 4%; commerce, transport & tourism: 23%; finance, real estate & insurance activities: 16%; public administration, defence, education, health services & social security: 17%; information & communication: 4%; professional, scientific and technical activities: 5%; arts & entertainment: 4%; taxes less subsidies on products: 12% (2011, in current prices)
Inflation (CPI)	−0.2% (March 2013)
Population below poverty line	31% (3.4 million) at risk of poverty or social exclusion (2011)
Gini coefficient	33.6 (2011)
Labour force	5 million (December 2012)
Labour force by occupation	agriculture: 12.4%; industry: 22.4%; services: 65.1% (2005 est.)
Unemployment	26.4% (1.3 million; December 2012)
Average gross salary	$1.565 (2011 monthly)
Average net salary	$1.250 (2011 monthly)
Main industries	tourism; shipping; industrial products, food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
External
Exports	$26.67 billion (2012 est.)
Export goods	food and beverages, manufactured goods, petroleum products, chemicals, textiles
Main export partners	Italy 9.5%, Turkey 7.9%, Germany 7.9%, Cyprus 6.1%, Bulgaria 5.5%, United States 5.2%, China 5.1%, Switzerland 4.7%, Belgium 4.7%, Poland 4.3% (2011)
Imports	$57.92 billion (2012 est.)
Import goods	machinery, transport equipment, fuels, chemicals
Main import partners	Germany 10.6%, Russia 9.4%, Italy 9.2%, China 5.7%, Netherlands 5.5%, France 5%, Iran 4.5%, Czech Republic 4.1% (2011)
FDI stock	$27.43 billion (62nd; 31 December 2011)
Gross external debt	$583.3 billion (30 June 2011)
Public finances
Government debt	$451.8 billion (161.3% of GDP 2012 est.)
Revenues	$108.7 billion (2012 est.)
Expenses	$128 billion (2012 est.)
Credit rating	Fitch: CCC Moody's: C Standard & Poor's: B- AAA (T&C Assessment) Outlook: Stable
Foreign reserves	$7.74 billion (November 2012)
All values, unless otherwise stated, are in US dollars.

The economy of Greece is the 32th or 39nd largest in the world at $299 or $304 billion by nominal gross domestic product or purchasing power parity respectively, according to World Bank statistics for the year 2011. Additionally, Greece is the 15th largest economy in the 27-member European Union. In terms of per capita income, Greece is ranked 29th or 33rd in the world at $27,875 and $27,624 for nominal GDP and purchasing power parity respectively.

A developed country, the economy of Greece mainly revolves around the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output. Important Greek industries include tourism (with 14.9 million international tourists in 2009, it is ranked as the 7th most visited country in the European Union and 16th in the world by the United Nations World Tourism Organization) and merchant shipping (at 16.2% of the world's total capacity, the Greek merchant marine is the largest in the world), while the country is also a considerable agricultural producer (including fisheries) within the union. With an economy larger than all the Balkan economies combined, Greece is the largest economy in the Balkans, and an important regional investor.

The Greek economy is classified as an advanced and high-income one, and Greece was a founding member of the Organisation for Economic Co-operation and Development (OECD) and the Organization of the Black Sea Economic Cooperation (BSEC). In 1979 the accession of the country in the European Communities and the single market was signed, and the process was completed in 1982. In January 2001 Greece adopted the Euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachma to the Euro. Greece is also a member of the International Monetary Fund and the World Trade Organization, and is ranked 31st on the KOF Globalization Index for 2010 and 34th on the Ernst & Young’s Globalization Index 2011.

The country's economy was devastated by the Second World War, and the high levels of economic growth that followed throughout the 1950s to 1970s are dubbed the Greek economic miracle. Since the turn of the millennium, Greece saw high levels of GDP growth above the Eurozone average peaking at 5.9% in 2003 and 5.5% in 2006. Due to the late-2000s financial crisis and the European sovereign debt crisis, the Greek economy saw growth rates of −7.1% in 2011, −4.9% in 2010, −3.1% in 2009 and −0.2% in 2008. In 2011, the country's public debt stood at €355.658 billion (170.6% of nominal GDP). After negotiating the biggest debt restructuring in history with the private sector, Greece reduced its sovereign debt burden to €280 billion (136.9% of GDP) in the first quarter of 2012.

History

This section appears to be slanted towards recent events. Please try to keep recent events in historical perspective and add more content related to non-recent events. (October 2011)

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 from 2006 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 the other Western European nations. Nonetheless, Greece faced economic hardships and defaulted on its loans in 1826, 1843, 1860 and 1893.

Other studies support the above view on the general trends in the economy, 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, 90% in 2007, 96.4% in 2008, 97.9% in 2009 and larger than countries such as South Korea, Italy, and Israel.

The country's post-World War II development has largely been connected with the so-called Greek economic miracle. During that period, Greece saw growth rates second only to those of Japan, while ranking first in Europe in terms of GDP growth. It is indicative that between 1960 and 1973 the Greek economy grew by an average of 7.7%, in contrast to 4.7% for the EU15 and 4.9 for the OECD. Also during that period, exports grew by an average annual rate of 12.6%.

Strengths and weaknesses

Greece enjoys a high standard of living and "very high" Human Development Index, ranking 29th in the world in 2011, and 22nd on The Economist's 2005 worldwide quality-of-life index. GDP per capita, expressed in purchasing power standards (PPS), fell from 94 per cent of the EU average in 2009 to 79 per cent in 2011. Actual Individual Consumption (AIC) per capita fell from 104 to 91 per cent of the EU average during the same period.

Greece's main industries are tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum. Greece's GDP growth has also, as an average, since the early 1990s been higher than the EU average. However, the Greek economy also faces significant problems, including rapidly rising unemployment levels, an inefficient public sector bureaucracy, tax evasion, corruption and low global competitiveness.

According to Berlin-based Transparency International, Greece has the EU's worst Corruption Perceptions Index (36) and is ranked 94th in the world. It also has the EU's lowest Index of Economic Freedom and Global Competitiveness Index, ranking 117th and 96th respectively.

After 14 consecutive years of economic growth, Greece went into recession in 2008. An indication of the trend of over-lending in recent years is the fact that the ratio of loans to savings exceeded 100% during the first half of the year.

By the end of 2009, the Greek economy (based on data revised on 15 November 2010 in part due to reclassification of expenses) faced the highest budget deficit and government debt to GDP ratios in the EU. The 2009 budget deficit stood at 15.4% of GDP. This, and rising debt levels (127% of GDP in 2009) led to rising borrowing costs, resulting in a severe economic crisis.

Greece was accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis. This resulted from the massive revision of the 2009 budget deficit forecast by the new Socialist government elected in October 2009, from "6–8%" (estimated by the previous government) to 12.7% (later revised to 15.4%). However, the degree to which the new figure was accurate is questionable, and the Hellenic Parliament voted in favor of an investigation on the case on 23 February 2012 after accusations by a former member of the Hellenic Statistical Authority that the deficit had been artificially inflated to justify harder austerity measures.

The Greek labor force, which totals approximately 5 million, works the second highest number of hours per year on average among OECD countries, after South Korea. The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country whose workers worked the most hours/year among European nations; Greeks worked an average of 1,900 hours per year, followed by Spaniards (average of 1,800 hours/year).

As a result of the on-going economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011, One of the sectors hardest hit has been the garment industry, a traditional mainstay of the economy. while the volume of building activity saw a reduction of 73.1% between January 2010 and January 2011. Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011.

Between 2008 and 2012 unemployment skyrocketed, from a generational low of 7.2% in the second and third quarters of 2008 to a high of 27.0% in November 2012, leaving over a million jobless. At the same time, youth unemployment reached a new high of 61.7%.

A recent OECD annual Taxing Wages report found that, in absolute figures, the average gross income in Greece fell from 20,457 euros in 2010 to 15,729 euros in 2011, equivalent to a real decline of 25.3 percent, taking into account a 3% rate of inflation.

Eurozone entry

Greece was accepted into the Economic and Monetary Union of the European Union by the European Council on 19 June 2000, based on a number of criteria (inflation rate, budget deficit, public debt, long-term interest rates, exchange rate) using 1999 as the reference year. After an audit commissioned by the incoming New Democracy government in 2004, Eurostat revealed that the statistics for the budget deficit had been under-reported.

Most of the differences in the revised budget deficit numbers were due to a temporary change of accounting practices by the new government, i.e., recording expenses when military material was ordered rather than received. However, it was the retroactive application of ESA95 methodology (applied since 2000) by Eurostat, that finally raised the reference year (1999) budget deficit to 3.38% of GDP, thus exceeding the 3% limit. This led to claims that Greece (similar claims have been made about other European countries like Italy) had not actually met all five accession criteria, and the common perception that Greece entered the Eurozone through "falsified" deficit numbers.

In the 2005 OECD report for Greece, it was clearly stated that “the impact of new accounting rules on the fiscal figures for the years 1997 to 1999 ranged from 0.7 to 1 percentage point of GDP; this retroactive change of methodology was responsible for the revised deficit exceeding 3% in 1999, the year of EMU membership qualification”. The above led the Greek minister of finance to clarify that the 1999 budget deficit was below the prescribed 3% limit when calculated with the ESA79 methodology in force at the time of Greece's application, and thus the criteria had been met.

The original accounting practice for military expenses was later restored in line with Eurostat recommendations, theoretically lowering even the ESA95-calculated 1999 Greek budget deficit to below 3% (an official Eurostat calculation is still pending for 1999).

An error very frequently made in press reports is the confusion of the discussion regarding Greece’s Eurozone entry with the controversy regarding usage of derivatives’ deals with U.S. Banks by Greece and other Eurozone countries to artificially reduce their reported budget deficits. A currency swap arranged with Goldman Sachs allowed Greece to “hide” $1 billion of debt, however, this affected deficit values after 2001 (when Greece had already been admitted into the Eurozone) and is not related to Greece’s Eurozone entry.

A study by forensic accountants has found that data submitted by Greece to Eurostat had a statistical distribution indicative of manipulation.

2010–present government debt crisis

By the end of 2009, as a result of a combination of international and local factors the Greek economy faced its most-severe crisis since the restoration of democracy in 1974 as the Greek government revised its deficit from a prediction of 3.7% in early 2009 and 6% in September 2009, to 12.7% of gross domestic product (GDP).

In early 2010, it was revealed that through the assistance of Goldman Sachs, JPMorgan Chase and numerous other banks, financial products were developed which enabled the governments of Greece, Italy and possibly other countries to hide their borrowing. This had enabled Greek governments to spend beyond their means, while meeting the deficit targets of the European Union and the monetary union guidelines.

In May 2010, the Greek government deficit was again revised and estimated to be 13.6% for the year, which was one of the highest in the world relative to GDP. Total public debt was forecast, according to some estimates, to hit 120% of GDP during 2010,

As a consequence, there was a crisis in international confidence in Greece's ability to repay its sovereign debt. In order to avert such a default, in May 2010 the other Eurozone countries, and the IMF, agreed to a rescue package which involved giving Greece an immediate €45 billion in bail-out loans, with more funds to follow, totaling €110 billion. In order to secure the funding, Greece was required to adopt harsh austerity measures to bring its deficit under control. Their implementation will be monitored and evaluated by the European Commission, the European Central Bank and the IMF.

On 15 November 2010 the EU's statistics body Eurostat revised the public finance and debt figure for Greece following an excessive deficit procedure methodological mission in Athens, and put Greece's 2009 government deficit at 15.4% of GDP and public debt at 126.8% of GDP making it the biggest deficit (as a percentage of GDP) amongst the EU member nations (although some have speculated that Ireland's in 2010 may prove to be worse).

The financial crisis – particularly the austerity package put forth by the EU and the IMF – has been met with anger by the Greek public, leading to riots and social unrest. Despite the long range of austerity measures, the government deficit has not been reduced accordingly, mainly, according to many economists, due to the subsequent recession. Consequently, the country's debt to GDP continues to rise rapidly.

The Greek public sector continues to be bloated, but the government has been reluctant to make civil servants redundancies. Immigrants are sometimes treated as scapegoats for economic problems by far-right extremists.

Primary sector

Agriculture and fishery

In 2010, Greece was the European Union's largest producer of cotton (183,800 tons) and pistachios (8,000 tons) and ranked second in the production of rice (229,500 tons) and olives (147,500 tons), third in the production of figs (11,000 tons) and almonds (44,000 tons), tomatoes (1,400,000 tons) and watermelons (578,400 tons) and fourth in the production of tobacco (22,000 tons). Agriculture contributes 3.3% of the country's GDP and employs 12% of the country's labor force.

Greece is a major beneficiary of the Common Agricultural Policy of the European Union. As a result of the country's entry to the European Community, much of its agricultural infrastructure has been upgraded and agricultural output increased. Between 2000 and 2007 organic farming in Greece increased by 885%, the highest change percentage in the EU.

In 2007, Greece accounted for 19% of the EU's fishing haul in the Mediterranean sea, ranked third with 85,493 tons, and ranked first in the number of fishing vessels in the Mediterranean between European Union members. Additionally, the country ranked 11th in the EU in total quantity of fish caught, with 87,461 tons.

Service sector

Maritime industry

Shipping has traditionally been a key sector in the Greek economy since ancient times. In 1813, the Greek merchant navy was made up of 615 ships. Its total tonnage was 153,580 tons and was manned with 37,526 crewmembers and 5,878 cannons. In 1914 the figures stood at 449,430 tons and 1,322 ships (of which 287 were steam boats).

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.

Currently Greece has the largest merchant navy in the world as a percentage of the world's total dwt, at 16.2% according to a United Nations Conference on Trade and Development 2011 report, an increase from 15.98% in 2010. Although a drop from the capacity of 18.2% of the world's total that the country's merchant fleet controlled in 2006, the Greek Merchant Navy is still the largest, but followed closely by that of Japan, at 15.8%.

The Greek merchant navy's total dwt is 202 million. Japan is second with 197 million, but Germany, which is ranked third, stands at 114 million. This comes to show that, although the Japanese merchant navy appears to be challenging the supremacy of the Greek one in terms of dwt, the Greek merchant navy's total dwt is not comparable to any other nation other than Japan. Additionally, Greece represents 41.49% of all of the European Union's dwt. However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s.

Greece is also ranked in the top 5 country merchant fleets by number of ships. In the same 2011 United Nations report, the Greek merchant navy came fourth with 3,213 ships, after Japan, China and Germany. There is a significant gap between Greece and Norway, which came fifth with 1,984 ships. A European Community Shipowners' Association report for 2010-2011 reveals that the Greek flag is the fifth-most-used internationally for shipping, while it ranks first in the EU.

In terms of ship categories, Greek companies have 22.5% of the world's tankers and 16.8% of the world's bulk carriers (in dwt). An additional equivalent of 20.05% of the world's tanker dwt is on order, with another 12.1% of bulk carriers also on order. Today, shipping is one of the country's most important industries. It accounts for 6% of GDP, employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit. Earnings from shipping amounted to €15.4 billion in 2010, while between 2000 and 2010 Greek shipping contributed a total of €140 billion (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000-2013). The same ECSA report showed that there are approximately 750 Greek shipping companies in operation.

Telecommunications

Between 1949 and the 1980s, telephone communications in Greece were a state monopoly by the Hellenic Telecommunications Organization, better known by its acronym, OTE. Despite the liberalization of telephone communications in the country in the 1980s, OTE still dominates the Greek market in its field and has emerged as one of the largest telecommunications companies in South-eastern Europe. Since 2011, the majority share holder at OTE is Deutsche Telekom, with 40%, while the Greek state has 10% of the company's shares. OTE owns a total of 13 subsidiaries in four countries across the Balkans, including Greece's top mobile telecommunications provider, Cosmote.

Other mobile telecommunications companies active in Greece are Wind Hellas and Vodafone Greece. The total number of active cellular phone accounts in the country in 2009 based on statistics from the country's mobile phone providers was over 20 million, a penetration of 180%. Additionally, there are 5.93 million active landlines in the country.

Greece has tended to lag behind its European Union partners in terms of Internet use, with the gap closing rapidly in recent years. The percentage of households with access to the Internet more than doubled between 2006 and 2011, from 23% to 50% respectively (compared with an EU average of 49% and 73%). At the same time, there has been a massive increase in the proportion of households with a broadband connection, from 4% in 2006 to 45% in 2011 (compared with an EU average of 30% and 68%). The percentage of households with Internet access increased in 2012 to more than half (53.6%), 94.8% of which via a broadband connection.

Greece ranks third in the percentage of those who have never used the Internet: 45% in 2011, down from 65% in 2006 (compared with an EU average of 24% and 42%). In all these measures, only Bulgaria and Romania rank lower in the 27-nation bloc. Greece's total internet users numbered 4.791 million in 2009.

Tourism

Tourism in the modern sense has only started to flourish in Greece in the years post-1950, although tourism in ancient times is also documented in relation to religious or sports festivals such as the Olympic Games. Since the 1950s, the tourism sector saw an uprecedented boost as arrivals went from 33,000 in 1950 to 11.4 million in 1994.

Greece attracts more than 16 million tourists each year, thus contributing between 18.2% to the nation's GDP in 2008 according to an OECD report. The same survey showed that the average tourist expenditure while in Greece was $1,073, ranking Greece 10th in the world. The number of jobs directly or indirectly related to the tourism sector were 840,000 in 2008 and represented 19% of the country's total labor force. In 2009, Greece welcomed over 19.3 million tourists, a major increase from the 17.7 million tourists the country welcomed in 2008.

The ministry responsible for tourism is the Ministry of Culture and Tourism, while Greece also owns the Greek National Tourism Organization which aims in promoting tourism in Greece.

In recent years a number of well-known tourism-related organizations have placed Greek destinations in the top of their lists. In 2009 Lonely Planet ranked Thessaloniki, the country's second-largest city, the world's fifth best "Ultimate Party Town", alongside cities such as Montreal and Dubai, while in 2011 the island of Santorini was voted as the best island in the world by Travel + Leisure. The neighbouring island of Mykonos was ranked as the 5th best island in Europe.

Industry

Between 2005 and 2011, Greece has had the highest percentage increase in industrial output compared to 2005 levels out of all 27 European Union members, with an increase of 6%. Eurostat statistics show that the industrial sector was hit by the Greek financial crisis throughout 2009 and 2010, with domestic output decreasing by 5.8% and industrial production in general by 13.4%. Currently, Greece is ranked third in the European Union in the production of marble (over 920,000 tons) after Italy and Spain.

Between 1999 and 2008, the volume of retail trade in Greece increased by an average of 4.4% per annum (a total increase of 44%), while it decreased by 11.3% in 2009. The only sector that did not see negative growth in 2009 was administration and services, with a marginal growth of 2.0%.

In 2009, Greece's labor productivity was 98% that of the EU average, but its productivity-per-hour-worked was 74% that the Eurozone average. The largest industrial employer in the country (in 2007) was the manufacturing industry (407,000 people), followed by the construction industry (305,000) and mining (14,000).

Trade and investment

Since the fall of communism, Greece has invested heavily in neighbouring Balkan countries. Between 1997 and 2009, 12.11% of foreign direct investment capital in the Republic of Macedonia was Greek, ranking fourth. In 2009 alone, Greeks invested €380 million in the country, with companies such as Hellenic Petroleum having made important strategic investments.

Greece invested €1.38 billion in Bulgaria between 2005 and 2007 and many important companies (including Bulgarian Postbank, United Bulgarian Bank Coca-Cola Bulgaria) are owned by Greek financial groups. In Serbia, 250 Greek companies are active with a total investment of over €2 billion. Romanian statistics from 2005 show that Greek investment in the country exceeded €3 billion.

Since the 2009 crisis, Greece's negative balance of trade has decreased significantly from €43.3 billion in 2008 to €21.5 billion in 2012. Exports in 2012 saw an overall increase of 13.4%, while imports rose by a more modest 1.5%.

Imports and exports in 2008; values in millions

Rank	Imports		Rank	Exports
	Origin	Value		Destination	Value
1	Germany	€7,238.2	1	Denmark	€2,001.9
2	Italy	€6,918.5	2	Italy	€1,821.3
3	Russia	€4,454.0	3	France	€1,237.0
4	China	€3,347.1	4	Netherlands	€1,103.0
5	France	€3,098.0	5	Russia	€885.4
–	European Union	€33,330.5	–	European Union	€11,102.0
–	Total	€60,669.9	–	Total	€17,334.1

Imports and exports in 2011; values in millions

Rank	Imports		Rank	Exports
	–	European Union		€22,688.5	–	European Union	€11,377.7
–	Total	€42,045.4	–	Total	€22,451.1

According to an OECD report in 2011, Greece is set to have a positive balance of trade of €12.3 billion by 2013 (the figure includes imports/exports of both goods and services). The head of the European Investment Bank, Werner Hoyer, said on 4 March 2012 that Greece would receive loans for a total of €2 billion in what Mr. Hoyer dubbed a "new Marshall Plan".

Transport

As of 2010, Greece has a total of 81 airports, of which 67 are paved and six have runways longer than 3,047 meters. Of these airports, two are classified as "international" by the Hellenic Civil Aviation Authority, but 15 offer international services. Additionally Greece has 9 heliports. Greece does not have a flag carrier, but the country's airline industry is dominated by Olympic Air, the largest airline by number of destinations served, and Aegean Airlines, the largest airline by number of passengers carried.

Between 1975 and 2009 Olympic Airlines was the country's flag carrier, but financial problems lead to its privatization in 2009. Both Olympic Air and Aegean have won awards for their services; in 2009 and 2011 Aegean Airlines was awarded the "Best regional airline in Europe" award by Skytrax, and also has two gold and one silver awards by the ERA, while Olympic Air holds one silver ERA award for "Airline of the Year" as well as a "Condé Nast Traveller 2011 Readers Choice Awards: Top Domestic Airline" award.

The Greek road network is made up of 116,711 km of roads, of which 948 km are highways, ranking 37th worldwide. Since the entry of Greece to the European Community (now the European Union), a number of important projects (such as the Egnatia Odos and the Attiki Odos) have been co-funded by the organization, helping to upgrade the country's road network. In 2007, Greece ranked 8th in the European Union in goods transported by road, at almost 500 million tons.

Greece's rail network is estimated to be at 2,548 km. Rail transport in Greece is operated by TrainOSE, a subsidiary of the Hellenic Railways Organization (OSE). Most of the country's network is standard gauge (1,565 km), while the country also has 983 km of narrow gauge. A total of 764 km of rail are electrified. Greece has rail connections with Bulgaria, the Republic of Macedonia and Turkey. A total of two suburban railway systems (Proastiakos) are in operation (in Athens and Thessaloniki), while one metro system is operational in Athens with another under construction.

According to Eurostat, Greece's largest port by tons of goods transported in 2010 is the port of Aghioi Theodoroi, with 17.38 million tons. The Port of Thessaloniki comes second with 15.8 million tons, followed by the Port of Piraeus, with 13.2 million tons, and the port of Eleusis, with 12.37 million tons. The total number of goods transported through Greece in 2010 amounted to 124.38 million tons, a considerable drop from the 164.3 million tons transported through the country in 2007.

In 2010 Piraeus handled 513,319 TEUs, followed by Thessaloniki, which handled 273,282 TEUs. In the same year, 83.9 million people passed through Greece's ports, 12.7 million through the port of Paloukia in Salamis, another 12.7 through the port of Perama, 9.5 million through Piraeus and 2.7 million through Igoumenitsa.

Energy

Energy production in Greece is dominated by the Public Power Corporation (known mostly by its acronym ΔΕΗ, or in English DEI). In 2009 DEI supplied for 85.6% of all energy demand in Greece, while the number fell to 77.3% in 2010. Almost half (48%) of DEI's power output is generated using lignite, a drop from the 51.6% in 2009. Another 12% comes from Hydroelectric power plants and another 20% from natural gas. Between 2009 and 2010, independent companies' energy production increased by 56%, from 2,709 Gigawatt hour in 2009 to 4,232 GWh in 2010.

In 2008 renewable energy accounted for 8% of the country's total energy consumption, a rise from the 7.2% it accounted for in 2006, but still below the EU average of 10% in 2008. 10% of the country's renewable energy comes from solar power, while most comes from biomass and waste recycling. In line with the European Commission's Directive on Renewable Energy, Greece aims to get 18% of its energy from renewable sources by 2020. Greece currently does not have any nuclear power plants in operation, however in 2009 the Academy of Athens suggested that research in the possibility of Greek nuclear power plants begin.

Greece has 10 million barrels of proved oil reserves as of 1 January 2011. Hellenic Petroleum is the country's largest oil company, followed by Motor Oil Hellas. Greece's oil production stands at 7,946 barrels per day (bbl/d), ranked 90th, while it exports 181,600 bbl/d (57th) and imports 496,600 bbl/d (25th).

In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece, with an estimated output of 250 to 300 million barrels over the next 15 to 20 years. The estimated output in Euros of the three deposits is €25 billion over a 15-year period, of which €13–€14 billion will enter state coffers. Greece's dispute with Turkey over the Aegean poses substantial obstacles to oil exploration in the Aegean Sea.

In addition to the above, Greece is also to start oil and gas exploration in other locations in the Ionian Sea as well as the Libyan Sea, within the Greek exclusive economic zone, south of Crete. The Ministry of the Environment, Energy and Climate Change announced that there was interest from various countries (including Norway and the United States) in exploration, and the first results regarding the amount of oil and gas in these locations are expected in the summer of 2012. In November 2012, a report published by Deutsche Bank estimated the value of natural gas reserves south of Crete at €427 billion.

A number of oil and gas pipelines are currently under construction or under planning in the country. Such projects include the Interconnector Turkey-Greece-Italy (ITGI) and South Stream gas pipelines.

Taxation and tax evasion

The Greek tax system is a tiered one, as Greece employs the system of progressive taxation. Greek law recognizes six categories of taxable income: immovable property, movable property (investment), income from agriculture, business, employment, and income from professional activities. Greece's personal income tax rate up until recently ranged from 0% for annual incomes below €12,000 and 45% for annual incomes over €100,000. Under the new 2010 tax reform, tax exemptions have been abolished.

Also under the new austerity measures and among other changes, the personal income tax-free ceiling has been reduced to €5,000 per annum while further future changes, for example abolition of this ceiling, are already being planned.

Greece's corporate tax has dropped from 40% in 2000 to 20% in 2010. For 2011 only, corporate tax will be at 24%. Value added tax (VAT) has gone up in 2010 compared to 2009: 23% as opposed to 19%.

The lowest VAT possible is 6.5% (previously 4.5%) for newspapers, periodicals and cultural event tickets, while a tax rate of 13% (from 9%) applies to certain service sector professions. Additionally, both employers and employees have to pay social contribution taxes, which apply at a rate of 16% for white collar jobs and 19.5% for blue collar jobs, and are used for social insurance.

The Ministry of Finance expects tax revenues for 2012 to be €52.7 billion (€23.6 billion in direct taxes and €29.1 billion in indirect taxes), an increase of 5.8% from 2011. In 2012 the government is expected to have considerably higher tax revenues than in 2011 on a number of sectors, primarily housing (an increase of 217.5% from 2011).

Tax evasion

Greece suffers from very high levels of tax evasion. In the last quarter of 2005, tax evasion reached 49%, while in January 2006 it fell to 41.6%. A study by researchers from the University of Chicago concluded that tax evasion in 2009 by self-employed professionals alone in Greece (accountants, dentists, lawyers, doctors, personal tutors and independent financial advisers) was €28 billion or 31% of the budget deficit that year.

The Tax Justice Network has said that there are over €20 billion in Swiss bank accounts held by Greeks. The former Finance Minister of Greece, Evangelos Venizelos, was quoted as saying “Around 15,000 individuals and companies owe the taxman 37 billion euros”. Additionally, the TJN puts the number of Greek-owned off-shore companies to over 10,000.

Following similar actions by the United Kingdom and Germany, the Greek government is in talks with Switzerland in order to tax bank accounts in Switzerland owned by Greek citizens. The Ministry of Finance has revealed that Greek Swiss bank account holders will either have to pay a tax or reveal information such as the identity of the bank account holder to the Greek internal revenue services. The Greek and Swiss governments are to reach a deal on the matter by the end of 2011.

Wealth and standards of living

National and regional GDP

According to Eurostat, Greece's most economically important regions in 2009 were Attica (which contributed €110.546 billion to the economy) followed by Central Macedonia (€32.285 billion), Thessaly (€11.608 billion), Crete (€11.243 billion) and West Greece (€10.659 billion). The least important were the North Aegean (€3.330 billion) and the Ionian Islands (€4.130 billion).

In terms of GDP per capita, Attica ranks first (€29,100), followed by the South Aegean (€26,800) and Central Greece (€20,500). Epirus (€15,300) and West Greece (€15,500) have the lowest values. Greece's average GDP per capita in 2010 was €21,900, below the EU average of €24,400.

Welfare state

Greece is a welfare state which provides a number of social services such as universal health care and pensions. In the 2012 budget, expenses for the welfare state (excluding education) stand at an estimated €22.487 billion (€6.577 billion for pensions and €15.910 billion for social security and health care expenses), or 31.9% of the all state expenses.

Largest companies

According to the Forbes Global 2000 index, Greece's largest publicly traded companies are:

Currency

This section needs expansion. You can help by adding to it. (November 2011)

Between 1832 and 2002 the currency of Greece was the Drachma. After having signed the Maastricht Treaty, Greece applied to join the Eurozone. The two main criteria to join the Euro currency were, that the EU country upon application time, was not allowed to exceed a public deficit of -3.0% of GDP and the debt burden should show a declining trend if it was above 60% of GDP. Greece managed to comply with the strict criteria, after having submitted its 1999 annual public account. On 1 January 2001, Greece officially joined the Eurozone, with the adoption of the Euro at the fixed exchange rate ₯340.75 to €1. In 2001 the Euro however only existed electronically, so the physical exchange from Drachma to Euro only happened on 1 January 2002. This was followed by a ten-year period for eligible exchange of drachma to Euro, which ended on 1 March 2012.

Prior to the adoption of the Euro, the majority of Greek people had a positive view of the new currency (64%). In February and June 2005 however this number fell considerably, to only 26% and 20% respectively. Since 2010 the number has risen again, and a survey in September 2011 showed that 63% of Greeks had a positive view of the Euro.

Charts gallery

See also

• Greek Financial Audit, 2004

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External links

• Nick Malkoutzis Greece – A Year in Crisis – Friedrich-Ebert-Stiftung, June 2011
• New study on the "Economic, Social and Territorial Situation of Greece" – European Parliament, Committee on Regional Development's delegation to Greece, 13 – 15 July 2011
• The Greek Economy – a bi-monthly publication by the Hellenic Statistical Authority on the state of the economy

Further reading

• Pasiouras, Fotios. Greek Banking: From the Pre-Euro Reforms to the Financial Crisis and Beyond (Palgrave Macmillan; 2012) 217 pages; covers the mid-1990s to 2011.
• Manolopoulos, J. Greece's 'Odious' Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community. London, May 2011: Anthem Press.{{cite book}}: CS1 maint: location (link)

• Use dmy dates from October 2012
• Economy of Greece
• European Union member economies
• Financial crises
• Organisation for Economic Co-operation and Development member economies
• Stock market crashes