Greece has a mixed capitalist economy with a large public sector. Thus, tourism and the shipping industry contribute approximately 15% of the country’s GDP.

Gross Domestic Product (GDP)

GDP at constant prices

In 2011, GDP at constant prices (2000=100) was recorded as EUR 182.08 billion, increasing 5.80% from 2010.

(Source: Hellenic statistical authority)

(Source: Hellenic statistical authority )

GDP at current prices

GDP at current prices was recorded as EUR 215.88 billion by the end of 2011, falling 5.89% from the previous year.

(Source: Hellenic statistical authority)

Real GDP growth rate

In Q4 2010, GDP decreased by 6.6%, from the previous year.

(Source: Hellenic statistical authority)

Gross National Income (GNI)

GNI per capita of Greece was USD 26,940 for 2010, decreasing 7.23% from 2010.

(Source: World Bank)

Income tax rate

The Individual Income tax rate in Greece varies from 18% to 40%. Greek residents are taxed on their worldwide income and non residents are taxed on the income earned in Greece.

(Source: capitaltaxconsulting.com)

Corporate Tax

The corporate tax rate in Greece was 24% in 2010. However, the tax rate was reduced to 20% in 2011.         

(Source: tax-news.com)

Inflation Rate

In 2010, the country recorded a high rate of Inflation mainly due to the 15.1% increase in transportation costs and 7.5% increase in housing prices. Additonally, higher fuel prices and increase in taxes on consumer goods also contributed to the rise in inflation rate. In 2011, the inflation rate decreased significantly, to 3.34%. For the month of February, 2012, the rate of inflation has fallen further, to 2.10%. However, excluding the effects of tax increases and tariffs needed to increase fiscal revenue, inflation was nearly 0 in 2011, much below the Monetary Union's target of 2% on a year-on-year basis. 

(Source: Hellenic statistical authority)

Foreign Direct Investment (FDI)

For the third quarter of 2010, the inflow of foreign investment in the country amounted to EUR 24,981 million and direct investment abroad amounted to EUR 28,122 million.

(Source: Bank of Greece)

Banking sector assets

In 2009, the Bank of Greece reported total assets of EUR 85,783 million, increasing 22.34% from 2008.

(Source: Bank of Greece)

Consumer price index (CPI)

The consumer price index recorded a 4.7% increase in 2010 from 2009. This increase is mainly due to the rise in fuel prices, higher taxes and fees on consumer goods, the rise in transportation costs and the increase in housing prices.

(Source: Hellenic statistical authority )

Producer Price Index (PPI)

The Producer Price Index increased by 6.5% in June 2010 from 2009. This hike was mainly due to the rise in energy prices.

The PPI for the domestic market and Non-domestic market grew by 6.1% and 8.1% respectively in June 2010 from June 2009.

(Source: Hellenic statistical authority)

Producer Price Index (PPI) in Industry – Overall Market
Main Industrial Groups	Weighting Coefficients	Dec 2010	Dec  2009	Dec 2008	Change (%) 2010/2009	Change (%) 2009/2008
Overall Market	100,000	125.9	117.1	111.5	7.6	5.0
Intermediate Goods	30,305	127.8	122.2	119.4	4.6	2.4
Capital Goods	4,541	115.6	115.0	115.4	0.5	-0.3
Durable Consumer Goods	1,818	112.7	112.1	110.7	0.5	1.3
Non-Durable Consumer Goods	31,725	109.6	109.9	109.3	-0.2	0.5
Energy	31,611	142.7	119.9	105.8	19.0	13.3

(Source: Hellenic statistical authority)

Interest rate on savings deposits and current accounts

As of December 2010, the interest rate on household saving deposits was recorded as 0.45%. 

(Source: Bank of Greece)

Interest rate on time deposits

As of December 2010, the interest rates on household deposits up to 1 year was 3.68%, on household deposits over 1 year and up to 2 years was 3.19% and interest on household deposits up to 3 months amounted to 3.33%.

(Source: Bank of Greece)

Interest rates on loans from domestic credit institutions

Loans to individuals and individual non-profit institutions	Interest rate as on December 2010
Loans without a defined maturity (overdrafts)	14.40
Credit cards	16.35
Open account loans	12.34
Debit balances on current accounts	10.83
Consumer loans
Floating rate or up to 1 year rate fixation	10.27
Over 1 and up to 5 years rate fixation	8.21
Over 5 years rate fixation	10.02
Housing loans
Floating rate or up to 1 year rate fixation	3.65
Over 1 and up to 5 years rate fixation	3.95
Over 5 and up to 10 years rate fixation	5.17
Loans for other purposes
Floating rate or up to 1 year rate fixation	7.09

(Source: Bank of Greece)

Money supply (currency in circulation)

The three measures of Monetary aggregates in Greece are- M1, M2 and M3.

M1 is the currency outside banks plus demand deposits.

M2 refers to time deposits, exchange bills, mortgage bonds, and real estate bonds. 

M3 refers to M1 plus M2 plus foreign currency time deposits, commercial paper, and shares of mutual funds or market funds held by residents.

Monetary aggregates, 2010 (EUR million)
End of period	Currency in Circulation	M1	M2	M3	M3 excluding currency in circulation
Jan	18,859	119,362	253,464	255,063	236,204
Feb	19,022	118,147	249,650	251,032	232,010
Mar	19,111	117,162	246,947	248,208	229,097
Apr	19,254	116,204	242,051	243,170	223,916
May	19,376	114,935	239,509	240,581	221,205
Jun	19,640	115,770	239,050	240,042	220,402
Jul	19,839	113,240	234,875	235,909	216,070
Aug	19,732	112,381	235,596	236,624	216,892
Sep	19,719	112,550	235,103	236,150	216,431
Oct	19,768	111,230	233,725	234,692	214,924
Nov	19,927	109,908	231,580	232,540	212,613
Dec	20,383	111,214	231,853	232,881	212,498

(Source: Bank of Greece)

Expenditure

In 2010, expenditures amounted to EUR 65.37 million, decreasing 9.0% from 2009. Specifically, the expenditure on the Public Investment Program amounted to EUR 8.436 million.

(Source: Ministry of finance)

Official exchange rate

Dollar rate per EUR for 2010 was registered at 1.33.

(Source: European Central Bank)

Government finances

Sovereign debt dynamics

Current Surplus/Deficit

In 2010, government deficit amounted to EUR 19.603 million, decreasing 36.5%, compared to the deficit of EUR 30.871 million in 2009.

(Source: Ministry of finance)

Total revenues

In 2010, the net revenue amounted to EUR 51.14 million, increasing 5.5% from 2009. Specifically, revenues generated from the Public Investment Program amounted to EUR 3.06 million.

(Source: Ministry of finance)

Current account balance

The current account balance registered a deficit of EUR 24,047.3 million in 2010.

(Source: Bank of Greece – XL Sheet)

Balance of Payments

The current account deficit for January - November 2010 amounted to EUR 22,157 million, decreasing 2.58% and 29.98% as compared to the deficit in 2009 and 2008 respectively.

Balance of Payments (EUR million)
	2010	2009	2008
Current Account balance	-24,047.3	-25,818.7	-34,797.6
Balance on Goods	-28,279.6	-30,767.3	-44,048.8
Balance on Services	13,230.1	12,640.2	17,135.6
Balance on Income	-9,228.3	-8,984.3	-10,643.0
Current Transfers	230.4	1,292.6	2,758.6
Capital Transfers	2,071.5	2,017.4	4,090.8
Financial account	21,985.4	24,395.4	29,914.2
Direct Investment	693.5	274.5	1,420.7
Portfolio Investment	-20,855.0	27,863.8	16,428.0
Other Investment	41,989.9	-3,636.9	12,094.6
Change in Reserve assets	157.0	-106.0	-29.0
Balancing Item	-9.6	-594.1	792.6

(Source: Bank of Greece)

In Q3 2010, the Greek labor force was constituted as such:

• 54.0% of the total population
• The Inactive population amounted to 4,286,100
• The number of employed 4,402,931
• The number of unemployed was 621,938
• The number of employed persons decreased by 3.0% as compared to the 3^rd quarter of 2009
• The number of unemployed persons increased by 33.7% as compared to the 3^rd quarter of 2009

(Source: Hellenic statistical authority )

In the third quarter of 2010 employment increased from the previous year by 1.1% in primary sector, 10.9% In the secondary sector and 1.2% in tertiary sector.

(Source: Hellenic statistical authority)

Unemployment rate

In Q3 2010, the unemployment rate was 12.4%, compared to 9.3% in Q3 2009.

The unemployment rate in females is higher than in males. For example, in the 3^rd quarter of 2010, the unemployment rate for females was 16.1% as compared to 9.7% for males.

(Source: Hellenic statistical authority)

In the third quarter of 2010, the unemployment rate was highest among those 15 to 29 years of age.

(Source: Hellenic statistical authority)

Minimum wages

The monthly gross statutory minimum wage rate in Greece is EUR 739.56, as of July 2010.

(Source: Federation of European Employers)

Level of unionisation

The Greek Confederation of Labour (GSEE) includes 62 union federations and 75 labour centres, ammounting to approximately 450,000 members.

(Source: fedee.com)

Government stability

Greece operates under a parliamentary republic system of government. Thus, the power in the country is shared at three different levels – legislative, executive, and the judiciary. The Legislative powers are exercised by the president and the parliament. The Executive powers are exercised by the government and the President. The judicial powers are free from legislative and executive powers and are executed by the courts of law.

The President is elected by the parliament for a five year term. The president regulates the function of institutions of the republic. His other responsibilities include, representing the country internationally, concluding peace treaties, creatubg alliances, promoting economic cooperation and participating in international organisations.

(Source: Constitution of Greece)

Parliament

The members of parliament in Greece are elected in general elections held every four years. It includes 300 members and each member is elected for a four year term. Parliament decides over legislative issues by an absolute majority, which consists of at least one-fourth of the total members present.

The core parliament activities are:

• voting on bills and law proposals
• constitutional revisions
• electing the president of the Hellenic Republic
• voting on the Standing Orders
• voting on the state budget, the financial statement of the state and the general balance sheet of the state
• voting on the Parliament’s budget and its financial statement
• approving of the economic and social growth programs

(Source: hellenicparliament.gr)

Government

The government is comprised of the Prime Minister and ministers, who together, are known as the Cabinet.

The Prime Minister is the leader of the party that holds absolute majority in the parliament. A vote of confidence is carried out by the parliament within fifteen days of the appointment of the Prime Minister.  However, the parliament may decide to withdraw its vote of confidence and form a new government.

(Source: Constitution of Greece)

Major political parties active in the country include:

• PASOK - Panhellenic Socialist Movement
• ND - New Democracy
• KKE - Communist Party of Greece
• LA.O.S - Popular Orthodox Rally
• SYRIZA - The Coalition of the Radical Left
• OIK.PRAS. - Ecologist Greens

(Source: European election database)

Business and economic freedom

Greece scores 60.3 on Index of Economic Freedom, making it the 88^th freest economy (2011).

(Source: Heritage.org)

Corruption perception

Greece ranks at 78^th on the Corruption Perceptions Index (CPI) 2010. The CPI measures the perceived level of public-sector corruption in 180 countries and territories around the world.

(Source: transparency.org)

Freedom of information

The country’s press media is free from influence of political parties and government involvement.  However, broadcasting is unregulated by European standards, and about 1,700 private radio stations and TV stations are unlicensed.

The World Press Freedom Index 2010 ranks Philippines at 70^th.

Eleftherotypia, Ta Nea, Kathimerini, Athens News are the key newspapers in the country. 

(Source: BBC News, rsf.org)

Judicial system

The courts of law are distinguished into the following categories:

• Administrative courts
• Civil courts
• Criminal courts

The system also has three supreme courts: Supreme Court of administration, Supreme Civil and Criminal Court and Court of Auditors.

Additonally, the presidents and vice-presidents are chosen from among the serving members of each Supreme Court by the cabinet.

(Source: Constitution of Greece)

In 2010, the population of Greece was recorded as 11.31 million, and was estimated to increase to 11.35 million by the end of 2011. Additonally, the population is projected to further reach 11.49 million by the end of 2050.

(Source: Hellenic statistical authority)

(Source: Hellenic statistical authority – Pdf)

The total female population of the country for the year 2010 is 5.71 million, while the male population was 5.6 million accounting for about 49.50%of the total population.  This indicates, an almost equal gender divide.

(Source: Hellenic statistical authority )

In 2010, the population of people between 15 and 64 years accounted for the highest share of the overall population, followed by the age group of 65 years and above.

(Source: Hellenic statistical authority )

(Source: Hellenic statistical authority )

Median age

The median age of the population increased from 36.1 years in 1990, to 41.6 years in 2010.

(Source: undp.org)

Birth rate

In 2009, the birth rate (per 1,000 live births) was registered at 10.45.

(Source: Hellenic statistical authority)

Death rate

The death rate (per 1,000 inhabitants) was registered at 9.6 in 2009.

 

(Source: Hellenic statistical authority – XL Sheet)

Life expectancy

The life expectancy at birth for 2010 was estimated at 77.75 years for males, and 82.49 years for females. 

(Source:  Hellenic Statistical authority )

Religion

Religions in Greece include: Greek Orthodoxy, Muslim, Judaism, Catholicism, and Protestantism.

(Source: state.gov)

Net migration

The net migration was estimated to be 44,712 persons in 2011, increasing 0.19% from 2010.

(Source: National Statistics)

Human development index (HDI)

The country is ranked 22^nd on the Human Development Index (HDI) 2010 conducted by the United Nations. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and basic standard of living (measured by purchasing power parity, PPP, income).

(Source: UNDP)

Literacy rate

As of 2009, the literacy rates in Greece were as follows:

• 15 years and above: 97%
• Females 15-24: 99%
• Males 15-24: 99%
• Females 15 and older: 96%
• Males 15 and older: 98%

(Source: World Bank)

Education

In Greece, education is compulsory for every citizen aged 6 to 15. There are four levels of education:

• primary education
• lower secondary education
• post compulsory secondary education
• higher education

Pre-School Education is provided by kindergartens and nursery schools, for children below the age of six.

Primary school education forms the first level of compulsory education, for children between 6 and 12 years of age.

The second level of compulsory education in Greece is lower secondary school, for students between 12 and 15 years of age. 

Post compulsory secondary education includes, general upper secondary education, and vocational training.  This is for students between 15 and 18 years of age.

Finally, higher education consists of two sectors: the university sector and the technological sector. The university sector includes universities, polytechnics, fine arts schools and Open Universities.  The technological sector includes technological education institutions (TEIs) and the School of Pedagogic and Technological Education.

(Source: Ministry of education)

Healthcare resources

Greece has a well developed healthcare system with access to a broad range of modern medical services.

(Source: Hellenic statistical authority )

(Source: Hellenic statistical authority )

Mass public transit

The various means of mass public transport in the country include trams, buses, metros, cabs and trains.

Roadways

The total length of road network in the country is 117,000 km.  This consists of  2,005 km of motorway and 4,230 km of national roads.

(Source: greek-motorway.net)

Railway

The total length of the railway network in Greece is 2,500 km.

(Source: greek-motorway.net)

Ports

There are about 128 ports operating in the country, of which 55 are tourist ports, anchorages, and shelters in operation. Alexandroupolis, Chalcis, Chios, Eleusina, Kavala, Laurium, Piraeus, Rhodes, and Thessaloniki are some of busiest ports in the country.

(Source: investingreece.gov.gr)

Airports

There are about 44 airports in the country, of which 15 are international airports.

(Source: aircraft-charter-world.com)

Telecommunications network

(Source: ITU)

During 2009, the number of fixed telephone line subscribers were 5,248,056 decreasing 0.11% from 2008.

As of June 2010, the country had 4,970,700 internet users, compared to 3,800,000 users in 2006. Additonally, there was an internet penetration rate increase from 33.5% in 2006, to 46.2% in 2010.

(Source: internetworldstats.com)