Greece


Greece Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Greece; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bankBank of Greece
Greece is part of the Eurosystem and the European Central Bank
International ReservesUS$ 7.300 billion (Source: IMF; Data updated: November 2011)
Gross Domestic Product - GDPUS$ 310.365 billion (2010 estimate)
GDP (Purchasing Power Parity)311.794 billion of International dollars (2010 estimate)
Real GDP growth
20002001200220032004200520062007
4.5%4.2%3.4%5.9%4.6%2.2%4.5%4.5%
2008200920102011*
2%-2%-4.5%-3%

*Estimate

GDP per capita - current pricesUS$ 27,716 (2010 estimate)
GDP per capita - PPP$27,844 International Dollars (2010 estimate)
GDP (PPP) - share of world total
19801990200020102015**
0.72%0.57%0.49%0.44%0.37%

**Forecast

GDP - composition by sector
  • agriculture: 3.4% 
  • industry: 20.7% 
  • services: 76% (2009 estimate)

    • (Data released on November 2010)

Gross domestic expenditure on R&D (% of GDP)0.58% (2007)

(Data released on November 2010)

Inflation
2008200920102011*
4.2%(2008)1.4%4.7%2.5%

*Estimate

Unemployment rate
2008200920102011*
7.7%9.4%12.5%(2009)14.8%

*Estimate

Household saving ratesN/A

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)
20072008200920102011*
95.6%99.2%126.8%142%152.3%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2007200820092010*2011**
-3.7%-7.7%-13.6%-7.9%-7.3%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: BB+/Negative/B

Moody's rating: Ba1

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

Market value of publicly traded shares
200720082009
US$264.942 billionUS$90.396 billionUS$54.717 billion
Largest companies in GreeceNational Bank of Greece (Major Banks), EFG Eurobank Ergasias (Regional Banks), Coca-Cola HBC (Beverages), Public Power (Electric Utilities), Alpha Bank (Regional Banks)
(2011)
DATA ON TRADE AND COMPETITIVENESS
Current account balanceUS$ -25.3 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP-8.2% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

23.5% (2008)

(Data released on December 2010)

Shares in world total merchandising export0.14%(2007)

(Data were released in Nov 2011 and refer to 2010)

Shares in world total commercial services export0.99%(2007)

(Data were released in Nov 2011 and refer to 2010)

Total exportsUS$21.14 billion f.o.b. (2010 estimate)
Export commoditiesfood and beverages, manufactured goods, petroleum products, chemicals, textiles
Total importsUS$82.28 billion f.o.b. (2008 estimate)
Import commoditiesmachinery, transport equipment, fuels, chemicals
Exports - major partnersGermany 11.6%, Italy 10.8%, Cyprus 6.6%, Bulgaria 6.5%, UK 5.5%, Romania 4.5%, France 4.2%, US 4.2% (2007)
Imports - major partnersGermany 12.9%, Italy 11.7%, Russia 5.6%, France 5.6%, China 5%, Netherlands 5% (2007)
FDI inflows
200820092010
US$4,499 millionUS$2,436 million(2009)US$2,188 million(2009)
FDI outflows
200820092010
US$2,418 millionUS$2,055 millionUS$1,269 million
Value of cross-border M&A, by country of purchaser
2008200920102011
US$2,697 millionUS$386 million(2009)US$518 million(2009)US$0 million
Cross-border M&A deals worth over $3 billion completed in 2008

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 – 183. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 109 out of 183 countries(2009) (2010)

Subcategories:

Starting a business: 149 out of 183 countries(2009)

Registering property: 153 out of 183 countries

Paying Taxes: 74 out of 183 countries

Getting credit: 89 out of 183 countries

Protecting investors: 154 out of 183 countries

Trading across border: 84 out of 183 countries

Enforcing Contracts: 88 out of 183 countries

(2010)

Global competitiveness ranking
(ranking by country on a basis of 142, the first is the best)		90

(2011/2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 88 Score: 60.3 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zoneUTC+2
Total area 131,957 km2 (2006)
CapitalAthens (2009)
Currencyeuros (EUR) (2009)
Government typeparliamentary republic (2009)
LanguagesGreek 99% (official), other 1% (includes English and French)
ReligionsGreek Orthodox 98%, Muslim 1.3%, other 0.7%
Total population
1980199020002010*2015**
9.64 million10.16 million10.94 million11.19 million11.24 million

*Estimate    **Forecast

Urban population as % of total population
1960198020002009
42.9%57.7%59.7%61.2%
Population median age40.0 years (2006)
Population growth rate0.4% (2009)
Life expectancy79 years (2007)
Adult literacy97% (2000/2007)
% of population living on less than $2 a dayN/A
Inequality of wealth distribution (Gini index)

34.3 (2000)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:1
Civil Liberties:2 (2010)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

154.02% (2010)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population44.4% (Data were released in 2011 and refer to 2010)
Cost of living index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Athens: 53rd (2011)

CO2 emissions
(Metric tons of CO2 per capita)

8.7828 (2008)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST FOREIGN EXCHANGE BANKS

2010:
  • COUNTRY WINNERS Eurobank EFG (National, 2010)
2009:
  • COUNTRY WINNERS Eurobank EFG (National, 2009)

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2011:
  • COUNTRY WINNERS Eurobank EFG (National, 2011)
2010:
  • COUNTRY WINNERS Eurobank EFG (National, 2010)
2009:
  • COUNTRY WINNERS Eurobank EFG (National, 2009)

WORLD'S BEST DEVELOPED MARKET BANKS

2011:
  • National Bank of Greece (National, 2011)
2010:
  • Eurobank EFG (National, 2010)
2009:
  • Eurobank EFG (Europe, 2009)

WORLD'S BEST INTERNET BANKS

2011:
  • COUNTRY WINNERS / Best Consumer Internet Banks Piraeus Bank (National, 2011)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2011)
2010:
  • COUNTRY WINNERS / Best Consumer Internet Banks EFG Eurobank Ergasias (National, 2010)
  • COUNTRY WINNERS / Best Corporate/Institutional Internet Banks Citi (National, 2010)
2009:
  • REGIONAL SUB-CATEGORY WINNERS / Best consumer Internet Banks/Best Integrated Consumer Bank Site HellenicBank (Europe, 2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks EFG Eurobank Ergasias (National, 2009)
  • COUNTRY WINNERS / Best Corporate/Institutional Internet Banks EFG Eurobank Ergasias (National, 2009)

WORLD'S BEST SUB CUSTODIANS

2011:
  • COUNTRY WINNERS Eurobank EFG (National, 2011)
2010:
  • COUNTRY WINNERS Eurobank EFG (National, 2010)
2009:
  • COUNTRY WINNERS Eurobank EFG (National, 2009)

CENTRAL BANKER REPORT CARD

2010:

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2011:
  • COUNTRY WINNERS Eurobank EFG (National, 2011)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE