Economy of Greece

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Economy of Greece
Main building of the bank of Greece 2008.jpg
The Bank of Greece in Athens
Rank 32nd (nominal, 2010)[1]
37th (PPP, 2010)[2]
Currency 1 euro (ευρώ) = 100 cents (λεπτά)
Fiscal year Calendar year
Trade organisations EU, WTO, OECD, BSEC
Statistics
GDP $312.042 billion (nominal, 2011 est.)[3]
$309.231 billion (PPP, 2011 est.)[3]
GDP growth −5.0% (Q3 2011 compared with Q3 2010, non-seasonally-adjusted)[4]
GDP per capita $27,875 (nominal, 2011 est.)[3]
$27,624 (PPP, 2011 est.)[3]
GDP by sector agriculture: 3.3%; industry: 17.9%; services: 78.8% (2010 est.)
Inflation (CPI) 2.4% (December 2011)[5]
Population
below poverty line		 20% live below the annual €6,000 threshold (2008)[6]
Gini coefficient 32.9 (2010)[7]
Labour force 5.013 million (2010 est.)
Labour force
by occupation		 agriculture: 12.4%; industry: 22.4%; services: 65.1% (2005 est.)
Unemployment 19.2% (October 2011)[8]
Average gross salary $2,238 monthly;[9]
$31,345 yearly (2006)[9]
Average net salary $1,693 monthly;[9]
$23,704 yearly (2006)[9]
Main industries tourism; shipping; industrial products, food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
Ease of Doing Business Rank 100th (2012)[10]
External
Exports €16.3917 billion (2010 est.)[11]
Export goods food and beverages, manufactured goods, petroleum products, chemicals, textiles
Main export partners Germany 11.11%, Italy 11.05%, Cyprus 7.28%, Bulgaria 6.74%, US 4.95%, UK 4.4%, Turkey 4.23% (2009)
Imports €48.1074 billion (2010 est.)[11]
Import goods machinery, transport equipment, fuels, chemicals
Main import partners Germany 13.73%, Italy 12.71%, China 7.08%, France 6.1%, Netherlands 6.02%, South Korea 5.68%, Belgium 4.34%, Spain 4.08% (2009)
Gross external debt $532.9 billion (30 June 2010)
Public finances
Public debt €329.351 billion (144.9% of GDP; 2010 est.)[12]
Budget deficit €24.125 billion (10.6% of GDP; 2010 est.)[12]
Revenues €89.750 billion (39.5% of GDP; 2010 est.)[12]
Expenses €114.213 billion (50.2% of GDP; 2010 est.)[12]
Credit rating
Foreign reserves US$7.224 billion (April 2011)[17]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars

The economy of Greece is the 32nd largest in the world by nominal gross domestic product (GDP) and the 37th largest at purchasing power parity (PPP), according to data by the World Bank for the year 2010.[1][2] Per capita, it is ranked 29th by nominal GDP and 31st by GDP (PPP) according to the 2011 and 2010 data, respectively.

A developed country, Greece is a member of the European Union, the eurozone, the OECD, the World Trade Organization and the Black Sea Economic Cooperation Organization.

The service sector contributes 78.8% of GDP, industry 17.9%, and agriculture 3.3%. The public sector accounts for about 40% of total economic output. Greece is the 31st most globalized country in the world and is classified as a high-income economy.

Contents

[edit] History

See also: Economic history of Greece and the Greek world
Recentism.svg
 This section may be slanted towards recent events. Please try to keep recent events in historical perspective. (October 2011)
Greece's first modern currency, the Phoenix.

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[18] 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.[19]

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,[20][21] 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.[22][23] The country's post-World War II development has largely been connected with the so-called Greek economic miracle.

[edit] Strengths and weaknesses

Greece entered the Eurozone in 2001.
GDP growth rates of the Greek economy between 1961 and 2010.

Greece enjoys a high standard of living and "very high" Human Development Index, ranking 29th in the world in 2011,[24] and 22nd on The Economist's 2005 worldwide quality-of-life index.[25] According to Eurostat data, GDP per inhabitant in purchasing power standards (PPS) stood at 94 per cent of the EU average in 2008.[26]

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.[27][28]

Greece has the EU's second worst Corruption Perceptions Index after Bulgaria, ranking 80th in the world,[29] and lowest Index of Economic Freedom and Global Competitiveness Index, ranking 88th and 90th respectively.[30][31] Corruption, together with the associated issue of poor standards of tax collection, is widely regarded as both a key cause of the current troubles in the economy and a key hurdle in terms of overcoming the country's debt problem.

After 15 consecutive years of economic growth, Greece went into recession in 2009.[32] 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.[33]

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.[34]

Greece was accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis.[35] 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%).

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.[36] 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).[37]

As a result of the on-going economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011,[38] One of the sectors hardest hit has been the garment industry, a traditional mainstay of the economy.[39] while the volume of building activity saw a reduction of 73.1% between January 2010 and January 2011.[40] Additionally, the turnover in retail sales saw a decline of 9% between February 2010 and February 2011.[41]

Between 2008 and 2011 unemployment skyrocketed, from a generational low of 7.2% in the second and third quarters of 2008 to a high of 19.2% in October 2011, leaving more than 900,000 without a job.[42][43][8] In the final quarter of 2010, youth unemployment reached 36.1%.[44]

[edit] Eurozone entry

See also: Greek Financial Audit, 2004

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.[45]

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[46]) 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,[47] 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 [Greece's] 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.[48]

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.[49]

A study by forensic accountants has found that data submitted by Greece to Eurostat had a statistical distribution indicative of manipulation.[50][51]

[edit] 2010–2011 government debt crisis

Main article: Greek government debt crisis
Greek government debt levels between 1999 and 2010.

By the end of 2009, as a result of a combination of international and local factors (respectively, the world financial crisis and uncontrolled government spending), 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).[52][53]

In early 2010, it was revealed that successive Greek governments had been found to have consistently and deliberately misreported the country's official economic statistics to keep within the monetary union guidelines.[54][55] This had enabled Greek governments to spend beyond their means, while hiding the actual deficit from the EU overseers.[56]

In May 2010, the Greek government deficit was again revised and estimated to be 13.6%[57] for the year, which was one of the highest in the world relative to GDP.[58] Total public debt was forecast, according to some estimates, to hit 120% of GDP during 2010,[59] one of the highest rates in the world.

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.[60][61] In order to secure the funding, Greece was required to adopt harsh austerity measures to bring its deficit under control.[62] Their implementation will be monitored and evaluated by the European Commission, the European Central Bank and the IMF.[63][64]

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).[65][66][67][68]

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[69][70][71][72][73]. Consequently, the country's debt to GDP continues to rise rapidly.

[edit] Primary sector

[edit] Agriculture and fishery

Main article: Agriculture in Greece
Olive trees in Thasos, Greece.

In 2010, Greece was the European Union's largest producer of cotton (183.8 thousand tons) and pistachios (8 thousand tons)[74] and ranked second in the production of rice (229.5 thousand tons)[74] and olives (147.5 thousand tons),[75] third in the production of figs (11 thousand tons) and [75] almonds (44 thousand tons) ,[75] tomatoes (1.4 million tons) [75] and water melons (578.4 thousand tons)[75] and fourth in the production of tobacco (22 thousand tons).[74] Agriculture contributes 3.3% of the country's GDP[76] and employs 12% of the country's labor force.[76]

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.[77]

In 2007, Greece accounted for 19% of the EU's fishing haul in the Mediterranean sea,[78] ranked third with 85,493 tons,[78] and ranked first in the number of fishing vessels in the Mediterranean between European Union members.[78] Additionally, the country ranked 11th in the EU in total quantity of fish caught, with 87,461 tons.[78]

[edit] Service sector

[edit] Maritime industry

Main articles: Greek shipping and List of ports in Greece
Piraeus is the largest container port in Greece and one of the largest in the Mediterranean Sea.

Shipping has traditionally been a key sector in the Greek economy since ancient times.[79] In 1813, the Greek merchant navy was made up of 615 ships.[80] Its total tonnage was 153,580 tons and was manned with 37,526 crewmembers and 5,878 cannons.[80] During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis and Niarchos.[81] 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.[81]

Currently Greece has the largest merchant navy in the world as a percentage of the world's total dwt, at 15.96% according to a United Nations Conference on Trade and Development 2010 report.[82] Although a drop from the capacity of 18.2% of the world's total that the country's merchant fleet controlled in 2006,[83] the Greek Merchant Navy is still the largest,[82] but followed closely by that of Japan, at 15.73%.[82]

The Greek merchant navy's total dwt is 186 million.[82] Japan is second with 183 million,[82] but China, which is ranked third, stands at 104 million.[82] 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.[82] Additionally, Greece represents 41.49% of all of the European Union's dwt.[84] However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s.[79]

Greece is also ranked in the top 5 country merchant fleets by number of ships. In the same 2010 United Nations report, the Greek merchant navy came fourth with 3,150 ships,[82] after Japan, China and Germany.[82] There is a significant gap between Greece and Russia, which came fifth with 1,987 ships.[82] 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.[84]

In terms of ship categories, Greece controls 22.5% of the world's tankers[84] and 16.8% of the world's bulk carriers (in dwt).[84] An additional equivalent of 20.05% of the world's tanker dwt is on order,[84] with another 12.1% of bulk carriers also on order.[84] Today, shipping is one of the country's most important industries. It accounts for 6% of GDP,[84] employs about 160,000 people (4% of the workforce),[85] and represents 1/3 of the country's trade deficit.[85] Earnings from shipping amounted to €15.4 billion in 2010,[84] while between 2000 and 2010 Greek shipping contributed a total of €140 billion[84] (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 2000-2013).[84] The same ECSA report showed that there are approximately 750 Greek shipping companies in operation.[84]

[edit] Telecommunications

Main article: Telecommunications in Greece
OTE headquarters in Athens.

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.[86] Since 2011, the majority share holder at OTE is Deutsche Telekom, with 40%,[86] while the Greek state has 10% of the company's shares.[86] OTE owns a total of 13 subsidiaries in four countries across the Balkans,[86] including Greece's top mobile telecommunications provider, Cosmote.[86]

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 mobline phone providers was over 20 million,[87] a penetration of 180%.[87] Additionally, there are 5.93 million active landlines in the country.[76]

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%).[88] 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%).[88]

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%).[88] 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.[76]

[edit] Tourism

The island of Santorini in Greece is a popular tourist destination.
View of Rhodes.
Main article: Tourism in Greece

Tourism in the modern sense has only started to flourish in Greece in the years post-1950, although in ancient times, following the annexation of Greece by the Roman Empire, a great deal of wealthy Romans visited the country's centers of learning to further educate themselves. Since the 1960s and 1970s, the tourism sector saw a boost, which was further renewed when Greece hosted the 2004 Summer Olympics.

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.[89] The same survey showed that the average tourist expenditure while in Greece was $1,073, ranking Greece 10th in the world.[89] 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.[89] In 2009, Greece welcomed over 19.3 million tourists,[90] a major increase from the 17.7 million tourists the country welcomed in 2008.[91]

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.[89]

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,[92] while in 2011 the island of Santorini was voted as the best island in the world by Travel + Leisure.[93] The neighbouring island of Mykonos was ranked as the 5th best island in Europe.[93]

[edit] Transport

Main article: Transport in Greece

As of 2010, Greece has a total of 81 airports,[76] of which 67 are paved and six have runways longer than 3,047 meters.[76] Of these airports, two are classified as "international" by the Hellenic Civil Aviation Authority,[94] but 15 offer international services.[94] Additionally Greece has 9 heliports.[76] 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,[95] and also has two gold and one silver awards by the ERA,[95] while Olympic Air holds one silver ERA award for "Airline of the Year"[96] as well as a "Condé Nast Traveller 2011 Readers Choice Awards: Top Domestic Airline" award.[97]

Egnatia Odos, part of European route E90.

The Greek road network is made up of 116,711 km of roads,[76] of which 948 km are highways, ranking 37th worldwide.[76] 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,[82] at almost 500 million tons.

Greece's rail network is estimated to be at 2,548 km.[76] 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),[76] while the country also has 983 km of narrow gauge.[76] A total of 764 km or rail are electrified.[76] 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.[98] The Port of Thessaloniki comes second with 15.8 million tons,[98] followed by the Port of Piraeus, with 13.2 million tons,[98] and the port of Eleusis, with 12.37 million tons.[98] The total number of goods transported through Greece in 2010 amounted to 124.38 million tons,[98] a considerable drop from the 164.3 million tons transported through the country in 2007.[98] In 2010 Piraeus handled 513,319 TEUs,[99] followed by Thessaloniki, which handled 273,282 TEUs.[100] In the same year, 83.9 million people passed through Greece's ports,[101] 12.7 million through the port of Paloukia in Salamis,[101] another 12.7 through the port of Perama,[101] 9.5 million through Piraeus[101] and 2.7 million through Igoumenitsa.[101]

[edit] Energy

A distillation facility owned by Hellenic Petroleum.

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,[102] while the number fell to 77.3% in 2010.[102] Almost half (48%) of DEI's power output is generated using lignite, a drop from the 51.6% in 2009.[102] Another 12% comes from Hydroelectric power plants[103] and another 20% from natural gas.[103] Between 2009 and 2010, independent companies' energy production increased by 168%,[102] from 2,709 Gigawatt hour in 2009 to 4,232 GWh in 2010.[102]

In 2008 renewable energy accounted for 8% of the country's total energy consumption,[104] a rise from the 7.2% it accounted for in 2006,[104] but still below the EU average of 10% in 2008.[104] 10% of the country's renewable energy comes from solar power,[77] while most comes from biomass and waste recycling.[77] In line with the European Commission's Directive on Renewable Energy, Greece aims to get 18% of its energy from renewable sources by 2020.[105] 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.[106]

Greece has 10 million barrels of proved oil reserves as of 1 January 2011.[76] 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),[76] ranked 90th, while it exports 181,600 bbl/d (57th)[76] and imports 496,600 bbl/d (25th).[76] In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece,[107] with an estimated output of 250 to 300 million barrels over the next 15 to 20 years.[107] The estimated output in Euros of the three deposits is €25 billion over a 15-year period,[107] of which €13–€14 billion will enter state coffers.[107] Greece's dispute with Turkey over the Aegean poses substantial obstacles to oil exploration in the Aegean Sea.

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.[103]

[edit] Taxation and tax evasion

Main article: Taxation in Greece
Revenues of Greece between 1999 and 2010 as a percentage of GDP, compared to the EU average.

The Greek tax system is a tiered one, as Greece employs the system of progressive taxation. Greek law recognizes six categories of taxable income:[108] immovable property, movable property (investment), income from agriculture, business, employment, and income from professional activities. Greece's personal income tax rate currently ranges from 0% for incomes below €12,000[108] and 45% for incomes over €100,000.[108] Under the new 2010 tax reform, tax exemptions have been abolished.[108]

Greece's corporate tax has dropped from 40% in 2000[108] to 20% in 2010.[108] For 2011 only, corporate tax will be at 24%.[108] Value added tax (VAT) has gone up in 2010 compared to 2009: 23% as opposed to 19%.[108]

The lowest VAT possible is 6.5% (previously 4.5%)[108] for newspapers, periodicals and cultural event tickets, while a tax rate of 13% (from 9%)[108] applies to certain service sector professions. Additionally, both employers and employees have to pay social contribution taxes, which apply at a rate of 16%[108] for white collar jobs and 19.5%[108] for blue collar jobs, and are used for social insurance.

Greece suffers from very high levels of tax evasion. In the last quarter of 2005, tax evasion reached 49%,[109] while in January 2006 it fell to 41.6%.[109] The Tax Justice Network has said that there are over €20 billion in Swiss bank accounts held by Greeks.[110] The current Finance Minister of Greece, Evangelos Venizelos, was quoted as saying “Around 15,000 individuals and companies owe the taxman 37 billion euros”.[111] Additionally, the TJN puts the number of Greek-owned off-shore companies to over 10,000.[112]

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.[113] 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.[113] The Greek and Swiss governments are to reach a deal on the matter by the end of 2011.[113]

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),[114] an increase of 5.8% from 2011.[114] 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).[114]

[edit] Wealth and standards of living

GDP per capita of the regions of Greece in 2008.

[edit] National and regional GDP

According to Eurostat, Greece's most economically important regions in 2008 were Attica (which contributed €103.334 billion to the economy)[115] followed by Central Macedonia (€35.458 billion),[115] Thessaly (€12.905 billion),[115] Crete (€12.854 billion)[115] and Central Greece (€12.530 billion).[115] The least important were the North Aegean (€3.579 billion)[115] and the Ionian Islands (€4.646 billion).[115]

In terms of GDP per capita, the South Aegean ranks first (€28,300),[116] followed by Attica (€28,200)[116] and Central Greece (€25,100).[116] East Macedonia and Thrace (€16,600)[116] and West Greece (€18,200)[116] have the lowest values. Greece's average GDP per capita in 2008 was €23,100,[117] below the EU average of €25,000.[117]

Eurostat data for 2008[115][116][117]
Rank Region Total GDP  % Per capita
1 Attica €103.334 bn 44.36 €28,200
2 Central Macedonia €34.458 bn 14.79 €20,300
3 Thessaly €12.905 bn 5.54 €19,500
4 Crete €12.854 bn 5.51 €23,500
5 Central Greece €12.530 bn 5.37 €25,100
6 West Greece €12.122 bn 5.20 €18,200
7 Peloponnese €11.230 bn 4.82 €21,100
8 East Macedonia and Thrace €9.054 bn 3.88 €16,600
9 South Aegean €7.816 bn 3.35 €28,300
10 Epirus €5.827 bn 2.50 €18,400
11 West Macedonia €5.564 bn 2.38 €21,100
12 Ionian Islands €4.464 bn 1.91 €22,500
13 North Aegean €3.579 bn 1.53 €19,900
14 Mount Athos NA NA NA
– Greece €232.920 bn 100.00 €23,100
– EU €12,484.420 bn NA €25,000

[edit] Welfare state

See also: Health care in Greece
Greece's social expenditures as a percentage of GDP between 1998 and 2009, compared to other EU members.

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[114] (€6.577 billion for pensions[114] and €15.910 billion for social security and health care expenses),[114] or 31.9% of the all state expenses.

[edit] Largest companies

See also: List of Greek companies

According to the Forbes Global 2000 index, Greece's largest publically-traded companies (Anonimes Eteries in Greek) are:[118]

Forbes Global 2000[118]
Rank Company Revenues
(US$ billion)		 Profit
(US$ billion)		 Assets
(US$ billion)		 Market value
(US$ billion)
1 National Bank of Greece 12.42 2.15 140.48 11.78
2 Eurobank EFG 11.97 0.86 113.92 4.48
3 Hellenic Petroleum 9.68 0.25 8.23 3.40
4 Coca Cola Hellenic 9.37 0.57 9.75 9.02
5 Hellenic Telecom 8.34 0.56 15.94 5.85
6 Public Power Corporation 8.11 –0.43 19.40 3.62
7 OPAP 7.69 1.01 1.92 6.51
8 Alpha Bank 6.94 0.71 90.26 5.09
9 Piraeus Bank 6.21 0.44 75.95 2.90
10 Bank of Greece 2.66 0.31 98.58 1.13

[edit] Currency

[icon] This section requires expansion.

Between 1832 and 2002 the currency of Greece was the Drachma. Upon signing the Maastricht Treaty, Greece vowed to join the Eurozone, which occurred on 1 January 2002. At the time of the adoption of the Euro the exchange rate was ₯340.75 to €1.

Prior to the adoption of the Euro, the majority of Greek people had a positive view of the new currency (64%).[119] In February and June 2005 however this number fell considerably, to only 26% and 20% respectively.[119] 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.[119]

[edit] See also

[edit] References

  1. ^ a b "Gross domestic product 2010" (PDF). World Bank. 1 July 2011. http://siteresources.worldbank.org/DATASTATISTICS/Resources/GDP.pdf. Retrieved 15 October 2011. 
  2. ^ a b "Gross domestic product 2010, PPP" (PDF). World Bank. 1 July 2011. http://siteresources.worldbank.org/DATASTATISTICS/Resources/GDP_PPP.pdf. Retrieved 15 October 2011. 
  3. ^ a b c d "Report for Selected Countries and Subjects (Greece)". World Economic Outlook Database, September 2011. International Monetary Fund. http://www.imf.org/external/pubs/ft/weo/2011/02/weodata/weorept.aspx?pr.x=35&pr.y=13&sy=2011&ey=2011&scsm=1&ssd=1&sort=country&ds=.&br=1&c=174&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC&grp=0&a=. Retrieved 10 October 2011. 
  4. ^ "QUARTERLY NATIONAL ACCOUNTS: 3rd Quarter 2011 (Provisional)" (PDF). Piraeus: Hellenic Statistical Authority. 9 December 2011. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_03_2011_01_P_EN.pdf. Retrieved 9 December 2011. 
  5. ^ "CONSUMER PRICE INDEX: December 2011" (PDF). Piraeus: Hellenic Statistical Authority. 11 January 2012. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0515/PressReleases/A0515_DKT87_DT_MM_12_2011_01_F_EN.pdf. Retrieved 11 January 2012. 
  6. ^ "17 % of EU citizens were at-risk-of-poverty in 2008". Eurostat. http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-SF-10-009/EN/KS-SF-10-009-EN.PDF. Retrieved 25 May 2011. 
  7. ^ "STATISTICS ON INCOME AND LIVING CONDITIONS 2009" (PDF). Piraeus: Hellenic Statistical Authority. 3 January 2012. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0802/PressReleases/A0802_SFA10_DT_AN_00_2010_06_F_EN.pdf. Retrieved 8 January 2012. 
  8. ^ a b "Euro area unemployment rate at 10.4%" (PDF). Luxembourg: Eurostat. 31 January 2012. http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/3-31012012-AP/EN/3-31012012-AP-EN.PDF. Retrieved 31 January 2012. 
  9. ^ a b c d "Wages and Taxes for the Average Joe in the EU 2" (PDF). http://www.langlophone.com/20100526_edition/20100526_EU27_data_table_flipped.pdf. Retrieved 19 May 2011. 
  10. ^ "Ease of Doing Business in Greece". World Bank. http://doingbusiness.org/data/exploreeconomies/greece. Retrieved 21 October 2011. 
  11. ^ a b "COMMERCIAL TRANSACTIONS OF GREECE (Estimations) : November 2011" (PDF). Piraeus: Hellenic Statistical Authority. 9 January 2012. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0902/PressReleases/A0902_SFC02_DT_MM_11_2011_01_E_EN.pdf. Retrieved 9 January 2012. 
  12. ^ a b c d "Fiscal data for the years 2007-2010" (PDF). Athens: Hellenic Statistical Authority. 17 October 2011. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/General/A0701_SEL03_DT_AN_00_2011_02_P_EN.pdf. Retrieved 17 October 2011. 
  13. ^ "Fitch – Complete Sovereign Rating History" (Microsoft Excel spreadsheet). Fitch Ratings. 28 July 2011. http://www.fitchratings.com/web_content/ratings/sovereign_ratings_history.xls. Retrieved 29 July 2011. 
  14. ^ "Moody's downgrades Greece to Ca from Caa1, developing outlook". London: Moody's Investors Service. 25 July 2011. http://moodys.com/research/Moodys-downgrades-Greece-to-Ca-from-Caa1-developing-outlook?lang=en&cy=global&docid=PR_223246. Retrieved 25 July 2011. 
  15. ^ "Sovereigns Ratings List". Standard & Poor's. http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?sectorName=Governments&subSectorCode=39&subSectorName=Sovereigns. Retrieved 27 July 2011. 
  16. ^ "Sovereign Ratings And Country T&C Assessments" (PDF). Standard & Poor's. 5 August 2011. http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3DSovereignRatingsAndCountryTCAssessments.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1243942987850&blobheadervalue3=UTF-8. Retrieved 12 August 2011. 
  17. ^ "International Reserves and Foreign Currency Liquidity – Greece". International Monetary Fund. 20 May 2011. http://www.imf.org/external/np/sta/ir/IRProcessWeb/data/grc/eng/curgrc.htm. Retrieved 31 May 2011. 
  18. ^ 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)
  19. ^ "A Greek Odyssey: 1821–2201". Ekathimerini.com. http://www.ekathimerini.com/4dcgi/_w_articles_wsite3_11833_27/03/2011_384716. Retrieved 19 May 2011. 
  20. ^ Paul Bairoch, Europe's GNP 1800–1975, Journal of European Economic History, 5, pgs. 273–340 (1976)
  21. ^ Angus Maddison, Monitoring the World Economy 1820–1992, OECD (1995)
  22. ^ Eurostat, including updated data since 1980 and data released in April 2008
  23. ^ "FIELD LISTING:: GDP – PER CAPITA (PPP)". The World Factbook. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/fields/2004.html. Retrieved 10 January 2010. 
  24. ^ "Human Development Index (HDI) - 2011 Rankings". United Nations Development Programme. http://hdr.undp.org/en/statistics/. Retrieved 4 November 2011. 
  25. ^ "The Economist Intelligence Unit's quality-of-life index (2005)" (PDF). The Economist. http://www.economist.com/media/pdf/QUALITY_OF_LIFE.pdf. Retrieved 8 April 2007. 
  26. ^ "GDP per inhabitant in purchasing power standards". Eurostat. 15 December 2009. http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-15122009-BP/EN/2-15122009-BP-EN.PDF. Retrieved 18 October 2011. 
  27. ^ "Premium content". The Economist. 9 December 2008. http://www.economist.com/world/europe/displaystory.cfm?story_id=12756043&fsrc=rss. Retrieved 28 April 2010. 
  28. ^ Greek taxpayers sense evasion crackdown Financial Times
  29. ^ "Corruption Perceptions Index 2011". Berlin: Transparency International. 1 December 2011. http://cpi.transparency.org/cpi2011/results/. Retrieved 1 December 2011. 
  30. ^ "2011 Index of Economic Freedom". Washington, D.C.: The Heritage Foundation. http://www.heritage.org/index/Ranking. Retrieved 18 October 2011. 
  31. ^ "The Global Competitiveness Report 2011–2012" (PDF). Geneva: World Economic Forum. http://www3.weforum.org/docs/WEF_GCR_Report_2011-12.pdf. Retrieved 18 October 2011. 
  32. ^ "Report for Selected Countries and Subjects". World Economic Outlook Database, April 2011. International Monetary Fund. http://www.imf.org/external/pubs/ft/weo/2011/01/weodata/weorept.aspx?pr.x=64&pr.y=2&sy=1980&ey=2016&scsm=1&ssd=1&sort=country&ds=.&br=1&c=174&s=NGDP_RPCH&grp=0&a=. Retrieved 2 August 2011. 
  33. ^ "Ζούμε με δανεικά" (in Greek). 16 October 2007. http://stocks.pathfinder.gr/news/560812.html. 
  34. ^ Charter, David. Storm over bailout of Greece, EU's most ailing economy. Time Online: Brussels, 2010
  35. ^ "'Greece's economic crisis could signal trouble for its neighbors'". The Washington Post. 10 February 2010. http://www.washingtonpost.com/wp-dyn/content/story/2010/02/09/ST2010020904032.html?hpid=topnews. Retrieved 19 May 2011. 
  36. ^ Parmy Olson (21 May 2008). "The World's Hardest-Working Countries". Forbes. http://www.forbes.com/2008/05/21/labor-market-workforce-lead-citizen-cx_po_0521countries.html. Retrieved 17 April 2011. 
  37. ^ Groningen Growth & Development Centre, Pegasus Interactive (6 October 2008). "v4.ethnos.gr – Oι αργίες των Eλλήνων – ειδησεις, κοινωνια, ειδικες δημοσιευσεις". Ethnos.gr. http://www.ethnos.gr/article.asp?catid=12128&subid=2&tag=8784&pubid=1114536. Retrieved 6 January 2009. 
  38. ^ "The Production Index in Industry recorded a decline of 8.0% in March 2011 compared with March 2010.". statistics.gr. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0503/PressReleases/A0503_DKT21_DT_MM_03_2011_01_P_EN.pdf. Retrieved 25 May 2011. 
  39. ^ "Garment industry of Greece in yawning catastrophe". Textile Industry News. 8 April 2011. http://www.thetextileicon.com/blog/2011/07/garment-industry-of-greece-in-yawning-catastrophe. Retrieved 12 July 2011. 
  40. ^ "Building Activity Survey: January 2011". statistics.gr. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0503/PressReleases/A0503_DKT21_DT_MM_03_2011_01_P_EN.pdf. Retrieved 25 May 2011. 
  41. ^ "The Turnover Index in Retail Trade, excluding automotive fuel, recorded a fall of 9.0% in February 2011 compared with February 2010.". statistics.gr. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0508/PressReleases/A0508_DKT39_DT_MM_02_2011_01_F_EN.pdf. Retrieved 25 May 2011. 
  42. ^ "LABOUR FORCE SURVEY: 2nd quarter 2009" (PDF). National Statistical Service of Greece. 17 September 2009. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO01_DT_QQ_02_2009_01_F_EN.pdf. Retrieved 18 October 2011. 
  43. ^ "LABOUR FORCE SURVEY: 3rd quarter 2009" (PDF). National Statistical Service of Greece. 17 December 2009. http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO01_DT_QQ_03_2009_01_F_EN.pdf. Retrieved 18 October 2011. 
  44. ^ "Basic figures on the EU: Second quarter 2011". epp.eurostat.ec.europa.eu. http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-GL-11-002/EN/KS-GL-11-002-EN.PDF. Retrieved 21 June 2011. 
  45. ^ "REPORT BY EUROSTAT ON THE REVISION OF THE GREEK GOVERNMENT DEFICIT AND DEBT FIGURES" (PDF). 22 November 2004. http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/GREECE/EN/GREECE-EN.PDF. 
  46. ^ "Wall St. Helped to Mask Debt Fueling Europe’s Crisis". New York Times. http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=all.  "Enron and Italy: Parallels between Rome's efforts to qualify for euro entry and the financial chicanery in Texas". Council on Foreign Relations. http://www.cfr.org/italy/enron-italy-parallels-between-romes-efforts-qualify-euro-entry-financial-chicanery-texas/p4455.  "Derivatives and Public Debt Management". International Securities Market Association (ISMA) in cooperation with the Council on Foreign Relations. http://isma.org/ICMAGroup/files/48/48e0af9b-bae4-456f-88bc-906e8b24f4a0.pdf. 
  47. ^ OECD Economic Surveys (Greece), Vol. 2005/12, September 2005, p.47. OECD Publishing. http://books.google.com/books?id=Wstn-8rGQZQC&printsec=frontcover&hl=el&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false. Retrieved 25 September 2011. 
  48. ^ "Finmin says fiscal data saga has ended in wake of EU report". 8 December 2004. http://www.hri.org/news/greek/ana/2004/04-12-08.ana.html#09. 
  49. ^ "Goldman bet against Entire European Nations". Washingtons Blog. 16 July 2011. http://georgewashington2.blogspot.com/2011/07/goldman-bet-against-its-european.html. 
  50. ^ Tim Harford (9 September 2011). "Look out for No. 1". Financial Times. http://www.ft.com/cms/s/2/171aaa36-d8f1-11e0-aff1-00144feabdc0.html#ixzz1XWna9dha. 
  51. ^ Rauch, Bernhard; Max, Göttsche; Brähler, Gernot; Engel, Stefan (2011). "Fact and Fiction in EU-Governmental Economic Data". German Economic Review 12 (3): 244–254. 
  52. ^ Lynn, Matthew (2011). Bust: Greece, the Euro and the Sovereign Debt Crisis. Hobeken, New Jersey: Bloomberg Press. ISBN 978-0-470-97611-1.
  53. ^ "Greece's Sovereign-Debt Crunch: A Very European Crisis". The Economist. 4 February 2010. http://www.economist.com/world/europe/displaystory.cfm?story_id=15452594. Retrieved 2 May 2010. 
  54. ^ "Rehn: No Other State Will Need a Bail-Out". EU Observer. http://euobserver.com/19/30015. Retrieved 6 May 2010. 
  55. ^ "Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts". Business Insider. http://www.businessinsider.com/henry-blodget-greece-paid-goldman-300-million-to-help-it-hide-its-ballooning-debts-2010-2. Retrieved 6 May 2010. 
  56. ^ Story, Louise; Thomas Jr, Landon; Schwartz, Nelson D. (14 February 2010). "Wall St. Helped To Mask Debt Fueling Europe's Crisis". The New York Times. http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=1&hp. Retrieved 6 May 2010. 
  57. ^ "Greek Deficit Revised to 13.6%; Moody's Cuts Rating (Update2)". Bloomberg. http://www.bloomberg.com/apps/news?pid=20601068&sid=aUi3XLUwIIVA. Retrieved 2 May 2010. 
  58. ^ Staff (19 February 2010). "Britain's Deficit Third Worst in the World, Table". The Daily Telegraph (London). http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7269629/Britains-deficit-third-worst-in-the-world-table.html. Retrieved 5 August 2011. 
  59. ^ Melander, Ingrid; Papchristou, Harry (5 November 2009). "Greek Debt To Reach 120.8 Pct of GDP in '10 – Draft". Reuters. http://www.reuters.com/article/idUSATH00496420091105. Retrieved 5 August 2011. 
  60. ^ Thesing, Gabi; Krause-Jackson, Flavia (3 May 2010). "Greece Gets $146 Billion Rescue in EU, IMF Package". Bloomberg. http://www.bloomberg.com/apps/news?pid=20601087&sid=a9f8X9yDMcdI. Retrieved 6 May 2010. 
  61. ^ Kerin Hope (2 May 2010). "EU Puts Positive Spin on Greek Rescue". Financial Times. http://www.ft.com/cms/s/0/08a87e4e-55c4-11df-b835-00144feab49a.html. Retrieved 6 May 2010. 
  62. ^ Newman, Rick (3 November 2011). "Lessons for Congress From the Chaos in Greece". US News. http://www.usnews.com/news/blogs/rick-newman/2011/11/03/lessons-for-congress-from-the-chaos-in-greece. Retrieved 3 November 2011. 
  63. ^ "Greece's Austerity Measures". BBC News. Retrieved 9 May 2010.
  64. ^ "Greek Parliament Passes Austerity Measures". The New York Times. Retrieved 9 May 2010.
  65. ^ van Puyvelde, Eric (Monday 15 November 2010). "Deficits Increase in Eurozone and EU". Eurostat. http://www.europolitics.info/economy-monetary-affairs/deficits-increase-in-eurozone-and-eu-artb287086-50.html. Retrieved 19 December 2010. 
  66. ^ Cooper, Patrick (23 May 2010). "Ireland Worse than Greece, Faces Financial Ruin, Say Two Leading Economists". IrishCentral. http://www.irishcentral.com/news/Ireland-worse-than-Greece-faces-financial-ruin-say-two-leading-economists--94688524.html. Retrieved 31 December 2010. 
  67. ^ "Ireland Now Has a Worse Deficit Problem Than Even Greece". IrishCentral. 3 October 2010. http://www.irishcentral.com/news/Ireland-worse-than-Greece-faces-financial-ruin-say-two-leading-economists--94688524.html. Retrieved 31 December 2010. 
  68. ^ "Ireland Deficit Now 32% of GDP?". Eurostat. http://timiacono.com/index.php/2010/11/23/ireland-deficit-now-32-of-gdp/. Retrieved 30 December 2010. 
  69. ^ "Times Topics European Union". New York Times. 5 December 2011. http://topics.nytimes.com/top/reference/timestopics/organizations/e/european_union/index.html. Retrieved 8 December 2011. 
  70. ^ "Greek Austerity: Budget Cuts Deepen Recession, Quicken Reckoning". Huffington Post. 24 October 2011. http://www.huffingtonpost.com/2011/10/21/greek-austerity-budget-cuts_n_1025743.html. Retrieved 8 December 2011. 
  71. ^ "Greece: Country's Deficit Will Fall, No New Austerity Needed". Huffington Post. 24 October 2011. http://www.huffingtonpost.com/2011/11/18/greek-deficit-austerity_n_1101133.html. Retrieved 8 December 2011. 
  72. ^ "Greek Politician Expects Recession Will Linger". The Wall Street Journal. 6 December 2011. http://online.wsj.com/article/SB10001424052970204903804577080402358201814.html. Retrieved 8 December 2011. 
  73. ^ "Greece to see out year in recession". Financial Times. 3 July 2011. http://www.ft.com/cms/s/0/12165ab6-a599-11e0-83b2-00144feabdc0.html#axzz1fwD3Obmi. Retrieved 8 December 2011. 
  74. ^ a b c "Crops products (excluding fruits and vegetables) (annual data)". Eurostat. http://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do. Retrieved 19 October 2011. 
  75. ^ a b c d e "Fruits and vegetables (annual data)". Eurostat. http://appsso.eurostat.ec.europa.eu/nui/show.do. Retrieved 19 October 2011. 
  76. ^ a b c d e f g h i j k l m n o p q "The World Factbook – Greece". CIA. https://www.cia.gov/library/publications/the-world-factbook/geos/gr.html. Retrieved 18 October 2011. 
  77. ^ a b c "Sustainable development in the European Union". Eurostat. 2009. http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-78-09-865/EN/KS-78-09-865-EN.PDF. Retrieved 24 October 2011. 
  78. ^ a b c d "Fishery statistics; Data 1995-2008". Eurostat. http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-DW-09-001/EN/KS-DW-09-001-EN.PDF. Retrieved 20 October 2011. 
  79. ^ a b Polemis, Spyros M.. "The History of Greek Shipping". greece.org. http://www.greece.org/poseidon/work/articles/polemis_one.html. Retrieved 9 April 2007. 
  80. ^ a b Ιστορία των Ελλήνων – Ο Ελληνισμός υπό Ξένη Κυριαρχία 1453–1821 [History of the Greeks – Hellenism under Foreign Rule 1453–1821]. Volume 8. Athens: Domi Publishings. pp. 652–653. ISBN 960-8177-93-6. 
  81. ^ a b Engber, Daniel (17 August 2005). "So Many Greek Shipping Magnates ...". Slate (Washington Post/slate.msn.com). http://slate.msn.com/id/2124542. Retrieved 9 April 2007. 
  82. ^ a b c d e f g h i j k "Review of Maritime Transport 2010". United Nations. 2010. http://www.unctad.org/en/docs/rmt2010_en.pdf. Retrieved 10 August 2011. 
  83. ^ "Review of Maritime Transport 2006". United Nations. 2006. http://www.unctad.org/en/docs/rmt2006_en.pdf. Retrieved 10 August 2011. 
  84. ^ a b c d e f g h i j k "ECSA Annual report 2010-2011". European Community Shipowners' Association. ecsa.be. http://www.ecsa.be/ar/Rapport%202010-2011.pdf. Retrieved 19 October 2011. 
  85. ^ a b "Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy". National Bank of Greece. nbg.gr. 11 May 2006. Archived from the original on 31 August 2007. http://web.archive.org/web/20070831114031/http://www.nbg.gr/en/pr_release_resb.asp?P_ID=463. Retrieved 8 April 2007. 
  86. ^ a b c d e "About us". Hellenic Tellecommunications Organization (OTE). ote.gr. http://www.ote.gr/portal/page/portal/OTEGR/TheCompany/OTEToday/OURCOMPANY. Retrieved 20 October 2011. 
  87. ^ a b "Δύο φορές ο πληθυσμός μας σε συνδέσεις". Hellenic Tellecommunications Organization (OTE). enet.gr. http://www.enet.gr/?i=news.el.ellada&id=100711. Retrieved 20 October 2011. 
  88. ^ a b c "Internet access and use in 2011" (PDF). Luxembourg: Eurostat. 14 December 2011. http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-14122011-BP/EN/4-14122011-BP-EN.PDF. Retrieved 17 December 2011. 
  89. ^ a b c d Tourism in OECD Countries 2008: Trends and Policies. OECD. 2008. http://books.google.com/books?id=CQrFdHCvKXMC&pg=PA137&dq=Tourism+in+Greece&hl=en&ei=lwNPTsF2o-LhBODIvLMH&sa=X&oi=book_result&ct=result&resnum=2&ved=0CEgQ6AEwAQ#v=onepage&q=Tourism%20in%20Greece&f=false. Retrieved 19 August 2011. 
  90. ^ "Nights spent in tourist accommodation establishments – regional – annual data". http://epp.eurostat.ec.europa.eu/.+2010. http://appsso.eurostat.ec.europa.eu/nui/setupModifyTableLayout.do. Retrieved 19 May 2011. 
  91. ^ "Tourism". http://epp.eurostat.ec.europa.eu/.+2010. http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-HA-10-001-11/EN/KS-HA-10-001-11-EN.PDF. Retrieved 19 May 2011. 
  92. ^ "Ultimate party cities". Lonely Planet. http://www.lonelyplanet.com/canada/travel-tips-and-articles/39339. Retrieved 10 August 2011. 
  93. ^ a b "World's Best Awards – Islands". Travel + Leisure. http://www.travelandleisure.com/worldsbest/2011/islands/europe-islands/242. Retrieved 10 August 2011. 
  94. ^ a b "Χάρτης Αερολιμένων". Hellenic Civil Aviation Authority. http://www.hcaa.gr/content/index2.asp. Retrieved 18 October 2011. 
  95. ^ a b "Awards". Aegean Airlines. http://en.aegeanair.com/all-about-us/awards/. Retrieved 18 October 2011. 
  96. ^ Shepherd, Lesley (24 September 2010). "Awards for Binter Canarias, Olympic and Cimber". European Regions Airline Association. http://www.eraa.org/newsroom/news-releases/414-awards-for-binter-canarias-olympic-and-cimber. Retrieved 24 September 2010. 
  97. ^ "Olympic Air Take Tops In Condé Nast Traveller Awards". Olympic Air. 14 July 2011. http://www.olympicair.com/en-gb/news---events/2451-olympic-air-take-tops-in-conde-nast-traveller-awards-.cmt. Retrieved 15 July 2011. 
  98. ^ a b c d e f "Maritime transport - Goods (gross weight) - Annual data - All ports - by direction". Eurostat. http://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do?dvsc=9. Retrieved 19 October 2011. 
  99. ^ "Ενιαίος Πίνακας Στατιστικών Στοιχείων Ετών 2007, 2008, 2009, 2010". Piraeus Port Authority. http://www.olp.gr/el/stats/viewdownload/7-/372------2007-2008-2009-2010. Retrieved 19 October 2011. 
  100. ^ "Statistical Data 2010". Thessaloniki Port Authority. http://www.thpa.gr/files/statistics/statistics2010en.pdf. Retrieved 19 October 2011. 
  101. ^ a b c d e "Maritime transport - Passengers - Annual data - All ports - by direction". Eurostat. http://appsso.eurostat.ec.europa.eu/nui/show.do#. Retrieved 19 October 2011. 
  102. ^ a b c d e "Public Power Corporation S.A. Financial Report (January 1, 2010 - December 31, 2010)". Public Power Corporation of Greece. 2010. http://www.dei.gr/Images/ENG%20REPORT%202010%20FINAL.pdf. Retrieved 24 October 2011. 
  103. ^ a b c "Energy". Invest in Greece Agency. http://www.investingreece.gov.gr/default.asp?pid=36&sectorID=38&la=1. Retrieved 26 October 2011. 
  104. ^ a b c "Share of renewable energy in gross final energy consumption %". Eurostat. 2008. http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=tsdcc110&plugin=0. Retrieved 24 October 2011. 
  105. ^ "Renewable energy >> Targets by 2020". Eurostat. http://ec.europa.eu/energy/renewables/targets_en.htm. Retrieved 24 October 2011. 
  106. ^ "Πορίσματα της Ομάδας Εργασίας της Επιτροπής Ενέργειας της Ακαδημίας Αθηνών επί του θέματος "Πυρηνική Ενέργεια και Ενεργειακές Ανάγκες της Ελλάδος"". Academy of Athens. http://www.academyofathens.gr/Documents/christoforou_porismata.pdf. Retrieved 24 October 2011. 
  107. ^ a b c d "Green Light for Hydrocarbon Exploration". Invest in Greece Agency. http://www.investingreece.gov.gr/default.asp?pid=25&la=1&n=1024. Retrieved 26 October 2011. 
  108. ^ a b c d e f g h i j k l "Taxation trends in the European Union 2011 Edition". Eurostat. 2011. http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-DU-11-001/EN/KS-DU-11-001-EN.PDF. Retrieved 30 October 2011. 
  109. ^ a b "Πτώση της φοροδιαφυγής στο 41,6% από 49% το τελευταίο εξάμηνο". Ethnos. 2006. http://www.ethnos.gr/article.asp?catid=22770&subid=2&pubid=29345. Retrieved 12 October 2011. 
  110. ^ "20 δισ. ευρώ έχουν κρύψει οι Έλληνες στην Ελβετία". Skai TV. 2011. http://www.skai.gr/news/finance/article/182717/20-dis-euro-ehoun-krupsei-oi-ellines-stin-elvetia/. Retrieved 12 October 2011. 
  111. ^ Boyes, Roger. "Rich greeks pack up their troubles along with their euros". The Times. 
  112. ^ "Υπερδύναμη στις οφ σορ η Ελλάδα". Ta Nea. 2011. http://www.tanea.gr/ellada/article/?aid=4515967. Retrieved 12 October 2011. 
  113. ^ a b c "Μέχρι το τέλος του 2011 η συμφωνία για τη φορολόγηση των καταθέσεων στην Ελβετία [Deal to tax Swiss bank accounts to be reached by end of 2011]". Skai TV. http://www.skai.gr/news/finance/article/184756/mehri-to-telos-tou-2011-i-sumfonia-gia-ti-forologisi-ton-katatheseon-stin-elvetia-/. Retrieved 30 October 2011. 
  114. ^ a b c d e f "Προϋπολογισμός 2012". Ministry of Finance. 2011. http://www.minfin.gr/content-api/f/binaryChannel/minfin/datastore/03/59/99/03599935df46e7658a790bf311646f9424ec43a2/application/pdf/PROSXEDIO_2012.pdf. Retrieved 12 October 2011. 
  115. ^ a b c d e f g h "Regional gross domestic product (million EUR), by NUTS 2 regions". Eurostat. 2008. http://epp.eurostat.ec.europa.eu/tgm/graph.do?tab=graph&plugin=1&pcode=tgs00003&language=en&toolbox=sort. Retrieved 25 October 2011. 
  116. ^ a b c d e f "Regional gross domestic product (PPS per inhabitant), by NUTS 2 regions". Eurostat. 2008. http://epp.eurostat.ec.europa.eu/tgm/graph.do?tab=graph&plugin=1&pcode=tgs00005&language=en&toolbox=sort. Retrieved 25 October 2011. 
  117. ^ a b c "Gross domestic product at market prices". Eurostat. http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=tec00001&plugin=1. Retrieved 25 October 2011. 
  118. ^ a b "The Global 2000". Forbes. http://www.forbes.com/lists/2010/18/global-2000-10_The-Global-2000_Counrty_5.html. Retrieved 12 December 2011. 
  119. ^ a b c "Οι Έλληνες, το Ευρώ και η Δραχμή Νο. 2 [The Greeks, the Euro and the Drachma No. 2]". Public Issue (Kathimerini). http://www.publicissue.gr/wp-content/uploads/2011/09/eurosurvey-09-2011.pdf. Retrieved 2 November 2011. 

[edit] External links

[edit] Sources
Sovereign
states
States with limited
recognition
Dependencies
and other territories
Other entities
History
Guidelines
Members
1701–1800
1801–1900
1901–2000
2001–present
Greece Greece topics
People
Coat of arms of Greece
History
Law
Politics and
government
Geography
Economy
Military
Demographics
Culture
Art · Cinema · Dance · Literature · Education · Cuisine · Music · Sport · Television
Other topics
Retrieved from "http://en.wikipedia.org/w/index.php?title=Economy_of_Greece&oldid=474411274"
Personal tools
Namespaces
Variants
Actions
Navigation
Interaction
Toolbox
Print/export
Languages