Greece has managed to achieve a strong economy that is growing fast after the implementation of stabilization policies in recent years. Greece remains a net importer of industrial and capital goods, foodstuffs, and petroleum. Leading exports are manufactured goods, food and beverages, petroleum products, cement, chemicals and pharmaceuticals. For other uses, see Euro (disambiguation). ... For other uses of the initials WTO, see WTO (disambiguation). ... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ... The Organization of the Black Sea Economic Cooperation is an organization created on June 25, 1992, to promote cooperation between its members, hoping to transform the BSEC into a regional economic organization. ... GDP is an acronym which can stand for more than one thing: (in economics) an abbreviation for Gross Domestic Product. ... PPP of GDP for the countries of the world (2003). ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... USD redirects here. ... International trade is the exchange of goods and services across international boundaries or territories. ... Petro redirects here. ... For other uses, see Cement (disambiguation). ... Pharmacology (in Greek: pharmacon is drug, and logos is science) is the study of how chemical substances interfere with living systems. ...

Recent economic history

The development of the modern Greek economy began in the late 19th and early 20th centuries with the adoption of social and industrial legislation and protective tariffs and the creation of the first industrial enterprises. Industry at the turn of the century consisted primarily of food processing, shipbuilding, and the manufacture of textiles and simple consumer products.

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 ^[1] examines the gradual development of industry and shipping in a predominantly agricultural economy, calculating an average rate of per capita GDP growth between 1833 and 1911 that was only slightly lower than that of Western European nations. Other studies support this view, providing comparative measures of standard of living. The per capita income (purchasing power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938 ^{[2] [3]}, 75% in 1980 and 90% in 2007 ^[4]. A Watt steam engine, the steam engine that propelled the Industrial Revolution in Britain and the world. ...

Greece achieved high rates of growth from the 1950s through the early 1970s due to large foreign investments. After the end of the Greek Civil War in 1949 and for more than two decades Greece achieved the second highest economic growth rate in the world after Japan, resulting in a dramatic improvement of living standards (the "Greek economic miracle"). In the mid-1970s, Greece suffered declines in its GDP growth rate, ratio of investment to GDP, and productivity, and real labor costs and oil prices rose. In 1981, protective barriers were removed when Greece joined the European Community on January 1, 1981 and cohesion funds contributed considerably to the country's fast economic development in the 1980s. By 1989 Greece belonged to a group of 23 "advanced economies". The term (modern) Greek economic miracle has been used to describe the impressive rate of economic and social development in Greece from the early 1950s to the mid-1970s. ...

The government pursued expansionary policies, which fueled inflation and caused balance-of-payment difficulties. Growing public sector deficits were financed by borrowing. In October 1985, supported by a 1.7 billion European Currency Unit (ECU) loan from the European Union (EU), the government implemented a two-year "stabilization" program with limited success. Public sector inefficiency and excessive spending caused government borrowing to increase; by the end of 1992, general government debt exceeded 100% of GDP. The European Currency Unit (â‚ ; ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro. ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Government debt (also known as public debt or national debt) is...

Greece continued to rely on foreign borrowing to finance its deficits. Public sector external debt was $32 billion at the end of 1998, only ¼ of the total. The general government debt was $119 billion at the end of 1998, or 105.5% of GDP. Greece, as a member of the European Union, strived to reduce its budget deficit and inflation rate in order to meet the prerequisites for the Economic and Monetary Union. Although growth remained above the convergence program guidelines, high budget deficits and deficient infrastructure continued to dampen the economy's long-term potential growth rate. For the concept in general, see economic and monetary union. ...

In May 1994, the Bank of Greece successfully managed a currency crisis triggered by the lifting of currency restrictions on short-term capital movements. The bank contained speculative attacks on the drachma by tightening its monetary policy and raising interest rates dramatically: For a few days, interest rates pushed as high as 180%. In less than 2 months, with speculation on the drachma no longer a threat, interest rates returned to normal levels. A similar wave of speculation was beaten back in the fall of 1997, following the Asian financial crisis. The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ...

One of the successes of recent Greek economic policy has been the reduction of inflation rates. For more than 20 years, inflation hovered in the double digits, it reached 23% in late 1990. But a combination of fiscal consolidation, wage restraint, and strong drachma policies resulted in lowered inflation. Inflation fell to 2.0% by mid-1999. High interest rates have been historically a significant problem. The government's strong drachma policy and Public Sector Borrowing Requirement (PSBR) made the lowering of interest rates difficult, but progress was made in 1997-99 and rates gradually declined in line with inflation and the rest of the Eurozone. The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ...

In 2001 Greece joined the Economic and Monetary Union (eurozone). Interest rate policy is now in the hands of the European Central Bank. Headquarters Coordinates , , Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain Currency Euro ISO 4217 Code EUR Reserves €43bn directly, €338bn through the Eurosystem (including gold deposits). ...

Due to the more stable macroeconomic framework and lower interest rates, growth has picked up significantly. The Greek Economy has been growing continuously since 1994 and above the EU25 average since 1996. In 2004 the Greek economy grew at an estimated rate of 4.7%, the fastest in the EU15. A part of this has been sustained by the investment in infrastructure in the run up to the Summer Olympic Games 2004 that were held in Athens. As a result, real incomes have risen from 85% of EU27 average in 1997 to 100% in 2007 (revised data, source Eurostat, 21 April 2007).

In 2004, Eurostat, the statistical arm of the European Commission (after an audit performed by the New Democracy government) revealed that the budgetary statistics, on the basis of which Greece joined the European monetary union, had been massively underreported by the previous Greek government (mostly by not recording a large share of military expenses).^[5] However, even according to the revised numbers calculated according to the methodology in force at the time of Greece's application for entry into the Eurozone, the criteria for entry had been met.^[6] The Statistical Office of the European Communities (Eurostat) is the statistical arm of the European Commission, producing data for the European Union and promoting harmonisation of statistical methods across the member states. ... Berlaymont, the Commissions seat The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. ...

Recent economic performance has been satisfying. However, there are two challenges for policymakers: a)to avoid an economic slump after the enthusiasm of the Games has gone and the EU farm subsidies get cut in 2006 and b) to proceed with structural economic reforms, especially in the areas of social insurance, welfare, and the labour market which will encourage further investments, lower the country's high unemployment and promote growth and economic stability. The first step was taken on the 30 June 2005 with substantial reforms of the insurance system for bank employees against fierce opposition from the unions and the main opposition political party PASOK with laws liberalising working hours in retail trade and employment and providing for public/private financing initiatives of public works and services to follow over the summer. For specific national programs, see Social Security (United States), National insurance (UK), Social Security (Sweden) Social security refers to a variety of government programs providing for social welfare and social protection and the alleviation of poverty among senior citizens and the disabled. ... ... Labour economics seeks to understand the functioning of the market for labour. ... Invest redirects here. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Party logo The Panhellenic Socialist Movement, better known as PASOK (Greek: Πανελλήνιο Σοσιαλιστικό Κίνημα, Panellinio Sosialistiko Kinima, ΠΑΣΟΚ), is a Greek social democratic political party. ... Drawing of a self-service store. ... This article is about economic exchange. ...

During the third quarter of 2006, Greece experienced a strong 4.4% growth rate, while in the same period of the previous year, the growth rate was 3.8%. This is among the highest rates in the EU and the Eurozone, where the average growth rates for these periods were estimated to stand as 2.7% and 1.7% respectively. Current challenges include the further reduction of unemployment which currently stands at 8.8%, the reform of the social security system, the further privatization of the public sector, the overhauling of the tax system and the further reduction of certain bureaucratic inefficiencies. Reduction of the fiscal deficit to the Eurozone target of 3% of GDP had also become a key issue. Under a negotiated agreement, the EU had given Greece a two year deadline (budgets of 2005 and 2006) in order to bring the deficit in line with the criteria of the EU's stability pact, namely below 3%. In 2005, the deficit stood at 5.5% of GDP, while in 2006 the deficit fell below 3%, standing at 2.6% (figure approved by Eurostat in April 2007). Based on this figure and forecasts for the following years, EU's Excessive Deficit Procedure for Greece officially ended on June 5, 2007. The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... < [[[[math>Insert formula here</math>The public sector is that part of economic and administrative life that deals with the delivery of goods and services by and for the [[government </math></math></math></math> Direct administration funded through taxation; the delivering organisation generally has no specific requirement to meet commercial... ... Stability Pact can mean The Stability and Growth Pact of the Economic and Monetary Union The Stability Pact for South Eastern Europe This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ...

Following European Union rules, Greece revised its GDP in October 2007 upwards by 9,6% (a much smaller revision than the one originally planned in 2006). In contrast to other member states, Greece had not revised its base of measuring its GDP for several years.

Cost of living

Athens, in terms of the relative cost of living, ranked 47 between 131 cities included in a survey of Economist Intelligence Unit (EIU). According to a survey by the Economist, the cost of living in Athens is close to 90% of the costs in New York.

The cost of living is higher in suburban and tourist areas of the country. In non-tourist areas the cost is reduced because of agricultural products, lower rents and reduced travel.^[7]

Poverty in Greece reaches the 20%. Surveys showed that the high prices are the major problem of the country.^[8] According to the TV documentaries "Apodeixeis"^[9], as of 2008, the salary of some jobs in Greek is the 1/3 than the salaries of the same jobs in Germany, while the prices for the same goods are higher. For that reason, Greeks are also the second most working people in the world, following South Corea^[10]. Groningen Growth & Development Centre made a poll that revealed that between 1995 - 2005, Greece was the country with the largest work/hour ratio among European nations; Greeks worked an average of 1,900 hours per year, followed by Spanish (average of 1,800 hours/year)^[11] 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Common Era (or Anno Domini), in accordance with the Gregorian calendar. ... ...

Household debt

The explosion of borrowing and lending was that they emerged after the banking deregulation and the falling interest rates caused Greece to have among the highest lending growth rates in the EU. The architecture and purpose of the Parthenon in Athens epitomises many facets of Greek culture, both ancient and modern. ... This article covers the Greek civilization. ... The Politics of Greece takes place in a large parliamentary representative democratic republic, whereby the Prime Minister of Greece is the head of government, and of a pluriform multi-party system. ...

Between January and July, the business and household debts to the banks, including corporate bonds issued by enterprises reached 189.9 billion euro or 91% of GDP, showing an increase of 20.6% over the corresponding period last year. Household debt in mortgage and consumer loans increased by 23.9% to 89.3 billion euro.

Foreclosures of debtors who could not repay their loans, have reached 55,000.

Indicative of the 'trend' of over-loaning in recent years is the fact that the ratio exceeded deposits for lending in the first half of the 100 units, suggesting that the allocations are now more than deposits. ^[12]

EU membership

Greece realigned its economy as part of EU membership that began in 1981. Greek businesses are adjusting to competition from EU firms and successive governments have had to liberalize their economic and commercial regulations and practices. However, Greece had been granted waivers from certain aspects of the EU's 1992 single market program.

Historically, Greece has been a net beneficiary of the EU budget. Net payments to Greece totaled $4.9 billion in 1998, representing 4.2% of GDP. Net inflows were estimated at about $5 billion in 1998. Greece received substantial support from the EU through the Delors II package. In July 1994, the Greek government and the EU agreed on a final plan which provided Greece 16.6 billion ECU for the period, of which 14 billion ECU was from the Community Support Framework and 2.6 billion ECU was from the Cohesion Fund. That level of assistance continued in 1999 financing major public works and economic development projects, competitiveness and human resources programs, the improvement of living conditions and also addressed disparities between poorer and more developed regions of the country. Greece is set to receive 20.1 billion euros of funds from the EU's budget, or approximately 1,8% of GDP. The European Currency Unit (â‚ ; ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro. ... For other uses, see Euro (disambiguation). ...

References

Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... is the 326th day of the year (327th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... is the 342nd day of the year (343rd in leap years) in the Gregorian calendar. ... Kathimerini (Greek: Η Καθημερινή, Translation: The Daily) is a daily newspaper published in Athens. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 357th day of the year (358th in leap years) in the Gregorian calendar. ... Mega Channel, also known as Mega TV, was the first corporate-owned channel to launch on the Greek airwaves. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 289th day of the year (290th in leap years) in the Gregorian calendar. ...

See also

• OECD's Greece country Web site and OECD Economic Survey of Greece
• Companies of Greece
• Economic history of Greece and the Greek world
• Economy of Europe
• Greece
• Agriculture in Greece

v • d • e  Member States of the European Union by accession · by political system · by population · by GDP Austria · Belgium · Bulgaria · Cyprus · Czech Republic · Denmark · Estonia · Finland · France · Germany · Greece · Hungary · Ireland · Italy · Latvia · Lithuania · Luxembourg · Malta · Netherlands · Poland · Portugal · Romania · Slovakia · Slovenia · Spain · Sweden · United Kingdom

v • d • e Members of the World Trade Organization (WTO) Albania · Angola · Antigua and Barbuda · Argentina · Armenia · Australia · Bahrain · Bangladesh · Barbados · Belize · Benin · Bolivia · Botswana · Brazil · Brunei · Burkina Faso · Burma · Burundi · Cambodia · Cameroon · Canada · Cape Verde · Central African Republic · Chad · Chile · PR China · Colombia · Democratic Republic of the Congo · Republic of the Congo · Costa Rica · Côte d'Ivoire · Croatia · Cuba · Djibouti · Dominica · Dominican Republic · Ecuador · Egypt · El Salvador · European Union¹ · Republic of Macedonia · Fiji · Gabon · The Gambia · Georgia · Ghana · Grenada · Guatemala · Guinea · Guinea-Bissau · Guyana · Haiti · Honduras · Hong Kong² · Iceland · India · Indonesia · Israel · Jamaica · Japan · Jordan · Kenya · South Korea · Kuwait · Kyrgyzstan · Lesotho · Liechtenstein · Macau² · Madagascar · Malawi · Malaysia · Maldives · Mali · Mauritania · Mauritius · Mexico · Moldova · Mongolia · Morocco · Mozambique · Namibia · Nepal · New Zealand · Nicaragua · Niger · Nigeria · Norway · Oman · Pakistan · Panama · Papua New Guinea · Paraguay · Peru · Philippines · Qatar · Rwanda · St. Kitts and Nevis · St. Lucia · St. Vincent and the Grenadines · Saudi Arabia · Senegal · Sierra Leone · Singapore · Solomon Islands · South Africa · Sri Lanka · Suriname · Swaziland · Switzerland · Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu³ · Tanzania · Thailand · Togo · Tonga · Trinidad and Tobago · Tunisia · Turkey · Uganda · Ukraine · United Arab Emirates · United States · Uruguay · Venezuela · Vietnam · Zambia · Zimbabwe-1... Image File history File links Size of this preview: 800 × 370 pixelsFull resolution (1357 × 628 pixel, file size: 19 KB, MIME type: image/png)World map of World Trade Organization (WTO) members/non-members, 2005; based on Image:BlankMap-World-v2. ... Economy - overview: Antigua and Barbudas economy is service-based, with tourism and government services representing the key sources of employment and income. ... Burkina Faso is one of the poorest countries in the world with an average income per capita of €250 (US$300). ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... All text and figures relate to mainland China only, unless stated. ... Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth, yet the economy of the DROC has declined drastically since the mid-1980s. ... This article or section does not cite its references or sources. ... The economy of Costa Rica heavily depends on tourism, agriculture, and electronics exports. ... The Ivorian economy is largely market based and depends heavily on the agricultural sector. ... The Dominican Republic is a middle-income developing country primarily dependent on agriculture, trade, and services, especially tourism. ... This article does not cite its references or sources. ... If it is considered as a single state, the economy of the European Unions twenty-seven member states is the worlds largest economy. ... Economy - overview: The breakup of Yugoslavia in 1991 deprived F.Y.R.O.M. (Former Yugoslav Republic of Macedonia), then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. ... Economy - overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. ... This article needs to be updated. ... The Economy of Hong Kong is widely believed, and some argue incorrectly, to be the most economically free in the world. ... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organizations APEC, WTO and OECD GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006); GDP (Nominal) $981. ... The Economy of New Zealand is a small but prosperous free market economy, which is greatly dependent on international trade, mainly with Australia, the United States of America and Japan. ... Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. ... The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; decreasing world prices have hurt the industry in recent years. ... Saint Lucias economy depends primarily on revenue from banana production and tourism with some input from small-scale manufacturing. ... The St. ... Economy - overview: Saudi Arabia has an oil-based economy with strong government controls over major economic activities. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... A per capita GDP of $340 ranks Solomon Islands as a lesser developed nation. ... South Africa has a two-tiered economy; one rivaling other developed countries and the other with only the most basic infrastructure. ... With an economy of $27. ... Republic of China (ROC) has a dynamiccapitalist economy with gradually decreasing guidance of investment and foreign trade by the government. ... Trinidad and Tobago experienced a real growth rate of 3. ... // The United Arab Emirates has a highly industrialized economy that makes the country one the most developed in the world, based on various socioeconomic indicators such as GDP per capita, energy consumption per capita, and the HDI. At $168 billion in 2006, the GDP of the UAE ranks second in... The economy of the United States has been the worlds largest national economy since the late 1890s;[1] its gross domestic product (GDP) was estimated as $13. ... All twenty-seven member states of the European Union are also members of the WTO in their own right: Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands and Netherlands Antilles • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom. Special Administrative Region of the People's Republic of China. Designated name for the Republic of China (Chinese Taipei)