Greece Economy Stats
Author: chris.lockyer781
Greece is a pretty wealthy country. Greek GDP (Gross Domestic Product) is measured to be $249.1 billion. According to official stats, the Greek economy reached 41st place in 2012. This position is pretty impressive for a small country (93th worldwide) like Greece. There are many reasons that have helped make Greece a prosperous country. The fertile Greek land (agriculture and subsoil) and sea offer high-quality products like olive oil, fish, lignite and iron ore. Greece’s strategic position has attracted many successful corporations as a distribution center. Recent commerce data shows that Greek exports reached $20.09 billion in 2009. Tourism also provides a big piece of revenue in Greece. Generally speaking, the Greek economy is largely supported by small and privately-owned businesses. One in 1,680 Greeks have their own business. The total number of Greek businesses is 6,407.
Wealth distribution is pretty unequal in Greece. According to 2002 stats, 10% of the population owns 25.3% of the income distribution, while another tenth of the population holds only 3% of the total income distribution. But during the last few decades, Greek productivity has made small, steady steps forward. A good example is the comparison between Greek GDP values over the last 62 years. In 1950, Greek GDP per capita was only $1,951. By 1973, Greek GDP had almost quadrupled ($7,779), while it reached $22,082.89 in 2012. Another interesting fact is the Purchasing Power Parity (PPP) of Greek people in 2004. Greeks were spending 6.6% more on goods than they could produce, or economically speaking Greek used to spend 106.6% of total GDP.
Nowadays, the strength of the Greek economy has weakened because of wrong political decisions and deep layers of deception and corruption among public authorities. These decisions have brought austerity to Greece. In May 2010, Greece received a €110 billion loan from EU and IMF (International Monetary Fund) as part of the first memorandum. An additional financial loan of €130 billion was given to Greek government. The second memorandum was even tougher for Greeks. The execution of a swap and a generous haircut of the face value (53.5%) were the knockout blow for the Greek economy.
Greek debt is enormous. A new memorandum is in sight, so no one can be sure about the future of the Greek economy.
Overview:
Definitions
- Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
- Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
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Debt > Government debt > Public debt, share of GDP:
Public debt as % of GDP (CIA).
No date was available from the Wikipedia article, so we used the date of retrieval.
- Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
- GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
- GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
- GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
- GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
- GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
- GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
- Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
- Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
- Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
- Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
- Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011
Citation
Greece Economy Profiles (Subcategories)
5
Greece is a pretty wealthy country. Greek GDP (Gross Domestic Product) is measured to be $249.1 billion. According to official stats, the Greek economy reached 41st place in 2012. This position is pretty impressive for a small country (93th worldwide) like Greece. There are many reasons that have helped make Greece a prosperous country. The fertile Greek land (agriculture and subsoil) and sea offer high-quality products like olive oil, fish, lignite and iron ore. Greece’s strategic position has attracted many successful corporations as a distribution center. Recent commerce data shows that Greek exports reached $20.09 billion in 2009. Tourism also provides a big piece of revenue in Greece. Generally speaking, the Greek economy is largely supported by small and privately-owned businesses. One in 1,680 Greeks have their own business. The total number of Greek businesses is 6,407.
Wealth distribution is pretty unequal in Greece. According to 2002 stats, 10% of the population owns 25.3% of the income distribution, while another tenth of the population holds only 3% of the total income distribution. But during the last few decades, Greek productivity has made small, steady steps forward. A good example is the comparison between Greek GDP values over the last 62 years. In 1950, Greek GDP per capita was only $1,951. By 1973, Greek GDP had almost quadrupled ($7,779), while it reached $22,082.89 in 2012. Another interesting fact is the Purchasing Power Parity (PPP) of Greek people in 2004. Greeks were spending 6.6% more on goods than they could produce, or economically speaking Greek used to spend 106.6% of total GDP.
Nowadays, the strength of the Greek economy has weakened because of wrong political decisions and deep layers of deception and corruption among public authorities. These decisions have brought austerity to Greece. In May 2010, Greece received a €110 billion loan from EU and IMF (International Monetary Fund) as part of the first memorandum. An additional financial loan of €130 billion was given to Greek government. The second memorandum was even tougher for Greeks. The execution of a swap and a generous haircut of the face value (53.5%) were the knockout blow for the Greek economy.
Greek debt is enormous. A new memorandum is in sight, so no one can be sure about the future of the Greek economy.
Posted on 09 Apr 2014
chris.lockyer781
396 Stat enthusiast
Global ratings agencies like Fitch pointed out the recovering economy and fiscal outlook for Greece which has been blamed as being responsible for the sovereign debt crisis in Europe. The Country’s long-term debt was raised to B which is five levels lower than the investment grade. However, Greece managed to achieve a primary surplus in the general government account last year. This was a key target in the European Union-IMF financial assistance program. This country triggered Europe’s sovereign debt crisis in 2009 when it disclosed that the budget deficit swelled to more than 15 per cent of the total economic output. Observers believe that Greece is prepared to return to growth after six consecutive years of tightening. According to Fitch, “Economic data out turns have been encouraging and support our baseline expectation that the recovery will gradually take hold this year.”
Then Premier George Papandreou sought an international bailout in exchange for budget cuts and economic reconstruction that resulted into his ouster. To this day, political volatility still disturbs Greece. If the left-leaning Syria Party wins the election on May 25, as opinion polls predict, it may break up the coalition led by New Democracy and result to feeble progress towards steadiness. For the time being, Greek officials have to cope with age-old budgetary problems. Although there is rampant tax evasion and issues in rationalizing public administration, economic leaders claimed that last year, Greece realized a primary fiscal surplus before interest payments on public debt. This surplus represented a big achievement relative to the deficit which is equivalent to 10.5 percent of GDP four years ago.
Notwithstanding indications of a turnaround, depressed economic conditions still exist all over Greece. The very high rate of unemployment (especially among the youth) remains a major challenge. It contributes to troublesome social and political tensions.
jaacosta47 25 May 2014