Economy of Greece

Polina Kuzovkina
10-6-33
Statistics
GDP 193.749 billion (nominal; 2012)
[5]

217.1236 billion (PPP; 2012)
[5]

$249.199 billion (nominal, 2012)
[6]

$273.897 billion (PPP, 2012)
[6]

GDP growth 2.3% (Q4 2013 est.)
[7]

GDP per capita 17,200 (nominal; 2012)
[5]

19,200 (PPP; 2012)
[5]

$22,072 (nominal, 2012)
[6]

$24,260 (PPP, 2012)
[6]

GDP by sector services: 80.6%; industry: 16%;
agriculture: 3.4% (2012 est.)
Inflation (CPI) 1.1% (February 2014)
[8]

Population
below poverty line
34.6% (3.795 million) at risk of poverty or
social exclusion (2012)
[9]

Date GDP Mill. $ Annual Change
2013 241,786$ -3.9%
2012 249,199$ -7.0%
2011 290,153$ -7.1%
2010 294,771$ -4.9%
Countries GDP : GDP annual comparison
Exports 27.5 billion (0.2%; 2013 est.)
Export goods petroleum oils (not crude), etc 38.88%,
aluminium and articles thereof 4.38%;
electrical, electronic equipment 3.75%;
pharmaceutical products 3.48%; plastics
and articles thereof 3.32%; vegetables,
fruits, etc 3.18%; iron and steel products
3.03% (2012)
Main export partners Turkey 10.8%,
Italy 7.5%,
Germany 6.2%,
Bulgaria 5.5%,
Cyprus 4.8%,
USA 3.8%,
UK 3% (2012)
Imports 46.9 billion (4.9%; 2013 est.)
[18]

Import goods crude petroleum oils, etc 37.47%;
electrical, electronic equipment 6.48%;
pharmaceutical products 5.92%;
machinery, etc 4.2%; ships, boats, etc
4.13%; plastics and articles thereof 2.72%;
cars, car parts, motorcycles, etc
2.72% (2012)
[19]

Main import partners Russia 12.6%,
Germany 9.2%,
Italy 7.7%,
Saudi Arabia 5.6%,
China 4.8%,
Netherlands 4.6%,
France 4.2% (2012)
Between 1832 and 2002 the currency of Greece was the Drachma. After having
signed the Maastricht Treaty, Greece applied to join the Eurozone. The two
main criteria to join the Euro currency were, that the EU country upon
application time, was not allowed to exceed a public deficit of -3.0% of GDP and
the debt burden should show a declining trend if it was above 60% of GDP.
Greece managed to comply with the strict criteria, after having submitted its
1999 annual public account. On 1 January 2001, Greece officially joined the
Eurozone, with the adoption of the Euro at the fixed exchange rate 340.75 to
1. In 2001 the Euro however only existed electronically, so the physical
exchange from Drachma to Euro only happened on 1 January 2002. This was
followed by a ten-year period for eligible exchange of drachma to Euro, which
ended on 1 March 2012.
[191]

Prior to the adoption of the Euro, the majority of Greek people had a positive
view of the new currency (64%).
[192]
In February and June 2005 however this
number fell considerably, to only 26% and 20% respectively.
[192]
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
Crisis
By the end of 2009, as a result of a combination of international
and local factors 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).
[89][90]

In early 2010, it was revealed that through the assistance
of Goldman Sachs, JPMorgan Chase and numerous other banks,
financial products were developed which enabled the governments
of Greece, Italy and many other European countries to hide their
borrowing.
[91][92]
Dozens of similar agreements were concluded
across Europe whereby banks supplied cash in advance in exchange
for future payments by the governments involved; in turn, the
liabilities of the involved countries were "kept off the books