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The Greek economy in facts and figures

09 October 2012
by eub2 -- last modified 09 October 2012

Herewith basic economic figures for Greece, the epicentre of the eurozone debt crisis and the first European Union member state to be bailed out by the EU and the International Monetary Fund, in May 2010.


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(ATHENS) - Herewith basic economic figures for Greece, the epicentre of the eurozone debt crisis and the first European Union member state to be bailed out by the EU and the International Monetary Fund, in May 2010.

EUROZONE ENTRY: Greece joined the eurozone as its 12th member in 2001. After government borrowing rates soared, it secured in 2010 a bailout of 110 billion euros ($142 billion). A second package was agreed earlier this year involving 130 billion euros in loans plus a 107-billion-euro private sector debt write-off. Both were in return for promises of tough austerity cuts.

PUBLIC DEBT: Greece has the highest debt-to-output ratio in the 17-nation eurozone, exceeding by far the limit of 60 percent of gross domestic product. Total debt came to 144.9 percent of output in 2010 and jumped to an estimated 161.7 percent in 2011.

Despite efforts to trim it, Greece's debt will increase from 169.5 percent of output in 2012 to 179.3 percent in 2013 according to the latest draft budget.

PUBLIC DEFICIT: Greece's annual public deficit -- the shortfall between government revenue and spending -- was 10.6 percent in 2010. Government officials put it at 9.6 percent of GDP in 2011. According to government forecasts, Greece plans to cut the public deficit to 6.5 percent of GDP this year.

GROWTH: The statistics authority said that business activity had contracted by 7.1 percent instead of a previous estimate of 6.9 percent last year. GDP for 2011 amounted to 206.4 billion euros, down from 222.2 billion euros in 2010.

ACTIVITY: The Greek economy accounts for less than 3.0 percent of total eurozone output. The unofficial economy is believed to account for a third of all Greek activity. Tourism and shipping dominate. Many sectors are seen as uncompetitive compared to other eurozone countries.

INFLATION: 4.7 percent in 2010, 2.8 percent in 2011 and 0.6 percent in 2012 (2012 budget). Official data put 12-month inflation at 0.9 percent in September, down from 1.7 percent in August.

UNEMPLOYMENT: Official data showed Greece's jobless rate jumped to 23.6 percent in the second quarter of 2012 from 22.6 percent in the first quarter.

Those aged up to 24 are the hardest hit with a rate of 53.9 percent while those aged 25 to 29 also faced a very high 36.8 percent.

POPULATION: 10.78 million, down from 11.28 million in 2009, according to the latest official figures in May, as migrants leave owing to the economic downturn and birth rates remain low.

POLITICAL INSTITUTIONS: Parliamentary democracy with 300 deputies elected for four years, forming a government led by conservative leader Antonis Samaras. The president is Carolos Papoulias, elected by parliament in 2010 for five years, whose office is largely ceremonial.

WEBSITES:

- http://www.statistics.gr

- http://www.primeminister.gr

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