Greece

About Greece

Background:

Greece achieved independence from the Ottoman Empire in 1829. During the second half of the 19th century and the first half of the 20th century, it gradually added neighboring islands and territories, most with Greek-speaking populations. In World War II, Greece was first invaded by Italy (1940) and subsequently occupied by Germany (1941-44); fighting endured in a protracted civil war between supporters of the king and Communist rebels. Following the latter's defeat in 1949, Greece joined NATO in 1952. In 1967, a group of military officers seized power, establishing a military dictatorship that suspended many political liberties and forced the king to flee the country. In 1974, democratic elections and a referendum created a parliamentary republic and abolished the monarchy. In 1981, Greece joined the EC (now the EU); it became the 12th member of the European Economic and Monetary Union in 2001.

PEOPLE

Population:
10,737,428 (July 2009 est.)
country comparison to the world: 75

Nationality:
noun: Greek(s)
adjective: Greek

Ethnic groups:
population: Greek 93%, other (foreign citizens) 7% (2001 census)
note: percents represent citizenship, since Greece does not collect data on ethnicity

Religions:
Greek Orthodox 98%, Muslim 1.3%, other 0.7%

Languages:
Greek 99% (official), other 1% (includes English and French)

GOVERNMENT

Country Name:
conventional long form: Hellenic Republic
conventional short form: Greece
local long form: Elliniki Dhimokratia
local short form: Ellas or Ellada
former: Kingdom of Greece

Government type:
parliamentary republic

Capital:
name: Athens
geographic coordinates: 37 59 N, 23 44 E
time difference: UTC+2 (7 hours ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October

Independence:
1829 (from the Ottoman Empire)

Flag description:
nine equal horizontal stripes of blue alternating with white; there is a blue square in the upper hoist-side corner bearing a white cross; the cross symbolizes Greek Orthodoxy, the established religion of the country

ECONOMY

Economy - overview:
Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But growth dropped to 2.9% in 2008. The economy went into recession in 2009 and contracted by 2.5%, as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit, triggered by falling state revenues, and increased government expenditures. Greece violated the EU's Growth and Stability Pact budget deficit criteria of no more than 3% of GDP from 2001 to 2006, but finally met that criteria in 2007-08, before exceeding it again in 2009 by 12.7%. Public debt, inflation, and unemployment are above the euro-zone average; debt and unemployment rose in 2009, while inflation subsided. Eroding finances prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, which has led to increased financial instability. Currently, the Greek Government is under intense pressure by the EU and international lenders to implement a medium-term austerity program that includes cutting government spending, reducing the size of the public sector, and reforming the labor and pension systems. Athens, however, faces long-term challenges to push through unpopular reforms in the face of often vocal opposition from the country's powerful labor unions and the general public. Greek labor unions are prepared to strike over new austerity measures and continued widespread unrest could lead to rioting or violence.

GDP (purchasing power parity):
$339.2 billion (2009 est.)
country comparison to the world: 34
$347.9 billion (2008 est.)
$338.1 billion (2007 est.)
note: data are in 2009 US dollars

GDP - per capita (PPP):
$32,100 (2009 est.)
country comparison to the world: 42
$32,400 (2008 est.)
$31,600 (2007 est.)
note: data are in 2009 US dollars

Budget:
revenues: $108.7 billion
expenditures: $145.2 billion (2009 est.)

Inflation rate (consumer prices):
1% (2009 est.)
country comparison to the world: 42
4.1% (2008 est.)

Industries:
tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum

Exports:
$18.64 billion (2009 est.)
country comparison to the world: 65
$29.14 billion (2008 est.)

Imports:
$61.47 billion (2009 est.)
country comparison to the world: 39
$93.91 billion (2008 est.)

Exchange rates:
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005)