The economy of modern greece
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The Economy of Modern Greece - PowerPoint PPT Presentation

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The Economy of Modern Greece. GDP (PPP) $305,595 billion (2006) GDP growth 3.6% GDP per capita $33,004 (2006) GDP by sector agriculture (5.1%), industry (20.6%), services (74.4%) - 2006 Inflation (CPI) 3.9% (Jan 2008) Population below poverty line 9.2% (2003)

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Some of the facts

GDP (PPP) $305,595 billion (2006) GDP growth 3.6%

GDP per capita $33,004 (2006)

GDP by sector agriculture (5.1%), industry (20.6%), services (74.4%) - 2006

Inflation (CPI) 3.9% (Jan 2008)


below poverty line 9.2% (2003)

Labour force 4.92 million (Nov 2007)

Labour force

by occupation agriculture (12%), industry (20%), services (68%) - 2004

Unemployment 7.6% (Nov 2007)

Main industries tourism; shipping; food and tobacco processing, textiles; chemicals, metal products; mining, petroleum

Exports $24.42 billion

Main export partners Germany 13.2%, Italy 10.3%, UK 7.5%, Bulgaria 6.3%, U.S. 5.3%, Cyprus 4.6%, Turkey 4.5%, France 4.2% (2004)

Imports $59.12 billion (2006 est)

Main import partners Germany 13.3%, Italy 12.8%, France 6.4%, Netherlands 5.5%, Russia 5.5%, U.S. 4.4%, UK 4.2%, South Korea 4.1% (2004)

Some of the Facts

The geography of greece
The Geography of Greece

  • The Greek mainland is mostly mountainous with many valleys, surrounded by mountains with small rivers running through.

  • Most valleys are warm and well watered

Greek islands
Greek Islands

  • The smaller islands are mostly barren with little or no water, and stunning landscapes.

  • The big islands, by contrast are very green and well watered.

  • The sea has provided the main source of income through the centuries

The impact upon the economy
The impact upon the economy

  • From antiquity agriculture had limited potential, which has encouraged commerce and use of the sea.

  • Agricultural products in the Greek valleys tend to be destined for the higher end of the market, not mass production.

  • The land alone was never able to sustain its populations which encouraged sea-faring, trades and industry through the centuries.

The climate
The Climate

  • Mediterranean

  • Short winters, cold with snow in the mountains, mild in the valleys provide good irrigation

  • Hot dry summers favor typically Mediterranean vegetation (Olive groves and vineyards)


  • Olive trees, vines, beet roots, citrus trees, vegetables, fruit.

  • Animal farming tends to be organic, free-range (sheep, goats, cows, pigs, chickens, turkeys, trout)

  • Genetically engineered crops are out of the question. All Europeans detest them.


  • Fishing was an important economic resource especially in poorer small island communities.

  • Strict EU rules and quotas have reduced the fishing industry, but still you can find good fresh fish

Sea travel and transport
Sea travel and transport

  • The largest contributor to Greek economy, even higher than tourism and agriculture.

  • The key position of the country allows easy access to Europe, Middle East, North Africa and the Black Sea. The Greek commercial fleet is approximately 10% of the world’s fleet.


  • An important industry which has breathed new life in previously desolate communities.

  • Most people head for the endless coastline and more than 4000 islands

  • The Greeks head for the mountains and the green lake landscapes of the north and north west

Cultural tourism
Cultural Tourism

  • An important contributor to the economy and image of the country.

  • However, a costly business.

  • The Ephorates of Classical (Ancient Greek and Roman) and Byzantine/PostByzantine (Byzantine, Arab, Ottoman, Venetian, Neoclassical) antiquities are powerful bodies which can affect or stop any building or development project.

Real estate market
Real Estate Market

  • Comparable in prices and pace of development to Florida.

  • Housing in hot tourist spots and the coastline is expensive. Housing in good areas of the cities also expensive. Modest prices in less touristy spots and the working-class suburbs of the big cities.

  • Recent styles favor traditional Byzantine or Island architectural modes. The cities mostly have a more utilitarian style. Reinforced concrete is used in most city multiple housing, according to strict earthquake codes


  • Obligatory from 5-15 years, and free at all levels.

  • Preschool 1-2 years (starting at 4-5)

  • Primary School, 6-12 years olds

  • Lower Secondary (Gymnasium), 12-15

  • Upper Secondary (Lycaeum), 15-18

  • College, State Universities, 18<

  • Generally a highly educated workforce


  • National Health Service, ESY (free)

  • Private Insurance (Work Contributions)

  • Private Clinics and Doctors

  • The healthy Mediterranean diet (olive oil, vegetables, low meat and butter intake, fewer industrialized and canned foods, little taste for fatty, sugary foods), combined with a more relaxed outdoors lifestyle results in healthier, and longer-living populations.


  • Traditionally crime levels have been very low.

  • 92% of Greeks have faith in their legal system (the highest percentage in Europe), and they are the most law-abiding Europeans.

  • A traumatic relationship with the police during the dictatorship has resulted in strict controls over police authority

  • In recent years the influx of economic immigrants from Eastern Europe has caused complaints over rising crime.

Industry and high tech
Industry and High Tech

  • Greek industry has been only moderately successful, the primary reason being that industry work does not fit well with the psychosynthesis of the average Greek worker.

  • High Tech is catching up fast, favored by a highly educated population and the curious nature of the Greeks.


  • Strengths: an educated population, inquisitive nature, outward looking, good relations with most nations, an excellent geographical position, a good international image.

  • Weaknesses: (until recently) a large public sector, dislike of industrial conditions, too much of a good lifestyle, limited natural resources.