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Greece
Greece achieved independence from the Ottoman Empire in 1829. 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. A military dictatorship, which in 1967 suspended many
political liberties and forced the king to flee the country, lasted
seven years. The 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 euro
zone in 2001.
Capital City: Athens (+2 GMT)
Chief of State: President Karolos PAPOULIAS
Head of Govt.: Prime Minister Konstandinos (Kostas)
KARAMANLIS
Currency: Euro
Main Cities: Greater Athens, municipality of Athens,
Greater Thessaloniki
Major Languages: Greek
Calling Code: 30
Voltage: 110/220V
Stock Exchanges: Athens Exchange
Primary Religions: Greek Orthodox
Main Airports
Athens (ATH) (Elfetherios Veniselos), Corfu (CFU) (Kerkira),
Thessaloniki (SKG) (Macedonia)
U.S. Embassy
91 Vasilissis Sophias Blvd., 10160 Athens
tel: [30] (210) 721-2951 or 721-8401, after hours 729-4444
Statistics
- GDP: purchasing power parity:
- $236.8 billion (2005 est.)
- GDP - real growth rate:
- 3.7% (2005 est.)
- GDP - per capita: purchasing power parity:
- 22,200 (2005 est.)
- Inflation rate (consumer prices):
- 3.5% (2005 est.)
- Labor force:
- 4.72 million (2005 est.)
- Exports:
- $18.54 billion f.o.b. (2005 est.)
- Exports - partners:
- Germany 12.4%, Italy 10.4%, UK 6.7%, Bulgaria 5.9%, US 5.3%,
Cyprus 5.2%, Turkey 5.1%, France 4.2% (2005)
- Imports:
- $48.2 billion f.o.b. (2005 est.)
- Imports - partners:
- Germany 12.7%, Italy 12.4%, Russia 7.8%, France 5.7%,
Netherlands 5.5%, Saudi Arabia 4.1% (2005)
- Population:
- 10,688,058 (July 2006 est.)
- Population growth rate:
- 0.18% (2006 est.)
- Population Below Poverty Line:
- NA%
- Major Industries:
- tourism, food and tobacco processing, textiles, chemicals,
metal products; mining, petroleum
- Employing Workers: 166*
- Registering Property: 94*
- Enforcing Contracts: 48*
- Closing a Business: 34*
- *2006 World Bank rank out of 175 countries
- Starting a Business
The table below shows the number of steps and the amount of
time needed to start a business, on average
| Indicator |
Greece |
Region |
| Procedures (number) |
15 |
|
| Time (days) |
38 |
|
Greece Risk Assessment
Country Rating
Rating: A2
The political and
economic situation is good. A basically stable and efficient
business environment nonetheless leaves room for improvement.
Corporate default probability is low on average.
Risk Assessment
The economy continued to grow
strongly in 2007 driven by domestic demand. Household consumption
continued to benefit from a bright job picture, wage growth, and a
credit expansion. The reduction of corporate income tax and the
undertaking of large infrastructure projects have spurred corporate
investment. Although exports continued to grow the increase was not
enough to significantly reduce the current account deficit with
imports still rising too rapidly. The public sector deficit remained
under control despite additional spending associated with the summer
fires and preparations for early general elections. Proceeds from
privatisations were allocated to the reduction of public sector
debt.
The economy will post strong growth
again in 2008. Households spending will continue at a high rate
despite high interest rates and slower wage growth. Continuation of
public investment programmes partly funded by Europe will spur
corporate investment and construction. The current account balance
will continue to show a large deficit despite very good export
performance supported by the dynamism of the tourism industry and
the merchant navy, which has capitalised on the increase in world
trade and freight rates. The reduction of the public deficit may be
significant thanks to the slowdown of government operating expenses
and the additional revenues resulting from taxes both indirect (VAT)
and direct (the campaign against tax evasion). Continuation of the
privatisation programme, particularly in the telecommunications
sector, will contribute to reduction of public debt pending the
health and pension system reforms essential to keeping public
accounts under control in the medium term.
The downward bankruptcy trend and
stabilisation of the Coface payment incident index near the world
average reflect the buoyant growth. Corporate profitability has
improved thanks to the reduction of income tax, modernisation of the
financial system, and reform of the corporate legal framework.
Weaknesses have persisted in the clothing and shoe industries, both
exposed to Asian and Eastern European and in commercial distribution
where small family companies will continue to suffer from the
competition of major international players. In the export market,
the competitiveness of Greek companies has been eroding, affected by
unit labour costs higher than those of euro zone partners.
The A2 business climate rating is born
out by the complex and ponderous implementation of legal collection
procedures.
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