Transcript Some of the Facts

The Economy of Modern Greece
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)
Population
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)
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
• 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
• 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
• 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)
Agriculture
• 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
• 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
• 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.
Tourism
• 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
• 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
•
•
•
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 workingclass 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
Education
• 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
Healthcare
•
•
•
•
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.
Crime
• 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
• 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.
Summary
• 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.