overnment is also starting long-needed
structural reforms designed to revitalize the country's economy. In
the short run, however, the fall in government revenues and the rise
in expenditures have raised the deficit above the EU's 3% debt limit.

Ghana
Well endowed with natural resources, Ghana has roughly twice
the per capita output of the poorer countries in West Africa. Even
so, Ghana remains heavily dependent on international financial and
technical assistance. Gold, timber, and cocoa production are major
sources of foreign exchange. The domestic economy continues to
revolve around subsistence agriculture, which accounts for 35% of
GDP and employs 60% of the work force, mainly small landholders.
Ghana opted for debt relief under the Heavily Indebted Poor Country
(HIPC) program in 2002. Policy priorities include tighter monetary
and fiscal policies, accelerated privatization, and improvement of
social services. Receipts from the gold sector should help sustain
GDP growth in 2004. Inflation should ease, but remain a major
internal problem.

Gibraltar
Gibraltar benefits from an extensive shipping trade,
offshore banking, and its position as an international conference
center. The British military presence has been sharply reduced and
now contributes about 7% to the local economy, compared with 60% in
1984. The financial sector, tourism (almost 5 million visitors in
1998), shipping services fees, and duties on consumer goods also
generate revenue. The financial sector, the shipping sector, and
tourism each contribute 25%-30% of GDP. Telecommunications accounts
for another 10%. In recent years, Gibraltar has seen major
structural change from a public to a private sector economy, but
changes in government spending still have a major impact on the
level of employment.

Glorioso Islands
no economic activity

Greece
Greece has a mixed capitalist economy with the public sector
accounting for about 40% of GDP and with per capita GDP 70% of the
leading euro-zone economies. Tourism provides 15% of GDP. Immigrants
make up nearly one-fifth of the work force, mainly in menial jobs.
Greece is a major beneficiary of EU aid, equal to about 3.3% of
annual GDP. The Greek economy grew by about 4.0% for the past two
years, largely because of an investment boom and infrastructure
upgrades for the 2004 Athens Olympic Games. Despite strong growth,
Greece has