lthough the
government plans to privatize some leading state enterprises.
Tourism is a key industry, providing a large portion of GDP and
foreign exchange earnings. Greece is a major beneficiary of EU aid,
equal to about 4% of GDP. The economy has improved steadily over the
last few years, as the government has tightened policy with the goal
of qualifying Greece to join the EU's single currency (the euro) in
2001. In particular, Greece has cut its budget deficit to just over
2% of GDP and tightened monetary policy, with the result that
inflation fell below 4% by the end of 1998--the lowest rate in 26
years. The outlook for 1999 is good with the budget deficit and
inflation both expected to decline further, while GDP growth stays
near 3% and the current account deficit remains below 2% of GDP.

GDP: purchasing power parity--$143 billion (1998 est.)

GDP--real growth rate: 3% (1998 est.)

GDP--per capita: purchasing power parity?$13,400 (1998 est.)

GDP--composition by sector:
agriculture: 8.5%
industry: 23.5%
services: 68% (1996)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 3.9% (1998 est.)

Labor force: 4.28 million (1998)

Labor force--by occupation: services 59.2%, agriculture 19.8%,
industry 21% (1998)

Unemployment rate: 10% (1998 est.)

Budget:
revenues: $45 billion
expenditures: $47.6 billion, including capital expenditures of $NA
(1998 est.)

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

Industrial production growth rate: 7.3% (1998 est.)

Electricity--production: 40.028 billion kWh (1996)

Electricity--production by source:
fossil fuel: 89.16%
hydro: 10.75%
nuclear: 0%
other: 0.09% (1996)

Electricity--consumption: 41.388 billion kWh (1996)

Electricity--exports: 1.3 billion kWh (1996)

Electricity--imports: 2.66 billion kWh (1996)

Agriculture--products: wheat, corn, barley, sugar beets, olives,
tomatoes, wine, tobacco, potatoes; beef, dairy products

Exports: $12.4 billion (f.o.b., 1998)

Exports--commodities: manufactured goods, foodstuffs, fuels (1998)

Exports--partners: EU 56% (Germany 25%, Italy 11%, UK 8%, France
6%), US 16% (1997)

Imports: $27.7 billion (c.i.f., 1998)

Imports--commodities: manufactured goods, foodstuffs, fuels,
chemica