Greece - Economic sectors

Greece is not a fully capitalist state as there are still many state-owned industries, but the government plans to sell many of them. Greece receives a great amount of financial assistance from the European Union, which accounts for about 4 percent of its GDP. Greece's main

Country Newspapers Radios TV Sets a Cable subscribers a Mobile Phones a Fax Machines a Personal Computers a Internet Hosts b Internet Users b
1996 1997 1998 1998 1998 1998 1998 1999 1999
Greece 153 477 466 1.2 194 3.8 51.9 59.57 750
United States 215 2,146 847 244.3 256 78.4 458.6 1,508.77 74,100
Germany 311 948 580 214.5 170 73.1 304.7 173.96 14,400
Italy 104 878 486 2.8 355 31.3 173.4 68.28 7,000
a Data are from International Telecommunication Union, World Telecommunication Development Report 1999 and are per 1,000 people.
b Data are from the Internet Software Consortium ( ) and are per 10,000 people.
SOURCE: World Bank. World Development Indicators 2000.

imports are industrial and capital goods , foodstuffs, and petroleum, and it exports manufactured goods, food and beverages, petroleum products, cement, chemicals, and pharmaceuticals.

Greece's chief sector of the economy—services—is comprised of transportation, tourism, communications, trade, banking, public administration, and defense. The service sector is the fastest-growing and largest part of the Greek economy, accounting for 64.4 percent of GDP in 1998. Tourism is the foundation of this sector. However, a poorly developed infrastructure has slowed its expansion. In 1996, more than 10 million tourists visited

Greece, yet the tourist industry still faced declining revenues due in part to the drachma's weak performance. Tourism revenues exceeded US$5.2 billion in 1998, an upsurge due in part to political problems in neighboring Balkan countries and an economic recovery in the European Union.

The industrial sector accounts for 27.3 percent of Greece's GDP. One of the fastest growing and most profitable industries in this sector is the food industry, which has excellent export potential. High technology equipment production, especially for telecommunications, is also a fast-growing sector. Textiles, building materials, machinery, transport equipment, and electrical appliances are also a significant part of the manufacturing sector. Shipping is another industry that has shown economic promise. A nation with a great nautical tradition, Greece has built an impressive shipping industry based on its prime geographic location and the entrepreneurial skills of its owners.

User Contributions:

Comment about this article, ask questions, or add new information about this topic: