Economy (Greece)
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     Overview:
         Greece has a mixed capitalistic economy with the basic entrepreneurial
         system overlaid in 1981-89 by a socialist government that enlarged the
         public sector from 55% of GDP in 1981 to about 70% when Prime Minister
         Mitsotakis took office. Tourism continues as a major industry, and
         agriculture - although handicapped by geographic limitations and fragmented,
         small farms - is self-sufficient except for meat, dairy products, and animal
         feedstuffs. The Mitsotakis government inherited several severe economic
         problems from the preceding socialist and caretaker administrations, which
         had neglected the runaway budget deficit, a ballooning current account
         deficit, and accelerating inflation. In early 1991, the government secured a
         $2.5 billion assistance package from the EC under the strictest terms yet
         imposed on a member country, as the EC finally ran out of patience with
         Greece's failure to put its financial affairs in order. Over the next three
         years, Athens must bring inflation down to 7%, cut the current account
         deficit and central government borrowing as a percentage of GDP, slash
         public-sector employment by 10%, curb public-sector pay raises, and broaden
         the tax base.
     GDP:
         purchasing power equivalent - $77.6 billion, per capita $7,730; real growth
         rate 1.0% (1991)
     Inflation rate (consumer prices):
         17.8% (1991)
     Unemployment rate:
         8.6% (1991)
     Budget:
         revenues $24.0 billion; expenditures $33.0 billion, including capital
         expenditures of $3.3 billion (1991)
     Exports:
         $6.4 billion (f.o.b., 1990)
       commodities:
         manufactured goods 48%, food and beverages 22%, fuels and lubricants 6%
       partners:
         Germany 22%, Italy 17%, France 10%, UK 7%, US 6%
     Imports:
         $18.7 billion (c.i.f., 1990)
       commodities:
         consumer goods 33%, machinery 17%, foodstuffs 12%, fuels and lubricants 8%
       partners:
         Germany 21%, Italy 15%, Netherlands 11%, France 8%, UK 5%
     External debt:
         $25.5 billion (1990)
     Industrial production:
         growth rate - 2.4% (1990); accounts for 22% of GDP
     Electricity:
         10,500,000 kW capacity; 36,420 million kWh produced, 3,630 kWh per capita
         (1991)
     Industries:
         food and tobacco processing, textiles, chemicals, metal products, tourism,
         mining, petroleum
     Agriculture:
         including fishing and forestry, accounts for 17% of GDP and 27% of the labor
         force; principal products - wheat, corn, barley, sugar beets, olives,
         tomatoes, wine, tobacco, potatoes; self-sufficient in food except meat,
         dairy products, and animal feedstuffs; fish catch of 115,000 metric tons in
         1988
     Economic aid:
         US commitments, including Ex-Im (FY70-81), $525 million; Western (non-US)
         countries, ODA and OOF bilateral commitments (1970-89), $1,390 million