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Country Commercial Guides FY 2000: Greece Report prepared by U.S. Embassy Athens, released July 1999 Note*

CHAPTER X. ECONOMIC AND TRADE STATISTICS

Appendix A - Country Data

Population:				10.7 million
Population growth rate:			0.5 percent
Religion:		
Greek Orthodox:				95-97 percent
Muslim:					1.5 percent
Government system:			Presidential Parliamentary 					Republic
Languages:				Greek
Work Week:				Monday - Friday

Appendix B - Domestic Economy

(USD million, except as noted)

				1998		1999 6/		2000 6/

GDP				120,723.8	124,053.9	124,032.6
GDP growth rate 1/		3.7		3.2		3.5
GDP per capita 1/		11,350.1	11,605.2	11,545.5
Govt spending 
  as pct of GDP 1/
- Excluding interest payments	25.8		26.1		26.0
- Including interest payments	35.0		34.9		34.5
Inflation (percent) 1/		4.7		2.5		1.9
Unemployment (percent) 1/	10.1		9.9		9.5
Foreign exchange
  reserves 2/			18,191.2	20,000.0	20,000.0
Avg. exchange rate
  for USD 1.00 2/		295.5		306.0		325.0
Total General Gov't debt/
  (domestic and foreign,
  Maastricht 
  definition) 2/3/4		133,960.0	124,680.0	120,240.0
-as a pct of GDP 5/		106.1		105.1		104.4
Foreign debt (General
  govt debt, Maastricht
  definition)2/3/		32,000.0	32,500.0	33,000.0
Debt service ratio
(ratio of principal
and interest payments
on foreign debt to 
foreign income) 2/		27.8		28.0		28.0
U.S. military assistance 7/	N/A		N/A		N/A
 (loans)

For comparisons across years, note that these figures are not adjusted for exchange rate fluctuations.

Sources/Notes: 1/ Ministry of National Economy; 2/ Bank of Greece; 3/ Includes government, public organizations and local authorities debt; excludes debt of public enterprises and banks; 4/End Year exchange rates are used: USD 1.00=282.57 drachmas (1998); 320 drachmas (1999); 350 drachmas (2000); 5/ Ratio of Drachma denominated GDP and debt; 6/ U.S. Embassy estimates; 7/Fiscal Year.

Appendix C - Trade

Total Trade:
(USD Millions)
  			1998*     1999*	  	2000*		Source
Total country exports	10758.0	12053.0		12290.0		(a, c)
Total country imports	28587.0	27500.0		30600.0** 	(a, c) 
U.S. Exports		 939.4	 1033.3	 	3039.0** 	(c, b)
U.S. Imports		498.3	  548.1	  	550.0   	(c, b)
U.S. share of imports	   3.3%	    3.8%      	9.9%
**Includes projected U.S. military sales.

Manufactured Goods Imports:
	
(USD Millions)
   			1997	   1998	   	1999	Source
Total imports of
  mfg. goods		 19000.7  20520.7	22161.3	(a, c)
Imports of mfg.
  goods from U.S.	  747.7	  806.5	  	418.0	(a, c)
U.S. share of
  mfg. imports		  3.9%	    3.9%	    3.9%

Mfg. goods trade
  balance with U.S.
  (Jan-Jun 1996)	(406.7)	(a)

Projected average annual growth rate
  from world through 2000:		8%	(c)

Projected average annual growth rate
  from U.S. through 2000:		8%	(c)


Trade balance with three leading partners (1995)(a)
Italy	(3,317)
Germany	(1,928)
France	(1,513)

Principal U.S. exports (1998 Top Five)(b)
Aircraft, spacecraft
Arms and Ammunition
Telecommunications Equipment
Oil Seeds/Oleaginous Fruit
Medical, Dental Instruments and Applications

Principal U.S. imports (1998 Top Five)	(b)
Lime, Cement, & Fabricated Construction Material
Tobacco, Unmanufactured; Tobacco Refuse
Vegs, roots and Tubers
Aluminum
Works of Art, Collectors' Pieces and Antiques

Agricultural Imports
(USD Millions)
			1998	1999	2000
Total			4,500	4,600	4,800  (a) (c) 
From U.S.		172	  185	  200  (a) (c)
U.S. share of
 agricultural imports	4%	    4%	    4%
Agricultural trade
 balance with U.S.	  (50)	  (50)	  (50)

Agricultural Trade Balance with Three Leading Partners
Germany  	37
France  	(480)
Denmark 	(140)

Principal U.S. Agricultural Exports (1997 Top Five) (f)
1200 - Soybeans
0700 - Planting Seeds
4400 - Wood Products
1500 - Vegetable Oils
0800 - Tree Nuts

Principal U.S. Agricultural Imports (1997 Top Five) (f)
2400 - Tobacco
0800 - Fruits and Vegetables
1500 - Vegetable Oils
2200 - Wine and Beer
0800 - Tree Nuts

* Estimated

Sources
(a)	National Statistical Service of Greece
(b)	U.S. Department of Commerce
(c)	U.S. Embassy Estimates
(d)	Greek customs (excludes military related items)
(e)	Agricultural Bank and Eurostat
(f)	U.S. Department of Agriculture

Appendix D - Investment Statistics

Statistics on foreign direct investment are not available. Hence there is a wide variation in estimated data on investment levels. Greek statistical data were previously based on records of investment approvals kept by the Ministry of National Economy or the Bank of Greece. The lifting of foreign exchange restrictions resulted in less monitoring of investment inflows and the Ministry of National Economy now keeps records of only the investments that seek government assistance. Bank of Greece records of capital inflows do not distinguish among greenfield investments, acquisitions, foreign borrowing by Greek companies, and other capital transfers. The Greek Government has indicated for several years now that a new data system based on surveys is being set up.

Although there is no official estimate of total foreign investment in Greece, the total stock of foreign investment is estimated at around $6 billion, or approximately 5 percent of GDP (in 1998). Until the Greek Government provides more reliable data, this estimate should serve as a guideline only. Again highlighting the absence of reliable data, the Embassy estimates the total stock of U.S. investment to be about $2.2 billion, slightly over one-third of the total stock of foreign investment. U.S. firms employ about 8,000 people.