>> Greece: Economy

The Greek owned merchant fleet is one of the world's largest

Greece has a mixed capitalist economy with the public sector accounting for about half of GDP. Tourism is a key industry, providing a large portion of GDP and foreign exchange earnings. Greece also counts as a world leader in terms of the size of her commercial fleet. Greece is a major beneficiary of EU aid, equal to about 2.4% of GNP. The export of manufactured goods, including telecommunications harware and software, foodstuffs and fuels accounts for the reats of Greek income.

The economy has improved steadily over the last few years, as the government tightened policy in the run-up to Greece's entry into the EU's single currency, the euro, on January 1, 2001. Average per capita GDP in 2003 was $20,000[1] (http://www.cia.gov/cia/publications/factbook/fields/2004.html).

Greece has an expanding services sector and telecommunications industry and is one of the biggest investors in her region. Moreover, Greece, is now a net importer of labour and foreign workers (mainly from the Balkans, Eastern Europe, Middle East and Pakistan) now acount for 10% of the total population.

Major challenges remaining include the reduction of unemployment and further restructuring of the economy, including privatising several state enterprises, undertaking social security reforms, overhauling the tax system, and minimising bureaucratic inefficiencies. Economic growth is forecast at 4 - 4.5 % in 2004.

The national central bank of Greece is the Bank of Greece, not to be confused with the "National Bank of Greece", a commercial bank.