Country Summary: Greece (Hellenic Republic)
Country Name: Greece (Hellenic Republic)
Capital: Athens
Government Type: parliamentary republic
Background: Greece won independence from the Ottoman Empire in 1830 and became a kingdom. During the second half of the 19th century and the first half of the 20th century, it gradually added neighboring islands and territories, most with Greek-speaking populations. In World War II, Greece was first invaded by Italy (1940) and subsequently occupied by Germany (1941-44); fighting endured in a protracted civil war between supporters of the king and other anti-communist and communist rebels. The communists were defeated in 1949, and Greece joined NATO in 1952. In 1967, a military coup forced the king to flee the country. The ensuing military dictatorship collapsed in 1974, and Greece abolished the monarchy to become a parliamentary republic.
In 1981, Greece joined the EC (now the EU); it became the 12th member of the European Economic and Monetary Union in 2001. From 2009 until 2019, Greece suffered a severe economic crisis due to nearly a decade of chronic overspending and structural rigidities. Beginning in 2010, Greece entered three bailout agreements -- the first two with the European Commission, the European Central Bank, and the IMF; and the third in 2015 with the European Stability Mechanism -- worth in total about $300 billion. The Greek Government formally exited the third bailout in 2018, and Greece's economy has since improved significantly. In 2022, the country finalized its early repayment to the IMF and graduated on schedule from the EU's enhanced surveillance framework.
Continent: Europe
Population: 10,497,595 (2023 est.)
Ethnic Groups: Greek 91.6%, Albanian 4.4%, other 4% (2011 est.) note: data represent citizenship; Greece does not collect data on ethnicity
Languages: Greek (official) 99%, other (includes English and French) 1%
Religions: Greek Orthodox 81-90%, Muslim 2%, other 3%, none 4-15%, unspecified 1% (2015 est.)
Economic Overview: tourism- and shipping-based EU economy; clientelism economic culture and systemic corruption; new structural reforms for fiscal solvency; high public debts and unemployment; increasing Chinese port control; oil and gas disputes with Turkey
Currency: European Euro (EUR)
Reserves of Foreign Exchange & Gold: $12.061 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $330.579 billion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 5.56% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $31,700 (2022 est.) note: data in 2017 dollars
Exports:
$106.189 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 48
Export Commodities: refined petroleum, packaged medicines, aluminum plating, cotton, cheese, copper piping (2021)
Export Partners: Italy 10%, Germany 7%, Turkey 5%, Cyprus 5%, Bulgaria 5% (2019)
Imports:
$127.82 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 43
Import Commodities: crude petroleum, refined petroleum, packaged medicines, cars, ships (2019)
Import Partners: Germany 11%, China 9%, Italy 8%, Iraq 7%, Russia 6%, Netherlands 5% (2019)
Natural Resources: lignite, petroleum, iron ore, bauxite, lead, zinc, nickel, magnesite, marble, salt, hydropower potential
Agricultural Products: maize, olives, wheat, milk, peaches/nectarines, oranges, tomatoes, grapes, milk, potatoes
Industries: tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Industrial Production Growth Rate:
-3.43% (2022 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 196
Labor Force: 4.652 million (2022 est.)
Unemployment Rate: 12.43% (2022 est.) note: % of labor force seeking employment
Natural Hazards: severe earthquakes
Geography:
Total: 131,957 sq km
Land: 130,647 sq km
Water: 1,310 sq km
(Country Summary, The World Factbook, CIA.gov)
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