2.

1: Country/Economy Profiles

Greece
Key indicators, 2010

GDP (PPP) per capita (intl $), 19852010

Population (millions).................................................11.2
GDP (US$ billions)...................................................305.4
GDP per capita (US$) ...........................................27,302
GDP (PPP) as share (%) of world total..................0.44

Greece

40,000

Advanced economies

35,000
30,000
25,000
20,000
15,000
10,000

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

Global Competitiveness Index

Rank
(out of 142)

Stage of development

Score
(17)

GCI 20112012 ........................................................ 90......3.9

Factor
driven

Basic requirements (20.0%)...............................................80........ 4.4

Institutions.............................................................................96........ 3.5
Infrastructure........................................................................45........ 4.5
Macroeconomic environment .........................................140........ 3.3
Health and primary education...........................................37........ 6.1

188

Transition
12

GCI 20102011 (out of 139)..................................................83........ 4.0

GCI 20092010 (out of 133)..................................................71........ 4.0

Transition
23

Efficiency
driven

Innovation
driven

Institutions
7

Innovation

Business
sophistication

Efficiency enhancers (50.0%)............................................65........ 4.1

Higher education and training...........................................46........ 4.7
Goods market efficiency...................................................107........ 3.9
Labor market efficiency....................................................126........ 3.6
Financial market development ........................................110........ 3.5
Technological readiness.....................................................47........ 4.2
Market size ...........................................................................42........ 4.4

Infrastructure

Macroeconomic
environment

4
3
2

Market size

Health and
primary
education

Higher education
and training

Technological
readiness

Innovation and sophistication factors (30.0%) ..............81........ 3.4

Business sophistication .....................................................77........ 3.8
Innovation..............................................................................88........ 3.0

Financial market
development

Goods market
efficiency
Labor market efficiency

Greece

Innovation-driven economies

The most problematic factors for doing business

Inefficient government bureaucracy................................22.1
Access to financing.............................................................13.8
Corruption..............................................................................13.0
Tax regulations .....................................................................11.8
Policy instability ...................................................................10.6
Tax rates ..................................................................................8.5
Restrictive labor regulations................................................8.2
Inadequate supply of infrastructure...................................3.6
Poor work ethic in national labor force.............................3.2
Government instability/coups..............................................2.5
Foreign currency regulations ..............................................1.0
Inadequately educated workforce .....................................0.9
Inflation....................................................................................0.7
Crime and theft.......................................................................0.2
Poor public health..................................................................0.1
0

10
15
Percent of responses

20

25

Note: From a list of 15 factors, respondents were asked to select the five most problematic for doing business in their country and to rank them between
1 (most problematic) and 5. The bars in the figure show the responses weighted according to their rankings.

The Global Competitiveness Report 2011-2012 2011 World Economic Forum

30

The Global Competitiveness Index in detail

INDICATOR

VALUE RANK/142

INDICATOR

1st pillar: Institutions

VALUE RANK/142

6th pillar: Goods market efficiency

1.01
1.02
1.03
1.04
1.05
1.06
1.07
1.08
1.09
1.10
1.11
1.12
1.13
1.14
1.15
1.16
1.17
1.18
1.19
1.20
1.21

Property rights....................................................... 4.5 ............56

Intellectual property protection ............................. 3.8 ............52
Diversion of public funds ...................................... 2.7 .......... 102
Public trust of politicians ........................................1.9 .......... 123
Irregular payments and bribes .............................. 3.5 ............98
Judicial independence........................................... 3.3 ............85
Favoritism in decisions of government officials .... 2.6 ............98
Wastefulness of government spending ................ 2.1 .......... 131
Burden of government regulation ......................... 2.3 .......... 133
Efficiency of legal framework in settling disputes 2.8 .......... 121
Efficiency of legal framework in challenging regs. 2.8 .......... 121
Transparency of government policymaking........... 3.8 .......... 109
Business costs of terrorism .................................. 5.4 ............81
Business costs of crime and violence .................. 4.8 ............72
Organized crime .................................................... 5.5 ............59
Reliability of police services.................................. 4.0 ............81
Ethical behavior of firms ....................................... 3.1 .......... 125
Strength of auditing and reporting standards ....... 4.5 ............ 76
Efficacy of corporate boards ................................. 3.7 .......... 134
Protection of minority shareholders interests...... 4.7 ............44
Strength of investor protection, 010 (best)* ....... 3.3 .......... 125

2.01
2.02
2.03
2.04
2.05
2.06
2.07
2.08
2.09

Quality of overall infrastructure ............................. 4.5 ............62

Quality of roads..................................................... 4.0 ............67
Quality of railroad infrastructure............................ 2.6 ............67
Quality of port infrastructure................................. 4.1 ............71
Quality of air transport infrastructure .................... 5.4 ............45
Available airline seat kms/week, millions* .........577.4 ............35
Quality of electricity supply................................... 5.1 ............58
Fixed telephone lines/100 pop.* ......................... 45.8 ............17
Mobile telephone subscriptions/100 pop.* ....... 108.2 ............59

3.01
3.02
3.03
3.04
3.05
3.06

Government budget balance, % GDP*................ -9.6 .......... 136

Gross national savings, % GDP* .......................... 4.1 .......... 137
Inflation, annual % change*.................................. 4.7 ............88
Interest rate spread, %* ....................................... 6.5 ............87
General government debt, % GDP* ................. 142.0 .......... 141
Country credit rating, 0100 (best)* ................... 46.9 ............75

4.01
4.02
4.03
4.04
4.05
4.06
4.07
4.08
4.09
4.10

Business impact of malaria ............................ N/Appl. ..............1

Malaria cases/100,000 pop.* .............................. (NE) ..............1
Business impact of tuberculosis ........................... 6.5 ............17
Tuberculosis incidence/100,000 pop.* .................. 4.5 ..............6
Business impact of HIV/AIDS ............................... 6.3 ............15
HIV prevalence, % adult pop.* ............................. 0.1 ............21
Infant mortality, deaths/1,000 live births*............. 2.8 ..............9
Life expectancy, years*....................................... 80.2 ............18
Quality of primary education................................. 3.6 ............75
Primary education enrollment, net %* ............... 99.4 ..............8

5.01
5.02
5.03
5.04
5.05
5.06
5.07
5.08

Secondary education enrollment, gross %*...... 101.8 ............19

Tertiary education enrollment, gross %* ............ 90.8 ..............3
Quality of the educational system ........................ 2.9 .......... 120
Quality of math and science education ................ 4.1 ............61
Quality of management schools ........................... 3.7 .......... 104
Internet access in schools..................................... 3.9 ............78
Availability of research and training services ........ 3.8 ............89
Extent of staff training .......................................... 3.4 .......... 114

2nd pillar: Infrastructure

3rd pillar: Macroeconomic environment

4th pillar: Health and primary education

5th pillar: Higher education and training

6.01
6.02
6.03
6.04
6.05
6.06
6.07
6.08
6.09
6.10
6.11
6.12
6.13
6.14
6.15
6.16

Intensity of local competition................................ 4.6 ............82

Extent of market dominance................................. 3.7 ............61
Effectiveness of anti-monopoly policy................... 3.8 ............83
Extent and effect of taxation................................. 2.8 .......... 128
Total tax rate, % profits*......................................47.2 ............97
No. procedures to start a business*...................... 15 .......... 134
No. days to start a business* ................................ 19 ............ 74
Agricultural policy costs ........................................ 3.0 .......... 133
Prevalence of trade barriers .................................. 5.1 ............27
Trade tariffs, % duty*............................................ 0.8 ..............4
Prevalence of foreign ownership........................... 4.4 ............95
Business impact of rules on FDI........................... 3.4 .......... 129
Burden of customs procedures ............................ 4.0 ............78
Imports as a percentage of GDP* ...................... 23.1 .......... 131
Degree of customer orientation............................ 4.4 ............88
Buyer sophistication.............................................. 3.5 ............66

7.01
7.02
7.03
7.04
7.05
7.06
7.07
7.08
7.09

Cooperation in labor-employer relations................ 3.5 .......... 130

Flexibility of wage determination .......................... 3.1 .......... 135
Rigidity of employment index, 0100 (worst)* ... 50.0 .......... 125
Hiring and firing practices ..................................... 3.0 .......... 125
Redundancy costs, weeks of salary* .................... 24 ............46
Pay and productivity .............................................. 3.1 .......... 122
Reliance on professional management ................. 3.8 ............97
Brain drain ............................................................. 2.5 .......... 119
Women in labor force, ratio to men*.................. 0.70 ............92

8.01
8.02
8.03
8.04
8.05
8.06
8.07
8.08

Availability of financial services............................. 4.6 ............68

Affordability of financial services .......................... 3.9 ............86
Financing through local equity market .................. 3.2 ............91
Ease of access to loans ........................................ 2.2 ...........111
Venture capital availability ..................................... 2.2 .......... 103
Soundness of banks.............................................. 4.6 .......... 106
Regulation of securities exchanges....................... 4.0 ............84
Legal rights index, 010 (best)* ............................ 3.0 .......... 105

9.01
9.02
9.03
9.04
9.05
9.06

Availability of latest technologies .......................... 5.3 ............56

Firm-level technology absorption .......................... 4.6 ............89
FDI and technology transfer.................................. 4.0 .......... 108
Internet users/100 pop.*..................................... 44.4 ............55
Broadband Internet subscriptions/100 pop.* ...... 19.8 ............32
Internet bandwidth, kb/s/capita*......................... 13.8 ............40

2.1: Country/Economy Profiles

Greece

7th pillar: Labor market efficiency

8th pillar: Financial market development

9th pillar: Technological readiness

10th pillar: Market size

10.01 Domestic market size index, 17 (best)*.............. 4.4 ............34
10.02 Foreign market size index, 17 (best)* ................. 4.6 ............60

11th pillar: Business sophistication

11.01
11.02
11.03
11.04
11.05
11.06
11.07
11.08
11.09

Local supplier quantity .......................................... 4.8 ............69

Local supplier quality............................................. 4.5 ............69
State of cluster development................................ 2.8 .......... 115
Nature of competitive advantage .......................... 3.6 ............57
Value chain breadth ............................................... 3.3 ............83
Control of international distribution....................... 4.1 ............61
Production process sophistication ........................ 3.7 ............64
Extent of marketing............................................... 4.2 ............67
Willingness to delegate authority ......................... 3.2 .......... 105

12.01
12.02
12.03
12.04
12.05
12.06
12.07

Capacity for innovation.......................................... 2.7 ............96

Quality of scientific research institutions .............. 3.3 ............90
Company spending on R&D.................................. 2.4 .......... 129
University-industry collaboration in R&D............... 2.9 .......... 120
Govt procurement of advanced tech products..... 3.0 .......... 113
Availability of scientists and engineers ................. 5.0 ............16
Utility patents granted/million pop.* ..................... 4.2 ............36

12th pillar: Innovation

Notes: Values are on a 1-to-7 scale unless otherwise annotated with an asterisk (*). For further details and explanation, please refer to the section How to
Read the Country/Economy Profiles on page 89.

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