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Demographic Profile of the Country Economic Review of the Company Overview of Industries Trade and Commerce Overview of Different Economic Sectors of Greece Overview of Business and Trade at International Level Present Trade Relations and Business Volume of Different Product With Greece
1.1 Demographic Profile of The Country
10,760,136 (July 2011 est.)
0-14 years: 14.2% (male 787,143/female 741,356) 15-64 years: 66.2% (male 3,555,447/female 3,567,383) 65 years and over: 19.6% (male 923,177/female 1,185,630) (2011 est.)
total: 42.5 male: 41.4 female: 43.6 years (2011 est.) years years
Population growth rate
0.083% (2011 est.)
9.21 births/1,000 population (2011 est.)
10.7 deaths/1,000 population (July 2011 est.)
Net migration rate
2.32 migrant(s)/1,000 population (2011 est.)
urban population: 61% of total population rate of urbanization: 0.6% annual rate of change (2010-15 est.) (2010)
at under 15-64 birth: 15 years: 1.064 years: 1 1.06 male(s)/female male(s)/female male(s)/female
65 years and over: total population: 0.96 male(s)/female (2011 est.)
Infant mortality rate
total: 5 deaths/1,000 male: 5.49 deaths/1,000 female: 4.48 deaths/1,000 live births (2011 est.) live live births births
Life expectancy at birth
total population: male: 77.36 female: 82.65 years (2011 est.) 79.92 years years
Total fertility rate
1.38 children born/woman (2011 est.)
HIV/AIDS - adult prevalence rate
0.1% (2009 est.)
HIV/AIDS - people living with HIV/AIDS
8,800 (2009 est.)
HIV/AIDS - deaths
fewer than 500 (2009 est.)
noun: adjective: Greek Greek(s)
population: Greek 93%, other (foreign citizens) 7% (2001 census) note: percents represent citizenship, since Greece does not collect data on ethnicity
Greek Orthodox (official) 98%, Muslim 1.3%, other 0.7%
Greek (official) 99%, other (includes English and French) 1%
definition: age 15 and total population: male: female: 94.2% (2001 census) over 97.8% can read 96% and write
School life expectancy (primary to tertiary education)
total: male: female: 17 years (2007) 17 16 years years
4% of GDP (2005)
Maternal mortality rate
2 deaths/100,000 live births (2008)
7.4% of GDP (2009)
6.043 physicians/1,000 population (2008)
Hospital bed density
4.77 beds/1,000 population (2008)
Obesity - adult prevalence rate
Main articles: Demographics of Greece and Greeks
338 females. Rhodes.000 and then fall again to 51 in 2004.427.18% were 14 years old and younger.020. Larissa. Heraklion. The preliminary results of the 2011 census show a decrease in the country's population to 10. by population contained in their respective contiguous built up urban areas. have seen an increase – from 191. A number of cities that also form influential urban centres around the country include those of Patras.787. Marriage rates kept falling from almost 71 per 1.71% of the population were 65 years old and older. 68. are those of Athens and Thessaloniki.5 per 1.000 inhabitants in 1981 to 9.964. or are contained within a larger single municipality.000 inhabitants in 2003.2 per 1.682 males and 5.9 per 1. 1981. Greece's largest metropolitan centres and most influential urban areas.5 per 1.000 in 1981).000 inhabitants (14. the Greek population has been aging the past several decades. Divorce rates on the other hand. The results come from the population census that took place in Greece in May 2011.The official statistical body of Greece is the Hellenic Statistical Authority (ELSTAT). Cities Almost two-thirds of the Greek people live in urban areas.000 inhabitants in 1981 until 2002.000 marriages in 2004. That figure is divided into 5. Greece's total population in 2001 was 10. The birth rate in 2003 stood 9. At the same time the mortality rate increased slightly from 8.6%.5 per 1. and 15.690.000 marriages in 1991 to 239. In 2001. only to increase slightly in 2003 to 61 per 1. evident in the cases of Athens and Thessaloniki. As statistics from 1971.12% between the ages of 15 and 64 years old. which are either made up of many municipalities. Ioannina. a drop of 1. Chania and Chalcis with urban populations above 100. and 2001 show. with metropolitan populations of approximately 4 million and 1 million inhabitants respectively.000 inhabitants. The table below lists the largest cities in Greece. Greek society has also rapidly changed with the passage of time. 16. According to the ELSTAT.536.6 per 1. case evident in most of the smaller cities of the country. Volos. • • • • • • view talk edit view talk edit Largest cities  of Greece Hellenic Statistical Authority 2011 census .
Attica 11 160 C. The Hermoupolis port in the island of Syros is the capital of the Cyclades. Thessa 144.7 16 Macedonia/ ly 0 upoli 50 Thrace South 115.2 Serres Macedonia 40 Central 74.31 Peloponnes 70. 111. .42 Alexandro 72. 66.9 00 C.1 Crete 19 Kalamata 0 e 30 Central 102. 790. 76. 70.74 70.3 Heraklion Epirus 18 Kavala Macedonia/ 0 60 Thrace 108.4 Aegea 17 Kozani 0 Macedonia 20 n E. 93. the first capital of modern Greece.42 C.29 W.7 Lamia Greece 20 Patras E.6 20 Veria Greece 0 Macedonia 30 Central square in Nafplion.1 Macedonia 70 Thessaly 10 Chalcis 80.9 30 C.58 13 Greece 0 173.45 Crete 14 0 Thessa 163.38 15 ly 0 City name Periphery Agrinio Katerini Trikala West Greece Pop. 86.Ra City nk name 1 2 3 4 Athens 5 6 7 Thessaloniki 8 9 Athens Thessal oniki Patras Herakli on Larissa Volos Rhodes Ioannin a Chania Periph Ra Pop.074. ery nk 3.82 Maced 12 4 onia West 214.
while migrants from the former Soviet Union (Georgia. at 17% of the local population and then Thessaloniki. Of the non-citizen residents.191 persons residing in Greece without Greek citizenship. 48. United Kingdom. There is also a considerable number of co-ethnics that came from the Greek communities of Albania and the former Soviet Union. especially the Municipality of Athens with 132. Australia. one of whom must have been living in the country legally for at least five consecutive years to apply for Greek citizenship. A study from the mmo. The Cabinet has approved a draft law that would allow children born in Greece to parents who are immigrants. Net migration started to show positive numbers from the 1970s but until the beginning of the 1990s the main influx was that of return migrants. The majority come from Eastern European countries: Albania (56%).000 immigrants. faces a flood of illegal immigrants trying to enter the EU. etc. Religion Main article: Religion in Greece Flag of the Greek Orthodox Church.gr Mediterranean Migration Observatory maintains that the 2001 census recorded 762.000. In 1986 legal and unauthorized immigrants totaled approximately 90. Ukraine.560 were EU or European Free Trade Association nationals and 17. millions of Greeks migrated to the United States.426 were Cypriots with privileged status. The greatest cluster of non-EU immigrant population are the urban centers. Moldova. . together with Italy and Spain. Canada. Throughout the 20th century.) comprise 10% of the total. Bulgaria (5%) and Romania (3%). Greece. and Germany. constituting around 7% of total population. with 27. creating a thriving Greek diaspora.Migration Main articles: Greek Diaspora and Immigration to Greece Map of the top fifty countries with the largest Greek communities.000. reaching 7% of the local population. Russia.
 Following the 1919–1922 Greco-Turkish War and the 1923 Treaty of Lausanne. In a Eurostat – Eurobarometer 2005 poll. some 80. were Jews). Albanian immigrants to Greece are usually associated with the Muslim religion.000. while guaranteeing freedom of religious belief for all. but also other Muslims.2%) while the immigrant Muslim community numbers between 200.9% in Poland and 59. The survey also found that just 3. Sephardi Jews used to have a large presence in the city of Thessaloniki (by 1900. Athens is the only EU capital without a purpose-built place of worship for its Muslim population.000 Muslims from Greece. compared to 4. in Meteora. belonging to the Greek Orthodox Church.500. Greece and Turkey agreed to a population transfer based on cultural and religious identity.000. (between 0. 15. which is mostly located in Thrace. 81% of Greek citizens responded that they "believe there is a God".1% in the Czech Republic. State Department. were exchanged with approximately 1. The Greek Constitution recognizes the Orthodox faith as the "prevailing" faith of the country. but nowadays the Greek-Jewish community who survived .8% of Greeks describe themselves as "very religious".000 and 300.000 years. predominantly Turks. Thessaly. According to other sources. or more than half of the population.5% never attend a church. an estimated 97% of Greek citizens identify themselves as Orthodox Christians.S. About 500. The Greek government does not keep statistics on religious groups and censuses do not ask for religious affiliation. Judaism has existed in Greece for more than 2. which is the highest among all European countries.Holy Trinity monastery. range from 98. Estimates of the recognized Greek Muslim minority. According to the U. although most are secular in orientation.000.9% and 1.000 Greeks from Asia Minor (now Turkey). which was the third highest percentage among EU members behind only Malta and Cyprus.000 to 140.
. Among the Greek-speaking population. Independent Free Apostolic Church of Pentecost is the biggest Protestant denomination in Greece with 120 churches. is estimated to number around 5.000. The dispute was finally resolved in 1976. Athens. The first concrete evidence of the Greek language dates back to 15th century BC and the Linear B script which is associated with the Mycenaean Civilization. Languages of Greece.859 active members. and would eventually become the official parlance of the Byzantine Empire. when Dimotiki was made the only official variation of the Greek language.000. stand at about 30. Greece is today relatively homogeneous in linguistic terms. Greek members of Roman Catholic faith are estimated at 50. or the Dimotiki. Assemblies of God. on whether the official language of Greece should be the archaic Katharevousa. but the Orthodox Church estimates the followers as 20. and Katharevousa fell to disuse.000.German occupation and the Holocaust. Languages Main articles: Greek language.000 followers.000 with the Roman Catholic immigrant community approximating 200. the form of the Greek language which evolved naturally from Byzantine Greek and was the language of the people. with a large majority of the native population using Greek as their first or only language. During the 19th and 20th centuries there was a major dispute known as Greek language question. Old Calendarists account for 500. Greek was a widely spoken lingua franca in the Mediterranean world and beyond during Classical Antiquity.000 members. including Greek Evangelical Church and Free Evangelical Churches. speakers of the distinctive Pontic dialect came to Greece from Asia Minor after the Greek genocide and constitute a sizable group. Museum of the Ancient Agora. There are not official statistics about Free Apostolic Church of Pentecost. and Minorities in Greece Ancient Greek Ostracon bearing the name of Cimon.500 people. International Church of the Foursquare Gospel and other Pentecostal churches of the Greek Synod of Apostolic Church has 12. Protestants. The Jehovah's Witnesses report having 28. during World War II. created in the 19th century and used as the state and scholarly language.
Their use has decreased radically in the course of the 20th century through assimilation with the Greek-speaking majority. The Muslim minority in Thrace. consists of speakers of Turkish. which amounts to approximately 0. whose language is closely related to Romanian and who used to live scattered across several areas of mountaneous central Greece.000 and 400. It is estimated that in the aftermath of the population exchanges of 1923 there were somewhere between 200. Today. and for the Aromanians and Moglenites. Romani is also spoken by Christian Roma in other parts of the country. This goes for the Arvanites.000 Slavic speakers in Greek Macedonia. Members of these groups ethnically identify as Greeks and are today all at least bilingual in Greek.95% of the total population. Bulgarian (Pomaks) and Romani. Today they are only maintained by the older generations and are on the verge of extinction.Regions with a traditional presence of languages other than Greek. Further minority languages have traditionally been spoken by regional population groups in various parts of the country. whose members identify ethnically as Greeks in their majority.  Education Main article: Education in Greece . today maintained only by a small group of a few thousand speakers. Greek is the dominant language throughout the country. also known as Vlachs. an Albanian-speaking group mostly located in the rural areas around the capital Athens. The Jewish community in Greece traditionally spoke Ladino (Judeo-Spanish). Near the northern Greek borders there are also some Slavic or locally known as Slavomacedonian-speaking groups. Their dialects can be linguistically classified as forms of eitherMacedonian Slavic or Bulgarian.
Compulsory education in Greece comprises primary schools (Δημοτικό Σχολείο. Eniaia Lykeia) and technical–vocational educational schools (Τεχνικά και Επαγγελματικά Εκπαιδευτήρια. Postcompulsory secondary education also includes vocational training institutes (Ινστιτούτα Επαγγελματικής Κατάρτισης. Public higher education is divided into universities. "TEE"). Children start primary school aged 6 and remain there for six years. Kindergartens (Νηπιαγωγείο. The Faculty of Education of Aristotle University of Thessaloniki. Greece's post-compulsory secondary education consists of two school types: unified upper secondary schools (Ενιαίο Λύκειο. "ΑΕΙ") and "Highest Technological Educational Institutions" (Ανώτατα Τεχνολογικά Εκπαιδευτικά . "IEK") which provide a formal but unclassified level of education. Anótata Ekpaideytiká Idrýmata. Paidikós Stathmós) are popular but not compulsory. these institutes are not classified as offering a particular level of education. Nipiagogeío) are now compulsory for any child above 4 years of age. Nursery schools (Παιδικός σταθμός. As they can accept both Gymnasio (lower secondary school) and Lykeio (upper secondary school) graduates. "Highest Educational Institutions" (Ανώτατα Εκπαιδευτικά Ιδρύματα. Attendance at gymnasia starts at age 12 and last for three years. Dimotikó Scholeio) and gymnasium (Γυμνάσιο).The Academy of Athens is Greece's national academy and the highest research establishment in the country.
just above the OECD average of 9. students over twentytwo years old may be admitted to the Hellenic Open University through a form of lottery. The Greek education system also provides special kindergartens. Life expectancy in Greece is 80. "ATEI"). In 2008. at 98. Health Main article: Health care in Greece The Greek healthcare system is universal and is ranked as one of the best in the world. above the OECD average of 79. as a necessary reform to reduce expenses and further enhance healthcare standards.5%.7%. The country's obesity rate is 18. the Ministry for Health and Social Solidarity announced its plans to decrease the number to 77 hospitals with 36. The country has the largest number of doctors-to-population ratio of any OECD country.5. Greece had the highest rate of perceived good health in the OECD.3 years.000 beds in the country. In 2010.2 Economic Overview of The Country Economy Main article: Economy of Greece . primary and secondary schools for people with special needs or difficulties in learning. but on 1 July 2011. The Capodistrian university of Athens is the oldest university in the eastern Mediterranean. there were 138 hospitals with 31.000 live births.Ιδρύματα. surpassing countries such as the United Kingdom (18th) and Germany (25th). and among the highest in the world. In a 2000 World Health Organization report it was ranked 14th in the overall assessment and 11th at quality of service. Greece's healthcare expenditures as a percentage of GDP were 9.5%. Additionally. 1.Anótata Technologiká Ekpaideytiká Idrýmata. theological and physical education also exist.6% in 2007 according to a 2011 OECD report. Specialist gymnasia and high schools offering musical. Infant mortality is one of the lowest in the developed world with a rate of 3.1%. The same OECD report showed that Greece had the largest percentage of adult daily smokers of any of the 34 OECD members.035 beds.1% but considerably below the American rate of 27. Students are admitted to these Institutes according to their performance at national level examinations taking place after completion of the third grade of Lykeio. which is above the OECD average of 15.1 deaths per 1.
16. The Greek labour force totals 4.S. In 2007. GDP) expanded at an average annual rate of 4% from 2004–2007 and 2% during 2008 (at constant prices of 2000). major economic and industrial centre of northern Greece.811 hours per year. According to the International Monetary Fund (IMF). a figure slightly higher than that of Italy and Spain. and it is the second-most-industrious among OECD countries. In 2010. it had an estimated average per capita income of $29.9 million. similar to Spain and slightly more than half of average U.882 for the year 2009. Greece ranked third in the "working hours per year ranking" among European nations. Immigrants make up nearly one-fifth of the work force. in 2009 GDP decreased by −1. Greek PPS GDP per capita stood at 95 per cent of . Aerial view of central Thessaloniki. However. a decrease of GDP by −2.9%. directly or indirectly.5% to −4% is estimated.5% of the total workforce. occupied in mainly agricultural and construction work. after South Korea. the average worker produced around 20 dollars per hour. Greeks worked an average of 1. due to the current economic crisis. one of the highest rates in the Eurozone. The Greek economy (that is gross domestic product. worker's hourly output.The main building of the Bank of Greece in Athens. Greece's purchasing power-adjusted GDP per capita is the world's 25th highest.  The tourism industry is a major source of foreign exchange earnings and revenue accounting for 15% of Greece's total GDP and employing. According to Eurostat data. The Groningen Growth & Development Centre published a poll revealing that between 1995 and 2005.
the EU average in 2009. the minting of the new euro coins started as early as 2001. Eight different designs. Although remaining above the euro area average. Greece introduced the euro in 2002. In 2009. In Greece. unlike some other countries of the Eurozone where mint year is minted in the coin.[verification needed] Greece's economic growth between 1961 and 2010. Greece had the EU's second-lowest Index of Economic Freedom (after Poland). The Greek economy faces significant problems. . including rising unemployment levels and an inefficient government bureaucracy. the euro was introduced in 2002. were selected for the Greek coins. According to a survey by The Economist. in rural regions it is lower. Greece had maintained use of the Greek drachma from 1832. ranking 81st in the world.[when?] the cost of living in Athens is close to 90% of the costs in New York City. compared with Eurozone average from 1996. Greece changed the common side of their coins. one per face value. economic growth turned negative in 2009 for the first time since 1993. in order to adopt the new common map like the rest of the Eurozone countries. The country suffers from high levels of political and economic corruption and low global competitiveness relative to its EU partners. In 2007. Before adopting the euro in 2002. As a preparation for this date. all Greek euro coins introduced in 2002 have this year on it.[verification needed] An indication of the trend of overlending in recent years is the fact that the ratio of loans to savings exceeded 100% during the first half of the year. However.
as a result of a combination of international and local factors (respectively.  In order to secure the funding. the Greek economy faced its most-severe crisis since the restoration of democracy in 1974 as the Greek government revised its deficit from an estimated 6% to 12. and the IMF. In order to avert such a default. it was revealed that successive Greek governments had been found to have consistently and deliberately misreported the country's official economic statistics to keep within the monetary union guidelines. The financial crisis – particularly the austerity package put forth by the EU and the IMF – has been met with anger by the Greek public. one of the highest rates in the world. In May 2010. with more funds to follow. In early 2010. while hiding the actual deficit from the EU overseers. On 15 November 2010 the EU's statistics body Eurostat revised the public finance and debt figure for Greece following an excessive deficit procedure methodological mission in Athens. totaling €110 billion. As a consequence. according to some estimates.4% of GDP and public debt at 126. the world financial crisis and uncontrolled government spending). .8% of GDP making it the biggest deficit (as a percentage of GDP) amongst the EU member nations (although some have speculated that Ireland's in 2010 may prove to be worse).2010–2011 economic crisis History of the Greek debt between 1999 and 2010. the European Central Bank and the IMF. and put Greece's 2009 government deficit at 15. Greece was required to adopt harsh austerity measures to bring its deficit under control.7% of gross domestic product (GDP). there was a crisis in international confidence in Greece's ability to repay its sovereign debt. Their implementation will be monitored and evaluated by the European Commission.6% which was one of the highest in the world relative to GDP and public debt was forecast. to hit 120% of GDP during 2010. agreed to a rescue package which involved giving Greece an immediate €45 billion in bail-out loans. in May 2010 the other Eurozone countries. See also: Greek debt crisis By the end of 2009. the Greek government deficit was again revised and estimated to be 13. This had enabled Greek governments to spend beyond their means. leading to riots and social unrest.
000 ships in the late 1970s. Today. primarily through the investment undertaken by the shipping magnates. In terms of total number of ships. government through the Ship Sales Act of the 1940s. and represents 1/3 of the country's trade deficit.96% of the world's total capacity. During the 1960s. the total number of ships flying a Greek flag (includes non-Greek fleets) is 1. Aristotle Onassis and Stavros Niarchos. or 5. ranked 1st in the world. employs about 160.2%. Additionally. It accounts for 4.Maritime industry Main articles: Greek shipping and List of ports in Greece Piraeus is the largest port in Greece. Tourism Main article: Tourism in Greece . According to a United Nations Conference on Trade and Development report in 2010.3% of the world's dwt (ranked 5th).  In terms of ship categories.409 in other ports).  The basis of the modern Greek maritime industry was formed after World War II when Greek shipping businessmen were able to amass surplus ships sold to them by the U. the size of the Greek fleet nearly doubled. with 3. which was 18.150 ships (741 of which are registered in Greece whereas the rest 2. fourth in the number of containers. This is a drop from the equivalent number in 2006. The total tonnage of the country's merchant fleet is 186 million dwt. However. today's fleet roster is smaller than an all-time high of 5. The shipping industry is a key element of Greek economic activity dating back to ancient times.S. shipping is one of the country's most important industries. the Greek Merchant Navy stands at 4th worldwide. and fourth in other ships.517.000 people (4% of the workforce).5% of GDP. Greece ranks first in both tankers and dry bulk carriers. the Greek merchant navy is the largest in the world at 15.
Santorini was voted as "The World's Best Island" in Travel + Leisure.5 million tourists in 2009. followed closely by those from Germany (2. which is an increase from the 17. In 2011.6 million tourists).5 million tourists.6 million). (2.Northern Greece is the country's most-visited geographical region. followed by Attica with 2. In 2010. Greece welcomed over 19.8 million. In 2010. while the most visitors from a single nationality were those from the United Kingdom.3 million). comparable to other cities such as Dubai and Montreal.Night view of Fira. Transport Main article: Transport in Greece An aerial view of an interchange on the Attiki Odos. Lonely Planet ranked Greece's northern and second-largest city of Thessaloniki as the world's fifth-best party town worldwide. with 6.3 million.7 million tourists it welcomed in 2007. the most visited region of Greece was that of Central Macedonia. The vast majority of visitors in Greece in 2007 came from the European continent. with 18% of the country's total tourist flow (amounting to 3.7 million.6 million and the Peloponnese with 1. . An important percentage of Greece's national income comes from tourism. while Central Greece is second with 6. numbering 12. According to Eurostat statistics. Santorini. Its neighboring island Mykonos. came in fifth in the European category.
there were a total of 2. due to the financial crisis. while an upgrade to double lines in many parts of the 2.653 broadband connections as of early 2011. towards its airport. International railway lines connect Greek cities with the rest of Europe. serviced by Proastiakos around Athens. although as of 2011 they have been suspended. towards the cities of Larissa and Edessa. the Balkans and Turkey. Most of the Greek islands and many main cities of Greece are connected by air mainly from the two major Greek airlines. the longest suspension cable bridge in Europe. This translates to 20% broadband penetration . including hydrofoils and catamarans. Railway connections play a somewhat lesser role than in many other European countries.252. The Rio–Antirrio bridge. Olympic Air and Aegean Airlines. The Athens Metropolitan Area includes state of the art infrastructure such as the Athens International Airport. Most of the motorway connection from Athens to Thessaloniki has also been upgraded. the road and rail network of Greece has been significantly modernized. and around Thessaloniki.The Rio-Antirio bridge near the city of Patras is the longest cable-stayed bridge in Europe and second in the world. Important works include the Egnatia Odos that connects northwestern Greece (Igoumenitsa) with northern and northeastern Greece (Kipoi).600 mi) network is underway. An expansion of the Patras-Athens motorway towards Pyrgos in the western Peloponnese is scheduled to be completed by 2014. with new suburban/commuter rail connections. the privately run motorway Attiki Odos and the expanded Athens Metro system. Kiato and Chalkida.500 km (1. Maritime connections have been improved with modern high-speed craft. Communications Main article: Communications in Greece Broadband internet availability is widespread in Greece. (2250 m or 7382 ft long) connects the western Peloponnese from Rio(7 km or 4 mi from Patras) with Antirrio in Central Greece. but they too have also been expanded. Since the 1980s. A modern intercity rail connection between Athens and Thessaloniki has also been established.
to 0. implementing and supervising national research and technological policy.93%.Greece has been a member of the European Space Agency (ESA) since 2005. Total R&D spending (both public and private) as a percentage of GDP had increased considerably since the beginning of the past decade. while mobile internet on 3G cellphone networks and WiFi connections can be found almost everywhere. . Greece's technology parks with incubator facilities include the Science and Technology Park of Crete (Heraklion). the Thessaloniki Technology Park.65% in 2001. many multinational companies such as Ericsson.Internet cafés that provide net access. In 1994 Greece and ESA signed their first cooperation agreement. Science and technology Thessaloniki Science Center and Technology Museum. R&D spending in Greece remained lower than the EU average of 1.38% in 1989.37 million euros (12. the Lavrio Technology Park and the Patras Science Park[dead link]. Greece became the ESA's sixteenth member on 16 March 2005. but. Greece participates in the agency's telecommunication and technology activities. Siemens. based on OECD and Eurostat data. and the Global Monitoring for Environment and SecurityInitiative. between 1990 and 1998. As member of the ESA. Because of its strategic location.6% increase from 2002). Having formally applied for full membership in 2003. Cooperation between ESA and the Hellenic National Space Committee began in the early 1990s. qualified workforce and political and economic stability. The General Secretariat for Research and Technology[dead link] of the Ministry of Development is responsible for designing. Motorola and Coca-Cola have their regional research and development headquarters in Greece. In 2003. office applications and multiplayer gaming are also a common sight in the country. from 0. total R&D expenditure in Greece enjoyed the third-highest increase in Europe. according to Research DC. public spending on research and development (R&D) was 456. after Finland and Ireland.
which has sustained record levels of consumer spending. the International Monetary Fund and Eurozone governments provided Greece emergency short. mainly in agricultural and unskilled jobs. and increased government expenditures. and unemployment are above the euro-zone average while per capita income is below. shore up public enterprises. and could also lead to rioting or violence. . Greece responded by introducing major structural reforms. which was triggered by falling state revenues. however. unemployment rose to 12% in 2010.0% per year between 2003 and 2007. struggled to boost revenues and cut spending to meet 2010 targets set by the EU and the IMF. the government has adopted a medium-term austerity program that includes cutting government spending. Athens. decreasing tax evasion. and improving competitiveness through structural reforms to the labor and product markets. In exchange for the largest bailout ever assembled. and are planning to give Greece more time to repay its EU-IMF loan. and 4.3% of annual GDP. Greek labor unions are striking over new austerity measures. The Greek economy grew by nearly 4.5% of GDP in 2010.overview Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP.revised upward Greece's deficit and debt numbers for 2009 and 2010. in May.the EU's statistical office .8% in 2010. Greece. before exceeding it again in 2009. inflation. but the strikes so far have had a limited impact on the government's will to adopt reforms. and rein in health spending. but investors still question whether Greece can sustain fiscal efforts in the face of a bleak economic outlook and public discontent. a credibility gap stemming from inaccurate and misreported statistics. and Athens' failure to address a growing budget deficit. tightening credit conditions.and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. the government announced combined spending cuts and tax increases totaling $40 billion over three years. and in part to an increased availability of credit. Immigrants make up nearly one-fifth of the work force. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006. Greece's lenders are calling on Athens to step up efforts in 2011 to increase tax collection. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating. especially after Eurostat . could challenge the government's ability to implement reforms and meet budget targets.Economy . with the deficit reaching 15. however. reducing the size of the public sector. however. faces long-term challenges to push through unpopular reforms in the face of often vocal opposition from the country's powerful labor unions and the general public. but finally met that criterion in 2007-08. and has led the country into a financial crisis. Greece is a major beneficiary of EU aid. and consistent underperformance on following through with reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating. equal to about 3. Public debt. An uptick in widespread unrest.4% of GDP. due partly to infrastructural spending related to the 2004 Athens Olympic Games. Under intense pressure by the EU and international market participants. on top of the tough austerity measures already taken. The economy contracted by 2% in 2009. Austerity measures reduced the deficit to 10. Eroding public finances. But the economy went into recession in 2009 as a result of the world financial crisis. reforming the health care and pension systems.
8% (2010 est.) 1% (2008 est.1 billion (2008 est.3% industry: 17.2 billion (2009 est.) GDP .4 billion (2010 est.9% services: 78.) GDP .) -2% (2009 est.700 (2008 est.GDP (purchasing power parity) $318.000 (2009 est.4% industry: 22.1 billion (2010 est.) $31.real growth rate -4.) Labor force 5.per capita (PPP) $29.) $31.) $340.) Labor force .by occupation agriculture: 12.) note: data are in 2010 US dollars GDP (official exchange rate) $305.composition by sector agriculture: 3.1% (2005 est.013 million (2010 est.) Population below poverty line 20% (2009 est.4% services: 65.) note: data are in 2010 US dollars GDP .5% (2010 est.600 (2010 est.) $333.) .
youth ages 15-24 total: 25.4 (1998) Investment (gross fixed) 14.) Unemployment.) Distribution of family income .) Budget revenues: $118.Unemployment rate 12.5 billion expenditures: $150.8% of GDP (2010 est.35% female: 33.) Budget surplus (+) or deficit (-) -10.78% male: 19.6 billion (2010 est.7% of GDP (2009 est.5% of GDP (2010 est.) 125.) .) Public debt 142.8% of GDP (2010 est.Gini index 33 (2005) 35.) Taxes and other revenues 38.91% (2009) Household income or consumption by percentage share lowest 10%: 2.) 9.4% (2009 est.5% highest 10%: 26% (2000 est.5% (2010 est.8% of GDP (2010 est.
) $177. the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU). the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU).055% (31 December 2009 est.9 billion (31 December 2009 est.984% (31 December 2010 est.) 1.75% (31 December 2009) note: this is the European Central Bank's rate on the marginal lending facility.) note: see entry for the European Union for money supply in the euro area.7 billion (31 December 2009 est.) Central bank discount rate 1. which offers overnight credit to banks in the euro area Commercial bank prime lending rate 5.4 billion (31 December 2010 est.) Stock of narrow money $153.) Stock of quasi money $NA .75% (31 December 2010) 1.7% (2010 est. individual members of the EMU do not control the quantity of money circulating within their own borders Stock of money $NA note: see entry for the European Union for money supply in the euro area.) 6.3 billion (31 December 2010 est.2% (2009 est. individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders Stock of broad money $320.) $378.Inflation rate (consumer prices) 4.
production 51.64 billion (31 December 2010) $54.exports 3. textiles. sugar beets.products wheat.) .72 billion (31 December 2009) $90.) Electricity .233 billion kWh (2009 est.) Market value of publicly traded shares $72. tomatoes. food and tobacco processing.) Electricity .8% nuclear: 0% other: 1.8% (2010 est.5 billion kWh (2009 est. petroleum Industrial production growth rate -5. corn. beef.5% hydro: 3. potatoes.4 billion (31 December 2008) Agriculture .7% (2001) Electricity .3 billion (31 December 2010 est.production by source fossil fuel: 94. mining. metal products.53 billion kWh (2008 est. wine.consumption 59. barley. tobacco. chemicals.5 billion (31 December 2009 est.Stock of domestic credit $448. dairy products Industries tourism.) Electricity .) $383. olives.
) Natural gas .815 billion cu m (2010 est.imports 496.300 bbl/day (2010 est.) Natural gas .) Natural gas .) Natural gas .production 7.1 million cu m (1 January 2011 est.368 billion kWh (2009 est.production 1 million cu m (2010 est.proved reserves 10 million bbl (1 January 2011 est.imports 4.consumption 3.) Oil .exports 181.exports 0 cu m (2010 est.) Oil .) .Electricity .600 bbl/day (2009 est.) Oil .824 billion cu m (2010 est.proved reserves 991.) Oil .600 bbl/day (2009 est.) Natural gas .) Oil .946 bbl/day (2010 est.consumption 371.imports 3.
partners Germany 10. Turkey 5. China 4. Russia 9.external $532.) Exports $20. Belgium 5.2% (2010) Imports $46.96 billion (2010 est.) -$35.commodities food and beverages.) Imports .) $64. UK 5. Bulgaria 6.Current Account Balance -$19.) $5. Italy 10.3%. France 4.1%.21 billion (2009 est.3%.5% (2010) Reserves of foreign exchange and gold $6.) Exports .) Debt .9%.9%.37 billion (31 December 2010 est.3%. Austria 4.9%.commodities machinery.34 billion (2009 est. China 6.6 billion (2010 est. Poland 4.partners Germany 10. Netherlands 5. Switzerland 4. chemicals Imports . fuels.97 billion (2009 est.5%. transport equipment. Italy 9.6%.89 billion (2010 est.6 billion (31 December 2008) . chemicals. petroleum products.8%. Cyprus 7.9 billion (30 June 2010) $504. manufactured goods.1%. textiles Exports .) $21.4%.6%.9%.546 billion (31 December 2009 est.5%.
7179 (2009) 0. (October 2011) Greece's first modern currency.6827 (2008) 0.4 billion (31 December 2010 est.3 1. Recent research examines the gradual development of industry and further development of shipping in a predominantly agricultural economy. Greece faced economic hardships and defaulted on its loans in 1826. 1843.46 billion (31 December 2010 est.7715 (2010) 0.7345 (2007) 0. the Phoenix.) Stock of direct foreign investment . Please try to keep recent events in historical perspective.7964 (2006) 1.) Exchange rates euros (EUR) per US dollar 0. .abroad $37.45 billion (31 December 2009 est.at home $44. The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world due to the Industrial revolution) has been little researched.1 billion (31 December 2009 est.) $42.4 Overview of Industries Trade and Commerce Overview Different Economic Sectors of Greece History See also: Economic history of Greece and the Greek world This section may be slanted towards recent events.Stock of direct foreign investment . Nonetheless. calculating an average rate of per capita GDP growth between 1833 and 1911 that was only slightly lower than that of the other Western European nations.) $39. 1860 and 1893.
an inefficient public sector bureaucracy. Greece's main industries are tourism. 96. The country's post-World War II development has largely been connected with the so-called Greek economic miracle. and 22nd on The Economist's 2005 worldwide quality-of-life index. According to Eurostat data. chemicals. 75% in 1980. corruption and low global competitiveness. the Greek economy also faces significant problems. 56% in 1890. mining and petroleum. industrial products. since the early 1990s been higher than the EU average. shipping.  Strengths and weaknesses Greece entered the Eurozone in 2001. . tax evasion. as an average.Other studies support the above view on the general trends in the economy. and Israel. ranking 29th in the world in 2011. providing comparative measures of standard of living. Greece enjoys a high standard of living and "very high" Human Development Index. GDP per inhabitant in purchasing power standards (PPS) stood at 94 per cent of the EU average in 2008. textiles. metal products.4% in 2008. GDP growth rates of the Greek economy between 1961 and 2010. 62% in 1938. Greece's GDP growth has also. The per capita income (in purchasing power terms) of Greece was 65% that of France in 1850. including rapidly rising unemployment levels. However. Italy. 90% in 2007. 97.9% in 2009 and larger than countries such as South Korea. food and tobacco processing.
After 15 consecutive years of economic growth. based on a number of criteria (inflation rate. resulting in a severe economic crisis. Between 2008 and 2011 unemployment skyrocketed. ranking 88th and 90th respectively. the Greek economy (based on data revised on 15 November 2010 in part due to reclassification of expenses) faced the highest budget deficit and government debt to GDP ratios in the EU.1%.4% of GDP. ranking 80th in the world.000 without a job. The 2009 budget deficit stood at 15.Greece has the EU's second worst Corruption Perceptions Index after Bulgaria. from a generational low of 7. followed by Spaniards (average of 1. Greece went into recession in 2009.  Eurozone entry See also: Greek Financial Audit.4%).7% (later revised to 15. leaving more than 900. Corruption. works the second highest number of hours per year on average among OECD countries. One of the sectors hardest hit has been the garment industry. The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005. . As a result of the on-going economic crisis. Additionally. An indication of the trend of over-lending in recent years is the fact that the ratio of loans to savings exceeded 100% during the first half of the year. industrial production in the country went down by 8% between March 2010 and March 2011. the turnover in retail sales saw a decline of 9% between February 2010 and February 2011.1% between January 2010 and January 2011. after South Korea. 2004 Greece was accepted into the Economic and Monetary Union of the European Union by the European Council on 19 June 2000. from "6–8%" (estimated by the previous government) to 12. and rising debt levels (127% of GDP in 2009) led to rising borrowing costs. This resulted from the massive revision of the 2009 budget deficit forecast by the new Socialist government elected in October 2009. The Greek labor force. Greece was accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis. In the final quarter of 2010. youth unemployment reached 36.2% in the second and third quarters of 2008 to a high of 18.4% in August 2011. This. Greeks worked an average of 1. and lowest Index of Economic Freedom and Global Competitiveness Index.800 hours/year). while the volume of building activity saw a reduction of 73. a traditional mainstay of the economy. is widely regarded as both a key cause of the current troubles in the economy and a key hurdle in terms of overcoming the country's debt problem. together with the associated issue of poor standards of tax collection. which totals approximately 5 million. By the end of 2009. Greece was the country whose workers worked the most hours/year among European nations.900 hours per year.
i. exchange rate) using 1999 as the reference year. public debt. An error very frequently made in press reports is the confusion of the discussion regarding Greece’s Eurozone entry with the controversy regarding usage of derivatives’ deals with U. this affected deficit values after 2001 (when Greece had already been admitted into the Eurozone) and is not related to Greece’s Eurozone entry. thus exceeding the 3% limit. This led to claims that Greece (similar claims have been made about other European countries like Italy) had not actually met all five accession criteria. However. long-term interest rates. In the 2005 OECD report for Greece. recording expenses when military material was ordered rather than received. and the common perception that Greece entered the Eurozone through "falsified" deficit numbers.S. Eurostat revealed that the statistics for the budget deficit had been under-reported. it was the retroactive application of ESA95 methodology (applied since 2000) by Eurostat.e. this retroactive change of methodology was responsible for the revised deficit exceeding 3% in 1999. and thus the criteria had been met.. A study by forensic accountants has found that data submitted by Greece to Eurostat had a statistical distribution indicative of manipulation. it was clearly stated that “the impact of new accounting rules on the fiscal figures for the years 1997 to 1999 ranged from 0.7 to 1 percentage point of GDP. Most of the differences in the revised budget deficit numbers were due to a temporary change of accounting practices by the new government. the year of [Greece's] EMU membership qualification”.38% of GDP. A currency swap arranged with Goldman Sachs allowed Greece to “hide” $1 billion of debt. Banks by Greece and other Eurozone countries to artificially reduce their reported budget deficits. however. After an audit commissioned by the incoming New Democracy government in 2004. theoretically lowering even the ESA95-calculated 1999 Greek budget deficit to below 3% (an official Eurostat calculation is still pending for 1999). The above led the Greek minister of finance to clarify that the 1999 budget deficit was below the prescribed 3% limit when calculated with the ESA79 methodology in force at the time of Greece's application.budget deficit. that finally raised the reference year (1999) budget deficit to 3. The original accounting practice for military expenses was later restored in line with Eurostat recommendations.  2010–2011 government debt crisis Main article: Greek government debt crisis .
the Greek economy faced its most-severe crisis since the restoration of democracy in 1974 as the Greek government revised its deficit from a prediction of 3. according to some estimates. On 15 November 2010 the EU's statistics body Eurostat revised the public finance and debt figure for Greece following an excessive deficit procedure methodological mission in Athens. while hiding the actual deficit from the EU overseers. agreed to a rescue package which involved giving Greece an immediate €45 billion in bail-out loans. This had enabled Greek governments to spend beyond their means.8% of GDP making it the biggest deficit (as a percentage of GDP) amongst the EU member nations (although some have speculated that Ireland's in 2010 may prove to be worse). and put Greece's 2009 government deficit at 15. the Greek government deficit was again revised and estimated to be 13. In order to avert such a default. By the end of 2009. with more funds to follow. In May 2010. which was one of the highest in the world relative to GDP.4% of GDP and public debt at 126. to 12.7% in early 2009 and 6% in September 2009. totaling €110 billion. In early 2010.6% for the year. in May 2010 the other Eurozone countries. . as a result of a combination of international and local factors (respectively. it was revealed that successive Greek governments had been found to have consistently and deliberately misreported the country's official economic statistics to keep within the monetary union guidelines. the European Central Bank and the IMF. to hit 120% of GDP during 2010.Greek government debt levels between 1999 and 2010. Greece was required to adopt harsh austerity measures to bring its deficit under control. and the IMF.7% of gross domestic product (GDP). Their implementation will be monitored and evaluated by the European Commission.  one of the highest rates in the world. As a consequence. the world financial crisis and uncontrolled government spending).  In order to secure the funding. there was a crisis in international confidence in Greece's ability to repay its sovereign debt. Total public debt was forecast.
 Primary sector  Agriculture and fishery Main article: Agriculture in Greece Olive trees in Thasos. Consequently. the government deficit has not been reduced accordingly.4 thousand tons) and fourth in the production of tobacco (22 thousand tons). Between 2000 and 2007 organic farming in Greece increased by 885%. Additionally. the country ranked 11th in the EU in total quantity of fish caught. the highest change percentage in the EU. In 2007.461 tons. tomatoes (1. As a result of the country's entry to the European Community. the country's debt to GDP continues to rapidly exacerbate. with 87. much of its agricultural infrastructure has been upgraded and agricultural output increased. mainly.8 thousand tons) and ranked second in the production of rice (229. and ranked first in the number of fishing vessels in the Mediterranean between European Union members. Despite the long range of austerity measures. Greece accounted for 19% of the EU's fishing haul in the Mediterranean sea. Agriculture contributes 3.3% of the country's GDP and employs 12% of the country's labor force. Greece.5 thousand tons) and olives (147. third in the production of figs (11 thousand tons).The financial crisis – particularly the austerity package put forth by the EU and the IMF – has been met with anger by the Greek public. Greece is a major beneficiary of the Common Agricultural Policy of the European Union. Greece was the European Union's largest producer of cotton (183.  Service sector  Maritime industry Main articles: Greek shipping and List of ports in Greece . In 2010. ranked third with 85. due to the subsequent recession  . leading to riots and social unrest.5 thousand tons).493 tons. according to many economists.4 million tons)  and water melons (578.
primarily through the investment undertaken by the shipping magnates Onassis and Niarchos.878 cannons.987 ships. Shipping has traditionally been a key sector in the Greek economy since ancient times. the Greek merchant navy was made up of 615 ships. Currently Greece has the largest merchant navy in the world as a percentage of the world's total dwt. Although a drop from the capacity of 18. stands at 104 million. the Greek Merchant Navy is still the largest. An additional equivalent of 20. the size of the Greek fleet nearly doubled. Today.5% of the world's tankers and 16.49% of all of the European Union's dwt.1% of bulk carriers also on order.  after Japan. In 1813.Piraeus is the largest container port in Greece and one of the largest in the Mediterranean Sea. which is ranked third. today's fleet roster is smaller than an all-time high of 5.8% of the world's bulk carriers (in dwt). The Greek merchant navy's total dwt is 186 million. China and Germany. . Greece is also ranked in the top 5 country merchant fleets by number of ships.2% of the world's total that the country's merchant fleet controlled in 2006. The basis of the modern Greek maritime industry was formed after World War II when Greek shipping businessmen were able to amass surplus ships sold to them by the United States Government through the Ship Sales Act of the 1940s. During the 1960s. This comes to show that. However.580 tons and was manned with 37. There is a significant gap between Greece and Russia. In terms of ship categories. In the same 2010 United Nations report. Japan is second with 183 million.150 ships. but followed closely by that of Japan. with another 12.73%. while it ranks first in the EU. Its total tonnage was 153.05% of the world's tanker dwt is on order. A European Community Shipowners' Association report for 2010-2011 reveals that the Greek flag is the fifth-most-used internationally for shipping. at 15.000 ships in the late 1970s. the Greek merchant navy's total dwt is not comparable to any other nation other than Japan.526 crewmembers and 5. the Greek merchant navy came fourth with 3. Greece controls 22. at 15. which came fifth with 1. although the Japanese merchant navy appears to be challenging the supremacy of the Greek one in terms of dwt. Greece represents 41.96% according to a United Nations Conference on Trade and Development 2010 report. Additionally.  but China.
from 23% to 50% respectively (compared with an EU average of 49% and 73%). with the gap closing rapidly in recent years. Earnings from shipping amounted to €15. Between 1949 and the 1980s. Since 2011. there are 5. . Greece has tended to lag behind its European Union partners in terms of Internet use. Other mobile telecommunications companies active in Greece are Wind Hellas and Vodafone Greece. the majority share holder at OTE is Deutsche Telekom. OTE. OTE still dominates the Greek market in its field and has emerged as one of the largest telecommunications companies in South-eastern Europe.  Telecommunications Main article: Telecommunications in Greece OTE headquarters in Athens. while between 2000 and 2010 Greek shipping contributed a total of €140 billion (half of the country's public debt in 2009 and 3. The total number of active cellular phone accounts in the country in 2009 based on statistics from the country's mobline phone providers was over 20 million.000 people (4% of the workforce).4 billion in 2010. Despite the liberalization of telephone communications in the country in the 1980s. and represents 1/3 of the country's trade deficit. including Greece's top mobile telecommunications provider.  a penetration of 180%.93 million active landlines in the country. It accounts for 6% of GDP. Cosmote. while the Greek state has 10% of the company's shares. with 40%. The percentage of households with access to the Internet more than doubled between 2006 and 2011. from 4% in 2006 to 45% in 2011 (compared with an EU average of 30% and 68%). telephone communications in Greece were a state monopoly by the Hellenic Telecommunications Organization. employs about 160. Additionally.shipping is one of the country's most important industries. there has been a massive increase in the proportion of households with a broadband connection.5 times the receipts from the European Union in the period 2000-2013). The same ECSA report showed that there are approximately 750 Greek shipping companies in operation. better known by its acronym. OTE owns a total of 13 subsidiaries in four countries across the Balkans. At the same time.
 The same survey showed that the average tourist expenditure while in Greece was $1. View of Rhodes. alongside cities such as Montreal and Dubai.000 in 2008 and represented 19% of the country's total labor force. which was further renewed when Greece hosted the 2004 Summer Olympics. only Bulgaria and Romania rank lower in the 27-nation bloc. In 2009. Since the 1960s and 1970s. the world's fifth best "Ultimate Party Town". ranking Greece 10th in the world. In 2009 Lonely Planet ranked Thessaloniki. The number of jobs directly or indirectly related to the tourism sector were 840. although in ancient times. In all these measures. the tourism sector saw a boost. Greece's total internet users numbered 4. down from 65% in 2006 (compared with an EU average of 24% and 42%).Greece ranks third in the percentage of those who have never used the Internet: 45% in 2011. while Greece also owns the Greek National Tourism Organization which aims in promoting tourism in Greece. a major increase from the 17.2% to the nation's GDP in 2008 according to an OECD report. In recent years a number of well-known tourism-related organizations have placed Greek destinations in the top of their lists.7 million tourists the country welcomed in 2008.  Tourism The island of Santorini in Greece is a popular tourist destination.3 million tourists. a great deal of wealthy Romans visited the country's centers of learning to further educate themselves.073. The ministry responsible for tourism is the Ministry of Culture and Tourism. while in 2011 the island of Santorini was voted as . Greece attracts more than 16 million tourists each year. following the annexation of Greece by the Roman Empire. Main article: Tourism in Greece Tourism in the modern sense has only started to flourish in Greece in the years post-1950. thus contributing between 18. the country's second-largest city.791 million in 2009. Greece welcomed over 19.
Most of the country's network is standard gauge (1. Greece has a total of 81 airports. Between 1975 and 2009 Olympic Airlines was the country's flag carrier. In 2007.711 km of roads. but financial problems lead to its privatization in 2009. A total of 764 km or rail are electrified. Both Olympic Air and Aegean have won awards for their services.565 km). in 2009 and 2011 Aegean Airlines was awarded the "Best regional airline in Europe" award by Skytrax. and also has two gold and one silver awards by the ERA.the best island in the world by Travel + Leisure. The neighbouring island of Mykonos was ranked as the 5th best island in Europe. part of European route E90. A total of two . Of these airports. the largest airline by number of passengers carried. a subsidiary of the Hellenic Railways Organization (OSE). of which 67 are paved and six have runways longer than 3. Since the entry of Greece to the European Community (now the European Union). but the country's airline industry is dominated by Olympic Air. The Greek road network is made up of 116. at almost 500 million tons. Rail transport in Greece is operated by TrainOSE.  Transport Main article: Transport in Greece As of 2010. the largest airline by number of destinations served.047 meters. of which 948 km are highways. the Republic of Macedonia and Turkey. helping to upgrade the country's road network. Greece ranked 8th in the European Union in goods transported by road. but 15 offer international services. and Aegean Airlines. ranking 37th worldwide. two are classified as "international" by the Hellenic Civil Aviation Authority. Additionally Greece has 9 heliports. a number of important projects (such as the Egnatia Odos and the Attiki Odos) have been co-funded by the organization. Greece has rail connections with Bulgaria. while Olympic Air holds one silver ERA award for "Airline of the Year" as well as a "Condé Nast Traveller 2011 Readers Choice Awards: Top Domestic Airline" award. Greece's rail network is estimated to be at 2. while the country also has 983 km of narrow gauge.548 km. Greece does not have a flag carrier. Egnatia Odos.
7 million through the port of Paloukia in Salamis. which handled 273. 12. followed by the Port of Piraeus. Almost half (48%) of DEI's power output is generated using lignite. independent companies' energy production increased by 168%.  and the port of Eleusis.319 TEUs. with 12.5 million through Piraeus and 2.6% of all energy demand in Greece. Between 2009 and 2010. while one metro system is operational in Athens with another under construction.2 million tons.9 million people passed through Greece's ports.37 million tons. followed by Thessaloniki.  a rise from the 7.3 million tons transported through the country in 2007.6% in 2009.38 million tons. Greece currently does not have any nuclear power . but still below the EU average of 10% in 2008.7 million through Igoumenitsa. The Port of Thessaloniki comes second with 15. Greece aims to get 18% of its energy from renewable sources by 2020. from 2. According to Eurostat. a considerable drop from the 164. The total number of goods transported through Greece in 2010 amounted to 124. In 2009 DEI supplied for 85. 9. Energy production in Greece is dominated by the Public Power Corporation (known mostly by its acronym ΔΕΗ. with 17. In the same year. another 12.3% in 2010. Greece's largest port by tons of goods transported in 2010 is the port of Aghioi Theodoroi. a drop from the 51. or in English DEI). 10% of the country's renewable energy comes from solar power.  Energy A distillation facility owned by Hellenic Petroleum.suburban railway systems (Proastiakos) are in operation (in Athens and Thessaloniki).38 million tons.232 GWh in 2010. with 13. 83.2% it accounted for in 2006.8 million tons.282 TEUs. In 2008 renewable energy accounted for 8% of the country's total energy consumption.709 Gigawatt hour in 2009 to 4. while most comes from biomass and waste recycling.  Another 12% comes from Hydroelectric power plants and another 20% from natural gas. while the number fell to 77.7 through the port of Perama. In 2010 Piraeus handled 513. In line with the European Commission's Directive on Renewable Energy.
business. For 2011 only. .000. Under the new 2010 tax reform. while it exports 181. Greece's oil production stands at 7. Greece's corporate tax has dropped from 40% in 2000 to 20% in 2010. Value added tax (VAT) has gone up in 2010 compared to 2009: 23% as opposed to 19%. with an estimated output of 250 to 300 million barrels over the next 15 to 20 years. compared to the EU average. Greece's personal income tax rate currently ranges from 0% for incomes below €12. employment. Greece has 10 million barrels of proved oil reserves as of 1 January 2011.  Taxation and tax evasion Main article: Taxation in Greece Revenues of Greece between 1999 and 2010 as a percentage of GDP. Such projects include the Interconnector Turkey-Greece-Italy (ITGI) and South Stream gas pipelines. Greece's dispute with Turkey over the Aegean poses substantial obstacles to oil exploration in the Aegean Sea. and income from professional activities. of which €13–€14 billion will enter state coffers.plants in operation.600 bbl/d (57th) and imports 496.946 barrels per day (bbl/d). ranked 90th. In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece. movable property (investment). tax exemptions have been abolished. Hellenic Petroleum is the country's largest oil company. corporate tax will be at 24%. income from agriculture. A number of oil and gas pipelines are currently under construction or under planning in the country.000 and 45% for incomes over €100. The Greek tax system is a tiered one. followed by Motor Oil Hellas. however in 2009 the Academy of Athens suggested that research in the possibility of Greek nuclear power plants begin. Greek law recognizes six categories of taxable income: immovable property. as Greece employs the system of progressive taxation.600 bbl/d (25th). The estimated output in Euros of the three deposits is €25 billion over a 15-year period.
  Wealth and standards of living GDP per capita of the regions of Greece in 2008. Additionally.8% from 2011. Evangelos Venizelos. tax evasion reached 49%. and are used for social insurance. an increase of 5.6 billion in direct taxes and €29.334 billion to the economy) followed by Central .5% for blue collar jobs.7 billion (€23. both employers and employees have to pay social contribution taxes.000.000 individuals and companies owe the taxman 37 billion euros”.  National and regional GDP According to Eurostat.5% (previously 4. while a tax rate of 13% (from 9%) applies to certain service sector professions. Greece suffers from very high levels of tax evasion.5% from 2011).The lowest VAT possible is 6. the TJN puts the number of Greek-owned off-shore companies to over 10. periodicals and cultural event tickets. was quoted as saying “Around 15. The Greek and Swiss governments are to reach a deal on the matter by the end of 2011. The Tax Justice Network has said that there are over €20 billion in Swiss bank accounts held by Greeks. which apply at a rate of 16% for white collar jobs and 19. Additionally. primarily housing (an increase of 217. Following similar actions by the United Kingdom and Germany. In the last quarter of 2005.1 billion in indirect taxes).  The current Finance Minister of Greece.5%) for newspapers.6%. The Ministry of Finance expects tax revenues for 2012 to be €52. The Ministry of Finance has revealed that Greek Swiss bank account holders will either have to pay a tax or reveal information such as the identity of the bank account holder to the Greek internal revenue services. while in January 2006 it fell to 41. the Greek government is in talks with Switzerland in order to tax bank accounts in Switzerland owned by Greek citizens. In 2012 the government is expected to have considerably higher tax revenues than in 2011 on a number of sectors. Greece's most economically important regions in 2008 were Attica (which contributed €103.
905 bn 5.200 2 Central Macedonia €34. In terms of GDP per capita.82 €21.334 bn 44.900 14 Mount Athos NA NA NA – Greece €232.100 6 West Greece €12.500 13 North Aegean €3.579 bn 1.400 11 West Macedonia €5. Eurostat data for 2008 Rank Region Total GDP % Per capita 1 Attica €103. Crete (€12.200 7 Peloponnese €11.500 4 Crete €12.458 billion).300 3 Thessaly €12.50 €18.79 €20.600) and West Greece (€18.100.530 bn 5.564 bn 2.91 €22.000.200) and Central Greece (€25.53 €19.35 €28.484.100).200) have the lowest values.854 bn 5.36 €28.100 – EU €12. the South Aegean ranks first (€28.88 €16.600 9 South Aegean €7. Thessaly (€12.816 bn 3.Macedonia (€35. compared to other EU members.51 €23. below the EU average of €25. followed by Attica (€28.827 bn 2.579 billion) and the Ionian Islands (€4.420 bn NA €25.38 €21. East Macedonia and Thrace (€16.530 billion).464 bn 1.300 10 Epirus €5.905 billion).37 €25.100 8 East Macedonia and Thrace €9.054 bn 3. .646 billion).230 bn 4.54 €19.20 €18. Greece's average GDP per capita in 2008 was €23.00 €23. The least important were the North Aegean (€3.000  Welfare state See also: Health care in Greece Greece's social expenditures as a percentage of GDP between 1998 and 2009.122 bn 5.100 12 Ionian Islands €4.500 5 Central Greece €12.920 bn 100.854 billion)  and Central Greece (€12.300).458 bn 14.
57 9.44 75.78 2 Eurobank EFG 11. Prior to the adoption of the Euro.910 billion for social security and health care expenses).51 8 Alpha Bank 6. Greece's largest publically-traded companies (Anonimes Eteries in Greek) are: Forbes Global 2000 Revenues Profit Assets Market value Rank Company (US$ billion) (US$ billion) (US$ billion) (US$ billion) 1 National Bank of Greece 12.09 9 Piraeus Bank 6.86 113. Since 2010 the number has risen again.26 5.75 to €1.487 billion (€6.97 0. expenses for the welfare state (excluding education) stand at an estimated €22. In the 2012 budget.23 3.9% of the all state expenses.95 2.Greece is a welfare state which provides a number of social services such as universal health care and pensions. At the time of the adoption of the Euro the exchange rate was ₯340. Upon signing the Maastricht Treaty.92 4.62 7 OPAP 7. Greece vowed to join the Eurozone. Between 1832 and 2002 the currency of Greece was the Drachma.577 billion for pensions and €15.43 19.92 6.69 1.48 11.94 5.94 0.68 0.15 140.  .71 90. In February and June 2005 however this number fell considerably.01 1.21 0.75 9. to only 26% and 20% respectively. the majority of Greek people had a positive view of the new currency (64%).85 6 Public Power Corporation 8. which occurred on 1 January 2002.  Largest companies See also: List of Greek companies According to the Forbes Global 2000 index.25 8.48 3 Hellenic Petroleum 9.02 5 Hellenic Telecom 8.56 15.66 0. or 31.42 2.34 0.31 98. and a survey in September 2011 showed that 63% of Greeks had a positive view of the Euro.11 –0.40 3.37 0.40 4 Coca Cola Hellenic 9.13  Currency This section requires expansion.90 10 Bank of Greece 2.58 1.
2011 est.231 billion (PPP. industry: 22. chemicals.) Inflation (CPI) 2.013 million (2010 est. 2010) 1 euro (ευρώ) = 100 cents (λεπτά) Calendar year EU. 2010) 37th (PPP.) Labour force agriculture: 12. by occupation services: 65.) GDP per capita $27.Economy of Greece Rank Currency Fiscal year Trade organisations The Bank of Greece in Athens 32nd (nominal. salary $31. food Main industries and tobacco processing. shipping.) agriculture: 3. Average net salary $23.9% (November 2011) Population 20% live below the annual €6.042 billion (nominal. services: GDP by sector 78.704 yearly (2006) tourism. industrial products. 2011 est. WTO.) GDP $309. mining. textiles.9%. OECD. petroleum Ease of Doing 100th (2012) Business Rank External Exports €16.000 threshold below poverty line (2008) Gini index 33 (2005) Labour force 5.3751 billion (2010 est.4%.875 (nominal. industry: 17.8% (2010 est.345 yearly (2006) $1.7% (Q3 2011) Average gross $2.4%. 2011 est.0% (Q3 2011 compared with Q3 2010. metal products.624 (PPP. GDP growth non-seasonally-adjusted) $27.693 monthly. BSEC Statistics $312.) .3%. 2011 est.) −5.1% (2005 est.) Unemployment 17.238 monthly.
02%. Import goods chemicals Germany 13. chemicals. US 4. 2010 est.food and beverages.)  • • Credit rating • Fitch: CCC Outlook: – Moody's: Ca Outlook: Developing Standard & Poor's: CC AAA (T&C Assessment) Outlook: Negative Foreign reserves US$7. unless otherwise stated. 2010 est.5 Overview of Business and Trade at International Level .) €89.351 billion (144.1074 billion (2010 est.9% of GDP.750 billion (39. France 6. are in US dollars The economy of Greece is the 32nd largest in the world by nominal gross domestic product (GDP) and the 37th largest at 1.05%.95%.) machinery.) €114. manufactured goods.1%. China Main import 7.73%. Italy 12.68%.08%. UK partners 4. transport equipment. Spain 4.2% of GDP. partners South Korea 5. textiles Germany 11. Bulgaria 6.5% of GDP.6% of GDP.125 billion (10.9 billion (30 June 2010) Public finances €329.28%.11%.224 billion (April 2011) Main data source: CIA World Fact Book All values. 2010 est.74%. petroleum products.213 billion (50.) Public debt  Export goods Budget deficit Revenues Expenses €24. Belgium 4. Netherlands 6.23% (2009) Imports €48. Turkey 4. fuels. 2010 est. Italy 11.4%.08% (2009) Gross external debt$532.71%.34%. Cyprus Main export 7.
Growth in the tertiary sector is booming. the Greek economy is based on agriculture. and accounts for around 20% of the GDP. Main Industry Sectors Traditionally.5% of GDP. Greece had to be saved from bankrupcy by the International Monetary Fund (IMF) and the European Commission (EC). The latter was estimated at -4% in 2010. This will have a worsening impact on the debt. The sector represents 3% of the GDP and employs around 12% of the active population. The main crops are tobacco (largest European producer) and cotton (fifth largest exporter in the world). clothing and construction. behind services.International Trade in Greece Although the crisis hit Greece later than its European neighbors. it nevertheless plunged the country into a deep recession. For the foreign observers the Greek economy should not recover before 2012 and only if the country fully implement the restructuring program of its economy. A large fishing industry is found in coastal regions and the merchant navy represents 10% of the GDP. Greece is the largest European shipowner. industry has replaced agriculture as a second source of income. currently estimated at 142. More specifically. transport materials. Marine fishing represents 10% of the GDP. Greece had to be saved from bankrupcy by the International Monetary Fund (IMF) and the European Commission (EC). Economic Overview Although the crisis hit Greece later than its European neighbors. it nevertheless plunged the country into a deep recession. Greece also has a significant ovine livestock. however the budgetary restriction measures adopted to restore public finances have taken their toll on growth. Tourism provides a vital source of income and alone contributes 11% of the GDP. It accounts for nearly three-fourths of the GDP. The country recently announced that its deficit would be "very likely " higher than its forecast of 9. The government is making an effort to pursue the measures planned in the structural . The main sectors are: electronic goos.5% of GDP. Thanks to the economic diversification led by the country.
and given the difficulties the country is currently facing.reforms program to which it is bound by the loans it has received from the IMF and the EC.Its infrastructures. Eastern Europe and Eastern Mediterranean regions. The country is facing growing unemployment (which is higher than 10%) and a proliferation of social protest movements against the austerity measures. . FDI Government Measures The Legislative Decree number 2687 of 1953 as well as Article 112 of the Constitution. Compared to other countries of the European Union. give approved foreign "productive investments" property rights. which makes it a strategic link to the emerging markets of the Balkans.Its competitiveness within the active population in terms of education. which are improving significantly.Its membership to the European Monetary Union (EMU). . Today. The priority is to reduce the fiscal deficit by increasing taxation. this trend should continue. Country Weak Points . Country Strong Points Greece's main strong points are: . Black Sea. manpower costs and work productivity. privatizing public companies and reforming the healthcare system. mainly due to the 3rd European Union community support framework. preferential tax treatment and work permits for foreign managerial and technical staff. FDI in Figures The available data on FDIs in Greece should be taken with caution because they do not reflect the real situation. Greece has become the economic hub of Southeast Europe. the level of FDIs is low.Its geographical location. The high level of corruption and lack of transparency are the two main obstacles to the growth of FDIs. and .
1. The trade balance is negative and has worsened as an effect of the fall in exports caused by the recession.The Greek economy has always been and continues to be subject. 2001.6 Present Trade Relations and Business Volume of Different Products With INDIA/ GUJARAT Historical relations The first contact between both civilization dates back from Alexander the Great’s and King Porus's Battle of the Hydaspes River . Foreign Trade Overview Greece has an export-oriented economy. In February 2001. The new Greek Embassy building in New Delhi was inaugurated on February 6. Speaker of the Lok Sabha Somnath Chatterjee visited Greece. In addition. the Greek Minister of Finance recently stated that the figures for the first quarter of 2011 showed a significant recovery in exports. However. Greek Foreign Minister George Papandreou visited India. to intense governmental regulation.  List of recent bilateral visites • • • • In December 2000. diplomatic relations between Greece and India were established in May 1950. which has caused a large public deficit. In modern time. . Greece's main trading partners are the European Union (especially Italy and Germany) and the United States. Prime Minister of Greece Kostas Simitis visited India. According to Transparency International the country also has to tackle high levels of corruption that affect many aspects of the economic and commercial life. In September 2006. President of India Avul Pakir Jainulabdeen Abdul Kalam made an unofficial visit to Athens. In April 2007. trade representing more than 50% of the GDP. growth has been financed by private sector loans and the public sector's absorption of EU structural adjustment funds.
 . the European Union. and was a founder member of both the League of Nations and the United Nations. MOU on Defence Cooperation. 2007. signed and implemented in 2008. it soon joined the Commonwealth of Nations and strongly supported independence movements in other colonies. MOU for Cooperation in Agriculture. Joint Business Council of FICCI and ASSOCHAM and the Athens Chamber of Commerce. After India gained independence from the United Kingdom in 1947. 1998. Mexico. 2007 History Even before independence. Agreement on Promotion and Reciprocal Protection of Investments (BIPA). However. The partition and various territorial disputes. The end of the Cold War significantly affected India's foreign policy. Israel. List of bilateral treaties • • • • • • • • • • • • Agreement on Cultural Exchange. It had colonies (such as the Aden Settlement). the Arab League and Iran. Agreement of Cooperation between Hellenic Foreign Trade Board and India *Trade Promotion Organisation. India has also forged close ties with the member states of the Association of Southeast Asian Nations. the African Union. Agreement on Tourism Cooperation. The Indo-US civilian nuclear agreement. Scientific and Technical Cooperation. The country now seeks to strengthen its diplomatic and economic ties with the United States. sent and received full diplomatic missions. During the Cold War. 1961 Agreement on Avoidance of Double Taxation. the Government of British India maintained semi-autonomous diplomatic relations. MOU between CII and Federation of Greek Industries. Japan. 2007. as it did for much of the world. would strain its relations with Pakistan for years to come. 2007. like the Indonesian National Revolution. and Brazil. India adopted a foreign policy of not aligning itself with any major power bloc. Though India continues to have a military relationship with Russia. Bangalore and *National Technical University of Athens (NTUA). 1967 Agreement for Joint Commission for Economic. 1998. India developed close ties with the Soviet Union and received extensive military support from it. Agreement on Cooperation in Science & Technology. the People's Republic of China. Israel has emerged as India's second largest military partner while India has built a strong strategic partnership with the United States. 1996. 1983. MOU for Cooperation between Institute of Science. highlighted the growing sophistication of the Indo-American relations. particularly that over Kashmir. 2001. 1996.
realistic and contemporary assessment of the bilateral. As many as 20 million people of Indian origin live and work abroad and constitute an important link with the mother country. around a central axis of historical and cultural commonalities. India's foreign policy is a forward-looking engagement with the rest of the world.sandeep based on a rigorous. In a period of rapid and continuing change. regional and global geopolitical and economic milieu.  Role of the Prime Minister . Policy Diplomatic relations between world states and India India Nations that India has relations with Nations that have no diplomatic relations with India Disputed areas India's foreign policy has always regarded the concept of neighbourhood as one of widening concentric circles. pragmatism and pursuit of national interest. An important role of India's foreign policy has been to ensure their welfare and well being within the framework of the laws of the country where they live. The guiding principles of India's Foreign Policy have been founded on Panchsheel. strengthening social fabric and well-being of the people and protecting India's sovereignty and territorial integrity. It has to be an integral part of the larger effort of building the nation's capabilities through economic development. foreign policy must be capable of responding optimally to new challenges and opportunities.
 In a recent instance. . the Council of Ministers. His successors continued to exercise considerable control over India's international dealings. Observers find it difficult to determine whether the locus of decision-making authority on any particular issue lies with the Ministry of External Affairs. The Task Force submitted its conclusions to the Prime Minister in 2006.Prime Minister Dr. Advisers in the office provided channels of information and policy recommendations in addition to those offered by the Ministry of External Affairs. The Prime Minister is however free to appoint advisers and special committees to examine various foreign policy options and areas of interest. in collaboration with External Affairs Ministry. Manmohan Singh with Russian President Dmitry Medvedev in New Delhi. the Office of the Prime Minister had become the de facto coordinator and supraministry of the Indian government. India's second prime minister. Nehru served concurrently as Prime Minister and Minister of External Affairs. The enhanced role of the office strengthened the prime minister's control over foreign policy making at the expense of the Ministry of External Affairs. or the prime minister himself. Subrahmanyam in 2005 to head a special government task force to study 'Global Strategic Developments' over the next decade. A subordinate part of the office—the Research and Analysis Wing (RAW)--functioned in ways that significantly expanded the information available to the prime minister and his advisers. the Office of the Prime Minister. The report has not yet been released in the public domain. provided intelligence analysis to the Office of the Prime Minister. he made all major foreign policy decisions himself after consulting with his advisers and then entrusted the conduct of international affairs to senior members of the Indian Foreign Service. handles key foreign policy decisions. The Minister of External Affairs holds cabinet rank as a member of the Council of Ministers. Manmohan Singh appointed K. The RAW gathered intelligence. promoted a strong personal role for the Prime Minister but a weak institutional structure. By the 1970s. expanded the Prime Minister Office (sometimes called the Prime Minister's Secretariat) and enlarged its powers. India's first Prime Minister. The Prime Minister. and conducted covert operations abroad. Rajiv (1984–89). The prime minister's control and reliance on personal advisers in the Office of the Prime Minister was particularly strong under the tenures of Indira Gandhi (1966–77 and 1980– 84) and her son.  Ministry of External Affairs The Ministry of External Affairs is the Indian government's agency responsible for the foreign relations of India. Lal Bahadur Shastri (1964–66). although they generally appointed separate ministers of external affairs. and weaker during the periods of coalition governments. who succeeded her. Jawaharlal Nehru.
other developed countries. . In the late 1980s. and Nepal. Sri Lanka. had established a small foreign department in 1925 to make overseas contacts and to publicize its freedom struggle. the Indian National Congress. Sardar Swaran Singh was India's foreign minister from 1964 to 1966. the nation was unable to prevent Cold War politics from becoming intertwined with interstate relations in South Asia. serves as the head of all Indian ambassadors and high commissioners. which helped to strengthen the nation. India's international position among developed and developing countries faded in the course of wars with China and Pakistan. However. and India's attempt to balance Pakistan's support from the United States and China by signing the Indo-Soviet Treaty of Friendship and Cooperation in August 1971. few Indians had experience in making or conducting foreign policy. In the 1960s and 1970s. Ahamed. India improved relations with the United States. India's international influence varied over the years after independence. As a member of the interim government in 1946. the country's oldest political party. From the late 1920s on. occupied much of the energies of the Ministry of External Affairs. Indian prestige and moral authority were high in the 1950s and facilitated the acquisition of developmental assistance from both East and West. disputes with other countries in South Asia. Relations with its South Asian neighbors. Although India obtained substantial Soviet military and economic aid.S. When India gained independence in 1947. formulated the Congress stance on international issues. M. India's influence was undercut regionally and internationally by the perception that its friendship with the Soviet Union prevented a more forthright condemnation of the Soviet presence in Afghanistan. The Indian Foreign Secretary is the head of Indian Foreign Service (IFS) and therefore.  Overview India's relations with the world have evolved since the British Raj (1857–1947). The Ministry has two Ministers of State Preneet Kaur and E. Jawaharlal Nehru. who had a long-standing interest in world affairs among independence leaders. especially Pakistan. and China while continuing close ties with the Soviet Union. Although the prestige stemmed from India's nonaligned stance. when the British Empire monopolized external and defense relations. Nehru articulated India's approach to the world. Ranjan Mathai is the current Foreign Secretary of India. Krishna is current Minister of External Affairs.
The end of the Cold War gutted the core meaning of nonalignment and left Indian foreign policy without significant direction. In the 1990s. India has often represented the interests of developing countries at various international platforms. Japan and Germany. Previous policies proved inadequate to cope with the serious domestic and international problems facing India. . India's economic problems and the demise of the bipolar world political system forced India to reassess its foreign policy and adjust its foreign relations.Since the dissolution of the Soviet Union. 2009. but the disintegration of the Soviet Union removed much of India's international leverage. The Kargil War resulted in a major diplomatic victory for India. In 1992. After the dissolution of the Soviet Union. France. India attracted the world attention towards the alleged Pakistan-backed terrorism in Kashmir. pragmatic considerations of the early 1990s were still viewed within the nonaligned framework of the past. In the mid-1990s. for which relations with Russia and the other post-Soviet states could not compensate. Shown here are Prime Minister Manmohan Singh with US President Barack Obama in 2009. India established formal diplomatic relations with Israel and this relationship grew during the tenures of the Bharatiya Janata Party (BJP) government and the subsequent UPA (United Progressive Alliance) governments. The hard. Canada. India improved its relations with the United States. India has forged a closer partnership with Western powers. The United States and European Union recognized the fact that Pakistani military had illegally infiltrated into Indian territory and pressurized Pakistan to withdraw from Kargil. Shown here are Prime Minister Manmohan Singh with Dmitry Medvedev. Several anti-India militant groups based in Pakistan were labeled as terrorist groups by the United States and European Union. Hu Jintao and Luiz Inácio Lula da Silva during BRIC summit in June.
 Germany.S. Wassenaar Arrangement. however this has not persuaded other Nuclear Suppliers Group members to sign similar deals with India. Australia Group and Missile Technology Control Regime.S. Brazil. the United States signed a nuclear cooperation agreement with India even though the latter is not a part of the Nuclear NonProliferation Treaty. India's then defense minister. Over the past three years.S. India tested nuclear weapons for the second time (see Pokhran-II) which resulted in several U. Most of the sanctions imposed on India were removed by 2001.. and European nations that have resulted in a strengthened U. Russia.S. India's candidature for a permanent seat at the UN Security Council is currently backed by several countries including France. US president Barack Obama announced US support for India's bid for permanent membership to UN Security Council as well as India's entry to Nuclear Suppliers Group. George Fernandes. Indian intelligence agencies provided the U.S. After the 11 September attacks in 2001. with significant information on Al-Qaeda and related groups' activities in Pakistan and Afghanistan. Germany Main article: Germany–India relations . India has held numerous joint military exercises with U. Japanese and European sanctions on India. the United Kingdom. Australia and UAE.U. In 2004. coupled with a surge in its economy. said that India's nuclear program was necessary as it provided a deterrence to potential Chinese nuclear threat. Japan. The US argued that India's strong nuclear non-proliferation record made it an exception. India's extensive contribution to the War on Terrorism.-India bilateral relationship. During a state visit to India in November 2010. has more than doubled in the last five years.In 1998.-India and E. India has been pushing for reforms in the UN and WTO with mixed results. has helped India's diplomatic relations with several countries. India's bilateral trade with Europe and U.
Both countries have been working towards gaining permanent seats in the United Nations Security Council. have influenced each other. Recently. education. and collaboration between these two countries. Germany is India's largest trade partner in Europe. once said that India and Germany. relations have further improved. in 1951 During the Cold War India maintained diplomatic relations with West Germany and East Germany. Culturally too. German Chancellor Angela Merkel visited India recently. The German ambassador to India.  Greece Main article: Greece–India relations The first contact between both civilization dates back from Alexander the Great's visit to India and eventual retreat. Bernd Mutzelburg.Arrival of the first Indian student to Dresden. Also of note. they have similar objectives. As both countries are strong liberal democracies. Germany has invested in developing education and skills amongst rural Indians. as did the Indian Prime Minister Manmohan Singh visit Germany. and promotion of science. technology. Since the fall of the Berlin Wall. fighting terrorism and climate change. 3000 BC and earlier. and human rights. UN reforms. during World War II an Indian division known as the Tiger Legion was attached to the German Wehrmacht. East Germany. are not just 'natural partners'. Alexander's seemingly un-stoppable eastward expansion was halted at the Kingdoms of North-Western of India. are some areas of shared interests. the Mahabharata talks of Indian warrior Kings' conquest of Greece and the cultural exchange resulting therefrom. but important countries in a globalised world. Indian and German writers and philosophers. and the reunification of Germany. .
In modern time. . diplomatic relations between Greece and India were established in May 1950. The new Greek Embassy building in New Delhi was inaugurated on 6 February 2001.