Member of: CCC, EC, EIB (associate), FAO, GATT, IAEA, IBRD, ICAO,
IDA, IFAD, IFC, IHO, ILO, IMF, IMO, INTELSAT, INTERPOL, IOOC, ITU,
IWC—International Wheat Council, NATO, OECD, UN, UNESCO, UPU, WHO,
WIPO, WMO, WSG, WTO
Diplomatic representation: Ambassador Christos ZACHARAKIS; Chancery at 2221 Massachusetts Avenue NW, Washington DC 20008; telephone (202) 667-3168; there are Greek Consulates General in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco, and a Consulate in New Orleans; US—Ambassador Michael G. SOTIRHOS; Embassy at 91 Vasilissis Sophias Boulevard, 10160 Athens (mailing address is APO New York 09253); telephone [30] (1) 721-2951 or 721-8401; there is a US Consulate General in Thessaloniki
Flag: nine equal horizontal stripes of blue (top and bottom) alternating with white; there is a blue square in the upper hoist-side corner bearing a white cross; the cross symbolizes Christianity, the established religion of the country
- Economy Overview: Greece has a mixed capitalistic economy with the basic entrepreneurial system overlaid in 1981-89 by a socialist-left-government that enlarged the public sector and became the nation's largest employer. Like many other Western economies, Greece suffered severely from the global oil price hikes of the 1970s, annual GDP growth plunging from 8% to 2% in the 1980s, and inflation, unemployment, and budget deficits rising sharply. The fall of the socialist government in 1989 and the inability of the conservative opposition to muster a clear majority have led to business uncertainty and the continued prospects for lackluster economic performance. Once the political situation is sorted out, Greece will have to face the challenges posed by the steadily increasing integration of the European Community, including the progressive lowering of tariff barriers. Tourism continues as a major industry, providing a vital offset to the sizable commodity trade deficit.
GDP: $56.3 billion, per capita $5,605; real growth rate 2.3% (1989 est.)
Inflation rate (consumer prices): 14.8% (December 1989)
Unemployment rate: 7.7% (1988)
Budget: revenues $15.5 billion; expenditures $23.9 billion, including capital expenditures of $2.5 billion (1988)
Exports: $5.9 billion (f.o.b., 1988); commodities—manufactured goods, food and live animals, fuels and lubricants, raw materials; partners—FRG 24%, Italy 14%, nonoil developing countries 11.8%, France 9.5%, US 7.1%, UK 6.8%
Imports: $13.5 billion (c.i.f., 1988); commodities—machinery and transport equipment, light manufactures, fuels and lubricants, foodstuffs, chemicals; partners—FRG 22%, nonoil developing countries 14%, oil exporting countries 13%, Italy 12%, France 8%, US 3.2%