OECD Economic Surveys: Greece 2018

Abstract

This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries.

The economic situation and policies of Greece were reviewed by the Committee on 29 January 2018. The draft was revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 14 March 2018.

The Secretariat’s draft report was prepared for the Committee by Mauro Pisu, Tim Bulman, Panagiotis Barkas and Nicholas Lazarou under the supervision of Asa Johansson, and the general supervision of Alvaro Pereira. Statistical research assistance was provided by Eun Jung Kim and administrative support by Dacil Kurzweg.

The Survey also benefitted from contributions by Willem Adema, Jarmila Botev, Hervé Boulhol, Bert Brys, Sandrine Cazes, Chris Clarke, Thomas Dannequin, Oliver Denk, Alexandros Dimitropoulos, Assia Elgouacem, Arno Engel, Diana Toledo Figueroa, Robert Ford, Michael Förster, Alessia Forti, Andrea Garnero, Yvan Guillemette, Alexander Hijzen, Herwig Immervoll, Patrick Lenain, Andrew Macintyre, Federica Maiorano, Iota Nassr, Kostas Panagiotopoulos, Beatriz Ponz, Gillian Golden, Daniele Pacifico, Olga Rastrigina, Nicolas Ruiz, Angelica Salvi Del Pero, and Daniel Sanchez-Serra.

The previous Survey of Greece was issued in March 2016.

Basic statistics of Greece, 2016

(Numbers in parentheses refer to the OECD average)a

LAND, PEOPLE AND ELECTORAL CYCLE
Population (million)	11.4		Population density per km2	82.4	(37.2)
Under 15 (%)	14.2	(17.9)	Life expectancy (years, 2015)	81.1	(80.5)
Over 65 (%)	20.3	(16.6)	Men	78.5	(77.9)
Foreign-born (%, 2014)	6.4		Women	83.7	(83.1)
Latest 5-year average growth (%)	0.5	(0.6)	Latest general election	September 2015
ECONOMY
Gross domestic product (GDP)			Value added shares (%)
In current prices (billion USD)	192.7		Primary sector	4.0	(2.5)
In current prices (billion EUR)	173.9		Industry including construction	16.3	(26.7)
Latest 5-year average real growth (%)	-2.1	(1.9)	Services	79.7	(70.9)
Per capita (000 USD PPP)	26.7	(42.2)
GENERAL GOVERNMENT Per cent of GDP
Expenditure	49.8	(41.2)	Gross financial debt	189.9	(99.4)
Revenue	50.2	(38.3)	Net financial debt	149.3	(64.6)
EXTERNAL ACCOUNTS
Exchange rate (EUR per USD)	0.904		Main exports (% of total merchandise exports)
PPP exchange rate (USA = 1)	0.604		Mineral fuels, lubricants and related materials	27.5
In per cent of GDP			Food and live animals	16.8
Exports of goods and services	30.5	(53.6)	Manufactured goods	15.6
Imports of goods and services	31.4	(49.3)	Main imports (% of total merchandise imports)
Current account balance	-1.1	(0.2)	Mineral fuels, lubricants and related materials	22.7
Net international investment position	-132.7		Machinery and transport equipment	21.9
			Chemicals and related products, n.e.s.	15.5
LABOUR MARKET, SKILLS AND INNOVATION
Employment rate for 15-64 year-olds (%)	52.0	(66.9)	Unemployment rate, Labour Force Survey (age 15 and over) (%)	23.5	(6.3)
Men	61.0	(74.7)	Youth (age 15-24, %)	47.4	(13.0)
Women	43.3	(59.3)	Long-term unemployed (1 year and over, %)	16.9	(2.0)
Participation rate for 15-64 year-olds (%)	68.2	(71.7)	Tertiary educational attainment 25-64 year-olds (%)	30.2	(35.7)
Average hours worked per year	2 035	(1 763)	Gross domestic expenditure on R&D (% of GDP, 2015)	1.0	(2.4)
ENVIRONMENT
Total primary energy supply per capita (toe, 2015)	2.1	(4.1)	CO2 emissions from fuel combustion per capita (tonnes, 2015)	5.7	(9.2)
Renewables (%, 2015)	11.3	(9.6)	Water abstractions per capita (1 000 m3, 2015)	0.9
Exposure to air pollution (more than 10 μg/m3 of PM2.5, % of population, 2015)	99.8	(75.2)	Municipal waste per capita (tonnes, 2012)b	0.5	(0.5)
SOCIETY
Income inequality (Gini coefficient, 2015)b	0.340	(0.311)	Education outcomes (PISA score, 2015)
Relative poverty rate (%, 2015)b	14.9	(11.3)	Reading	467	(493)
Median disposable household income (000 USD PPP, 2015)b	12.1	(22.9)	Mathematics	454	(490)
Public and private spending (% of GDP)			Science	455	(493)
Health care	8.3	(9.0)	Share of women in parliament (%)	19.7	(28.7)
Pensions (2012)c	17.5	(9.1)	Net official development assistance (% of GNI)	0.19	(0.39)

Better life index: www.oecdbetterlifeindex.org

a. Where the OECD aggregate is not provided in the source database, a simple OECD average of latest available data is calculated where data exist for at least 29 member countries.

b. 2014 for the OECD aggregate.

c. 2013 for the OECD aggregate.

Source: Calculations based on data extracted from the databases of the following organisations: OECD, International Energy Agency, World Bank, International Monetary Fund and Inter-Parliamentary Union.