OECD Economic Surveys: Greece 2020

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 18 February 2020. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 29 June 2020.

The Secretariat’s draft report was prepared for the Committee by Mauro Pisu and Tim Bulman, with contributions from Tatyana Teplova, under the supervision of Sebastian Barnes. Statistical research assistance was provided by Béatrice Guérard and editorial assistance by Heloise Wickramanayake and Michelle Ortiz.

The previous Survey of Greece was issued in April 2018.

Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at http://www.oecd.org/eco/surveys.

Basic statistics of Greece, 2019

(Numbers in parentheses refer to the OECD average)1

LAND, PEOPLE AND ELECTORAL CYCLE
Population (million, 2018)	10.7		Population density per km² (2018)		83.3			(37.8)
Under 15 (%, 2018)	14.1	(17.8)	Life expectancy (years, 2018)		81.3			(80.2)
Over 65 (%, 2018)	21.7	(17.1)	Men (2018)		78.8			(77.6)
Foreign born (%, 2017)	6.0		Women (2018)		83.9			(82.8)
Latest 5-year average growth (%)	-0.4	(0.6)	Latest general election		July-2019
ECONOMY
Gross domestic product (GDP)			Value added shares (%, 2018)
In current prices (billion USD)	209.9		Agriculture, forestry and fishing		4.3		(2.5)
In current prices (billion EUR)	187.5		Industry including construction		17.5		(27.3)
Latest 5-year average real growth (%)	0.9	(2.2)	Services		78.2		(70.2)
Per capita (000 USD PPP)	30.4	(46.4)
GENERAL GOVERNMENT
Per cent of GDP
Expenditure (OECD: 2018)	46.2	(40.3)	Gross financial debt (OECD: 2017)		200.6	(109.0)
Revenue (OECD: 2018)	47.7	(37.3)	Net financial debt (OECD: 2017)		145.2	(69.1)
EXTERNAL ACCOUNTS
Exchange rate (EUR per USD)	0.89		Main exports (% of total merchandise exports)
PPP exchange rate (USA = 1)	0.56		Mineral fuels, lubricants and related materials		31.2
In per cent of GDP			Manufactured goods		14.9
Exports of goods and services	37.2	(54.2)	Food and live animals		14.1
Imports of goods and services	37.2	(50.4)	Main imports (% of total merchandise imports)
Current account balance	-1.4	(0.3)	Mineral fuels, lubricants and related materials		26.0
Net international investment position	-151.1		Machinery and transport equipment		18.4
			Chemicals and related products, n.e.s.		15.5
LABOUR MARKET, SKILLS AND INNOVATION
Employment rate (aged 15 and over, %)	43.0	(57.5)	Unemployment rate, Labour Force Survey (aged 15 and over, %)		17.3		(5.4)
Men	51.7	(65.6)	Youth (aged 15-24, %)		35.2		(11.7)
Women	34.9	(49.9)	Long-term unemployed (1 year and over, %, 2018)		13.6		(1.4)
Participation rate (aged 15 and over, %)	51.9	(60.5)	Tertiary educational attainment (aged 25-64, %, 2018)		31.7		(36.9)
Average hours worked per year	1 956	(1734)	Gross domestic expenditure on R&D (% of GDP, 2017)		1.1		(2.6)
ENVIRONMENT
Total primary energy supply per capita (toe, 2018)	2.1	(4.1)	CO2 emissions from fuel combustion per capita (tonnes, 2018)		5.7		(8.9)
Renewables (%, 2018)	13.0	(10.5)	Water abstractions per capita (1 000 m³, 2018)		1.0
Exposure to air pollution (more than 10 g/m³ of PM 2.5, % of population, 2017)	99.6	(58.7)	Municipal waste per capita (tonnes, 2017, OECD: 2018)		0.5		(0.5)
SOCIETY
Income inequality (Gini coefficient, 2017, OECD: latest available)	0.319	(0.322)		Education outcomes (PISA score, 2018)
Relative poverty rate (%, 2017, OECD: 2016)	12.6	(11.6)		Reading	457				(489)
Median gross household income (000 USD PPP, 2017, OECD: 2016)	13.7	(23.9)		Mathematics	451				(492)
Public and private spending (% of GDP)				Science	452				(491)
Health care (2018)	7.8	(8.8)		Share of women in parliament (%)	20.7				(30.7)
Pensions (2015)	17.0	(8.5)		Net official development assistance (% of GNI, 2017)	0.2				(0.4)
Education (% of GNI, 2017)	3.1	(4.5)

1. 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.

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.