Overview
Greece finds itself in one of its most challenging economic periods in recent history. The global financial crisis has exposed and exacerbated fiscal and other structural weaknesses in the Greek economy that have lead to a fiscal deficit of 13.7 percent of GDP and one of the highest levels of public debt in the Eurozone. Ratings agencies have also downgraded Greece’s bond ratings, making it more expensive to secure loans.
Despite several austerity measures implemented by the new center-left PASOK government to address these challenges, economic conditions have forced Greece to accept an E.U.-IMF bailout package of 45 – 60 billion Euro. Greece’s economic performance will be carefully tracked by the E.U. and IMF including PASOK’s three-year Stability and Growth Program that seeks to reduce the fiscal deficit to three percent by the end of 2012. Implementation of this plan, and other implemented measures will require vigilance by the Greek government. |
Economic Indicators
Population: 11 million
GDP: $341 bn.
Imports: $64.2 bn.
Exports: $21.3 bn.
[Source: USDOC Country Commercial Guide: Greece, February 2010]
[Source: CIA World Factbook: Greece, 2009]
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Business Opportunities
In 2008, the U.S. trade surplus with Greece was $765 million. Energy is a best prospect for U.S. companies because of the deregulation of Greece’s energy sector. There are many opportunities for U.S. businesses in the electricity, gas and renewable energy sectors. Other primary sectors include: Information Technology and Business Software; Medical Equipment; New Thermal and Renewable Energy Power Plants, Systems and Equipment; Environmental Equipment and Engineering Services; Security and Safety Equipment; and Telecommunication Services.
Services represent the largest and fastest growing sector of the Greek economy. Trade, banking, insurance, transportation and shipping, communications, healthcare, education, and tourism are the largest service sub-sectors. The recent economic challenges have also impacted these sectors. Greece’s proximity to other countries in southeastern Europe, and the traditional trade ties of Greek business people with these neighboring countries, offer a variety of additional opportunities for U.S. businesses with Greek partners. Greece, particularly through its northern port city of Thessaloniki, sees itself as a natural gateway to the Balkan countries. Greek firms enjoy good commercial ties to Central and Eastern European markets as well, including the Black Sea region. U.S. firms may wish to target these markets from a base in Greece or to explore three-way arrangements with Greek companies or partners.
A number of U.S. franchises have enjoyed success in Greece in recent years, and based on Greek consumers' affinity for U.S. products, ample opportunities exist for new entries.
U.S. Commercial Service Contacts
Mr. Suresh Kumar
Assistant Secretary and Director General
U.S. and Foreign Commercial Service
Suresh.Kumar@trade.gov |
Tel: 202-482-5777
Fax:202-482-5013
Suresh.Kumar@trade.gov |
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Ms. Rochelle Lipsitz
Deputy Director General
U.S. and Foreign Commercial Service |
Tel: 202-482-5777
Fax: 202-482-5013
Rochelle.Lipsitz@trade.gov |
Ms. Karen Zens
Deputy Assistant Secretary, International Operations
U.S. and Foreign Commercial Service |
Tel: 202-482-6228
Fax: 202-482-3159
Karen.Zens@trade.gov |
Mr. Reginald Miller
Regional Director, Central and Eastern Europe/Russia
U.S. and Foreign Commercial Service |
Tel: 202-482-5402
Fax: 202-482-2456
Reginald.Miller@trade.gov |
Mr. David McNeill
Senior Commercial Officer, Athens, Greece
U.S. and Foreign Commercial Service |
Tel: +30/210/720-2302, 2303
Fax: +30/210/721-8660
David.McNeill@mail.doc.gov |
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