GreeceChapters
Greece achieved independence from the Ottoman Empire in 1830. During the second half of the 19th century and the first half of the 20th century, it gradually added neighboring islands and territories, most with Greek-speaking populations. In World War II, Greece was first invaded by Italy (1940) and subsequently occupied by Germany (1941-44); fighting endured in a protracted civil war between supporters of the king and other anti-communist and communist rebels. Following the latter's defeat in 1949, Greece joined NATO in 1952. In 1967, a group of military officers seized power, establishing a military dictatorship that suspended many political liberties and forced the king to flee the country. In 1974 following the collapse of the dictatorship, democratic elections and a referendum created a parliamentary republic and abolished the monarchy. In 1981, Greece joined the EC (now the EU); it became the 12th member of the European Economic and Monetary Union (EMU) in 2001. Greece has suffered a severe economic crisis since late 2009, due to nearly a decade of chronic overspending and structural rigidities. Since 2010, Greece has entered three bailout agreements with the European Commission, the European Central Bank (ECB), the IMF, and with the third, the European Stability Mechanism (ESM). The Greek Government agreed to its current, $96 billion bailout in August 2015, which will conclude in August 2018.
Source: The CIA World Factbook - Greece
Key indicators
- Area
- 131,957 km2
- Population
- 10,569,703 (July 2021 est.)
- Government type
- parliamentary republic
- Languages
- Greek (official) 99%, other (includes English and French) 1%
- GDP
- $189.41 billion (2020 est.)
- Growth rate
- -8.2% (2020 est.)
- HDI
- 32
- Capital
- Athens
Macroeconomic indicators
GDP growth is projected to rise to 2.3% in 2019. Exports will be the main driver of growth, benefitting from rising external demand and improved competitiveness. Investment and private consumption will recover as confidence rebuilds, following improved fiscal crediblity. Continuing high excess capacity will limit price and wage pressures.
In 2018, the budget surplus will out-perform the medium-term target, through restrained expenditure and improved tax collection, but then decline towards the target in 2019. Still, public debt remains high. Reducing it will require sustained pro-growth reforms, high primary surpluses and additional debt restructuring. Full reform implementation and keeping the momentum are key to strengthening inclusive growth. Ongoing reforms to better administer and target social protection will relieve high poverty, especially among children.
Source: OECD - Economic Forecast
IMF Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
8.380 |
5.557 |
2.011 |
2.038 |
1.932 |
|
Gross domestic product, current prices Percent change (Billions) |
214.811 |
217.753 |
238.275 |
250.276 |
260.452 |
|
Gross domestic product per capita, current prices Percent change (Units) |
20,115.924 |
20,818.073 |
22,805.197 |
23,965.779 |
24,952.668 |
|
Inflation, average consumer prices Percent change (Units) |
0.574 |
9.300 |
4.155 |
2.749 |
2.096 |
|
Volume of imports of goods and services Percent change (Units) |
8.975 |
3.413 |
-1.463 |
2.497 |
2.949 |
|
Volume of exports of goods and services Percent change (Units) |
21.463 |
9.124 |
2.840 |
1.847 |
3.009 |
|
Unemployment rate Percent change (Units) |
14.775 |
12.425 |
10.891 |
9.357 |
8.658 |
|
Current account balance Percent change (Billions) |
-15.258 |
-23.390 |
-16.539 |
-16.343 |
-13.869 |
|
Current account balance Percent change (Units) |
-7.103 |
-10.741 |
-6.941 |
-6.530 |
-5.325 |
Estimates
Source: IMF Statistics - Greece
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 22.11.1991 (Memorial 1992, A No.96, p.2643)
- Effective as of 01.01.1996 (Memorial 1992, A No.96, p.2643)
Air Services agreement
- Agreement from 10.22.1951 (Memorial 1953, p. 249 )
- Effective as of 10.08.1953 (Memorial 1953, p. 1079)
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Greece
Embassy of the Grand Duchy of Luxembourg in Greece
Ambassador with residence in Athens: Mr Paul STEINMETZ
23A, avenue Vassilissis Sofias 2,
Street Neofytou Vamva
GR - 10674 Athens
Greece
Tel.: +30 210 725 64 00
Fax: +30 210 725 64 05
E-Mail: athenes.amb@mae.etat.lu
Honorary consuls
Honorary Consul with jurisdiction over the Region of Attica:
Ms Artémis PAPATHEODOROU
42C Tzavella
154 51 Néo Psychico
Athens
Greece
Tel.: (+30) 210 672 18 91
Fax: (+30) 210 677 34 44
E-Mail: athenes@consul-hon.lu
Opening Hours: Monday to Friday 09h00-17h00
Honorary Consul with jurisdiction over the Department of Macedonia:
Mr Yannis VERGINIS
47, rue Stélios Kazantzidis
Pylaia – Ktiro thermi 1
BP. 8101 - 57001 Thessalonique
Greece
Tel.: (+30) 2310 999994
Mobile: (+30) 6944 324 546
Fax: (+30) 2310 999997
E-Mail: verginis.conslux@gmail.com
Opening Hours: Monday to Friday 08h00-16h00
Honorary Consul with jurisdiction over Crete:
Mr Georgios AERAKIS
2-4, rue Thessalonikis - 2ème étage
71 201 Héraklion - Crete
Greece
Tel.: (+30) 2810 224 001; (+30) 2810 282 625
Mobile: (+30) 6976 418 091
E-Mail : heraklion@consul-hon.lu
Opening Hours: Monday to Friday 09h00 – 15h00
Source: Ministry of Foreign Affairs Luxembourg
Economic and Commercial Attaché (AWEX) in charge of Greece, Cyprus, Kosovo and Albania:
Economic and Commercial Attaché: Ms Geneviève WLAZEL
Odos Sekeri, 3
10671 Athens
Greece
Tel.: +30 210 36 10 120
Fax: +30 210 36 10 117
E-Mail: athenes@awex-wallonia.com
Source: Awex
Country risk as defined by Office du Ducroire for Greece
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for Greece