Country profile: Greece

Location:

Southern Europe, bordering the Aegean Sea, Ionian Sea, and the Mediterranean Sea, between Albania and Turkey

Climate:

temperate; mild, wet winters; hot, dry summers

Terrain:

mostly mountains with ranges extending into the sea as peninsulas or chains of islands

Size:

131940 sq. km total (Land area: 130800 sq. km Water area: 1140 sq.km)

Population:

10,722,816 (July 2008 est.)

Languages:

Greek 99% (official), other 1% (includes English and French)

Government:

parliamentary republic

Capital city:

Athens

Legal system:

based on codified Roman law; judiciary divided into civil, criminal, and administrative courts; accepts compulsory ICJ jurisdiction with reservations

Currency:

euro (EUR)

Licensing:

Country profile

In recent years, Greece has enjoyed strong economic growth and low inflation. In 2005, however, Greece's economy experienced a modest slowdown, with 3.7 percent real GDP growth, down from 4.2 percent in 2004. The contraction occurred following four years of high investment expenditures for the 2004 Olympics as well as high employment and low interest rates. The economy is expected to slow further due to high oil prices and the decline of the Euro against the US dollar, with a projected growth rate of 3.5 percent in 2006.

One of the smallest economies in the European Union (EU), Greece became the twelfth member of the Eurozone in January 2001. The government is undergoing an EU-imposed “excessive-deficit” procedure for misreporting its public finances as far back as 1997. In fact, had the true extent of its fiscal deficit been known, Greece would not have been allowed to adopt the euro in 2002. With its deficit reaching 6.6 percent of GDP in 2004 and 4.6 percent for 2005, Greece remains well above the 3 percent limit for Eurozone members. Although much of the deficit can be attributed to one-time spending in preparation for the 2004 Olympics, the fiscal corrections needed are substantial.

Since the mid-1990s, Greece has undertaken macroeconomic and structural reforms, including measures to reduce the size of the bureaucracy, expand privatization, and attract foreign investment. Both the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) have called for continued efforts in these areas. Although privatization of key utilities and industries has begun, these efforts are limited when compared to other Eurozone members.

Greatly improved relations between Greece and Turkey have allowed for more economic and energy cooperation. In March 2002, Greece and Turkey began discussions to resolve a decades-long disagreement over Aegean Sea boundaries. Greece has endorsed Turkey's bid for EU membership since 1999. Greece, which is a major investor in the former Yugoslavia, is working to integrate its energy infrastructure with the Balkan states. Improved relations with neighboring states could help Greece achieve its goal of becoming a major regional energy hub.

Energy production and consumption

Oil

Gas

Production:

5,687 bbl/day (2005 est.)

15 million cu m (2005 est.)

Consumption:

415,700 bbl/day (2005 est.)

2 billion cu m (2005 est.)

Exports:

119,200 bbl/day (2004 est.)

million cu m (2005 est.)

Imports:

550,400 bbl/day (2004 est.)

2 billion cu m (2005 est.)

Reserves:

7 million bbl (1 January 2006 est.)

950 million cu m (1 January 2006 est.)

Major fields:

Greece - recent news

27 Oct 26	Greece: Masdar backs Greece’s digital future with major solar acquisition, strengthening UAE–Greece strategic partnership Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, has signed an agreement to acquire and develop one of Greece’s largest solar projects, strengthening the country's clean energy infrastructure and supporting its ambitions as a European digital hub, while deepening the strategic partnership between the UAE and Greece.
23 Sep 26	Greece: European Energy completes first wind park in Greece European Energy has reached commercial operation at the 27 MW Tsoukes Sarres wind park in Greece, completing the company’s first wind project in the country. Located in the Municipal Unit of Avlida, across the regions of Voiotia and Evia, Tsoukes Sarres consists of six onshore wind turbines with a total installed capacity of 27 MW.
21 Sep 26	Greece: Vallourec wins a contract for the Prinos CO2 carbon storage project in Greece Vallourec, a world leader in premium seamless tubular solutions, has been selected by EnEarth, a subsidiary of Energean, to supply premium tubular solutions for the first phase of the Prinos CO2 Carbon Storage project in Greece. The contract covers approximately 3,000 tons of casing pipes and accessories.
14 Sep 26	METLEN and PETRONAS enter into LNG Supply Agreement to strengthen energy security and diversification in Southeast Europe METLEN and PETRONAS, through its subsidiary PETCO Trading (UK) Limited ('PTUK'), have entered into a Sale and Purchase Agreement (SPA) for a long-term supply of Liquefied Natural Gas (LNG) to Greece.
29 Jun 26	Greece: RWE and PPC bring nearly one gigawatt of new solar capacity online in Northern Greece Leading energy companies RWE and PPC are driving forward Greece’s energy transition with nearly one gigawatt of new solar capacity now in operation. The last of nine solar farms in Western Macedonia in Northern Greece has recently been commissioned. These solar projects are grouped into three large-scale photovoltaic clusters and have a total capacity of 930 MWp (884 MWac).