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

07 Apr 25	Greece: RWE and PPC to build new solar projects of 567 MWp in Central Macedonia Two leading energy groups RWE and PPC continue to forge ahead with Greece’s energy transition through their joint venture company Meton Energy. The company has taken the final investment decision for the construction of two large-scale photovoltaic (PV) projects in the Prefecture of Central Macedonia in Northern Greece.
13 Jan 25	Greece: PPC Renewables places three orders with Nordex Group totalling 100 MW nominal capacity in Greece In December 2024, PPC Renewables, a 100 percent subsidiary company of PPC Group, ordered 19 N149/5.X turbines from the Nordex Group in Greece. The Rodopi, Livadaki, and Timenio wind farms will be built in northern Greece in the Rhodope Mountains, in the middle of the southern mainland in Phocis and in Arcadia on the Peloponnese peninsula.
16 Dec 24	Greece: Nordex Group receives from Alterric first N175/6.X order in Greece for 56 MW Alterric, an independent producer in the renewable energy sector and one of the largest onshore green electricity producers in Central Europe, has placed an order with the Nordex Group for the supply and installation of nine N175/6.X turbines for a project in Greece.
05 Jul 24	Greece: Seatrium secures Favoured Customer Contract from Angelicoussis Group, Greece’s largest shipping company Seatrium has successfully secured a Favoured Customer Contract (FCC) with Angelicoussis Group, the largest shipping group in Greece and one of the world’s largest privately-owned fleets with 141 ships operating under Maran Gas, Maran Tankers and Maran Dry.
02 Jul 24	Greece: EnEarth submits formal application for a CO2 Storage License EnEarth, a subsidiary of the London listed Energean Group, has formally submitted an application for a CO2 Storage License at Prinos, Kavala, NE Greece, to the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP).