with white; there is a blue square in the upper hoist-side corner bearing a
white cross; the cross symbolizes Christianity, the established religion of the
country

- Economy
Overview: Greece has a mixed capitalistic economy with the basic
entrepreneurial system overlaid in 1981-89 by a
socialist-left-government that enlarged the public sector and became the
nation's largest employer. Like many other Western economies, Greece
suffered severely from the global oil price hikes of the 1970s, annual
GDP growth plunging from 8% to 2% in the 1980s, and inflation,
unemployment, and budget deficits rising sharply. The fall of the
socialist government in 1989 and the inability of the conservative
opposition to muster a clear majority have led to business uncertainty
and the continued prospects for lackluster economic performance.
Once the political situation is sorted out, Greece will have to face the
challenges posed by the steadily increasing integration of the European
Community, including the progressive lowering of tariff barriers. Tourism
continues as a major industry, providing a vital offset to the sizable
commodity trade deficit.

GDP: $56.3 billion, per capita $5,605; real growth rate 2.3% (1989
est.)

Inflation rate (consumer prices): 14.8% (December 1989)

Unemployment rate: 7.7% (1988)

Budget: revenues $15.5 billion; expenditures $23.9 billion, including
capital expenditures of $2.5 billion (1988)

Exports: $5.9 billion (f.o.b., 1988);
commodities--manufactured goods, food and live animals, fuels and
lubricants, raw materials;
partners--FRG 24%, Italy 14%, nonoil developing countries 11.8%,
France 9.5%, US 7.1%, UK 6.8%

Imports: $13.5 billion (c.i.f., 1988);
commodities--machinery and transport equipment, light manufactures,
fuels and lubricants, foodstuffs, chemicals;
partners--FRG 22%, nonoil developing countries 14%, oil exporting
countries 13%, Italy 12%, France 8%, US 3.2%

External debt: $20.0 billion (December 1988)

Industrial production: growth rate 1.6% (1989 est.)

Electricity: 10,500,000 kW capacity; 36,420 million kWh produced,
3,630 kWh per capita (1989)

Industries: food and tobacco processing, textiles, chemicals, metal
products, tourism, mining, petroleum

Agriculture: including fishing and forestry, accounts for 14% of
GNP and 27% of the labor force; principal products--wheat, corn, barley,
sugar beets, olives, tomatoes, wine, tobacco, potatoes, beef, mutton,
pork, dairy produ