Chamber of Commerce Country Factsheet Last update: 03.08.2017
Your advisors at the Chamber of Commerce
- Edith Stein+352423939482
- Daniel Sahr+352423939313
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, 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 in 2001. Since 2010, the prospect of a Greek default on its euro-denominated debt has created severe strains within the EMU and raised the question of whether a member country might voluntarily leave the common currency or be removed.
Source: The CIA World Factbook - Greece
After a prolonged depression, the economy stabilised in 2016 and GDP is projected to grow by 1.1% in 2017 and 2.5% in 2018. The labour market is improving, supporting private consumption, and higher demand from abroad is boosting exports. Investment has started to recover from very low levels and should gather pace. The consumption tax increase in early 2017 and recent energy price increases will raise consumer price inflation, even though core inflation will remain moderate, as ample spare capacity persists.
In 2016, the primary budget surplus was 3.8% of GDP, exceeding expectations and the 0.5% target. Further progress in combatting tax evasion, broadening the personal income tax base and controlling pension spending are key to cementing the significant fiscal achievements of recent years, while freeing up resources for much needed social assistance programmes. Public debt has stabilised but remains very high, aggravating economic vulnerabilities and calling for additional debt relief to ensure medium to long-term fiscal sustainability.
Continuing the implementation of structural reforms would increase productivity and, through intensified participation in global value chains, exports. Developing and implementing effective job-search and training policies, linked to unemployment benefits, and enhancing life-long learning would strengthen workers' skills, accelerate the shift towards tradable sectors and improve people’s prospects of getting good jobs.
Source: OECD - Economic Forecast
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 0.654 -0.231 0.059 2.766 3.070 Gross domestic product, current prices 235.948 195.320 195.878 204.941 214.725 Gross domestic product per capita, current prices 21,593.481 17,988.506 18,077.638 18,953.586 19,899.969 Inflation, average consumer prices -1.394 -1.096 -0.100 0.601 1.000 Volume of imports of goods and services 7.736 -6.852 -4.490 2.939 4.200 Volume of exports of goods and services 7.465 -3.796 -3.839 3.104 4.571 Unemployment rate 26.500 25.034 23.267 21.526 20.668 Current account balance -4.970 -0.090 -0.070 -0.059 0.306 Current account balance -2.106 -0.046 -0.036 -0.029 0.142
Source: IMF Statistics - Greece
Luxembourg and the country
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, p. 2643)
- Effective as of 26.08.1995 (Memorial 1995, A, p. 1819)
Air Services agreement
- Agreement from 10.22.1951 (Memorial 1953, p. 249 )
- Effective as of 10.08.1953 (Memorial 1953, p. 1079)
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: Christian BIEVER
23A, Vassilissis Sofias Avenue, 2
Street Neofytou Vamva
GR - 10674 Athens
Tel: +30 210 725 64 00
Fax: +30 210 725 64 05
Economic and Commercial Attaché (AWEX)
Commercial Secretary: Genevieve WLAZEL
Sekeri Odos, 3
Tel: +30 210 36 10 120
Fax: +30 210 36 10 117
Honorary Consul with jurisdiction in the Hellenic Republic: Mr. Artémis PAPATHEODOROU
42c Tzavella Street
154 51 Neo Psychico
Tel : + 30 210 672 18 91
Fax: + 30 210 677 34 44
Honorary Consul with jurisdiction in the department of Macedonia: Mr.Yannis VERGINIS
13, rue Pavlou Mela
Tel: +30 2310 240 208
+30 6944 32 45 46
Fax: +30 2310 240 212
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.
Other Useful Links:
- CIA World factbook on Greece
- La Grèce sur le site de l'Awex
- Athens Chamber of Commerce
- Doing Business in Greece
- Economic Freedom Index
The Chamber of Commerce and the country
- 04.06.2018 - 08.06.2018
- 06.06.2016 - 10.06.2016