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Greece
Chamber of Commerce Country Factsheet Last update: 12.07.2018

Your advisors at the Chamber of Commerce

  • Edith Stein
    +352423939482
  • Anne-Catherine Fohl
    +352423939372
Contact us: europe@cc.lu

Key Indicators

Area
131,957 km2
Population
10,768,477 (July 2017 est.)
Government type
parliamentary republic
Languages
Greek (official) 99%, other (includes English and French) 1%
GDP
$299.5 billion (2017 est.)
Growth rate
1.8% (2017 est.)
HDI
29
Capital
Athens

 

Introduction

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

 

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 descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
0.654-0.2310.0592.7663.070
Gross domestic product, current prices
U.S. dollars (Billions)
235.948195.320195.878204.941214.725
Gross domestic product per capita, current prices
U.S. dollars (Units)
21,593.48117,988.50618,077.63818,953.58619,899.969
Inflation, average consumer prices
Percent change
-1.394-1.096-0.1000.6011.000
Volume of imports of goods and services
Percent change
7.736-6.852-4.4902.9394.200
Volume of exports of goods and services
Percent change
7.465-3.796-3.8393.1044.571
Unemployment rate
Percent of total labor force
26.50025.03423.26721.52620.668
Current account balance
U.S. dollars (Billions)
-4.970-0.090-0.070-0.0590.306
Current account balance
Percent of GDP
-2.106-0.046-0.036-0.0290.142
Colored cells are estimates
  

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 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)

Source: Administration des contributions directes

 

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: Mr Paul STEINMETZ

23A, avenue Vassilissis Sofias 2, 
Street Neofytou Vamva
GR - 10674 Athens
Tel: +30 210 725 64 00
Fax: +30 210 725 64 05
Email: athenes.amb(at)mae.etat.lu 

 

Honorary consuls

Honorary Consul with jurisdiction in the Hellenic Republic

Mrs Artémis PAPATHEODOROU

42c Tzavella Street
154 51 No Psychico
Athens
Tel : + 30 210 672 18 91
Fax: + 30 210 677 34 44
Email: info(at)consulate-lux-ath.gr

Honorary Consul with jurisdiction in the department of Macedonia:

Mr Yannis VERGINIS

47, rue Stélios Kazantzidis
Pylaia – Ktiro thermi 1
BP. 8101 - 57001 Thessalonique
Tél.: (+30) 2311-999 989 / (+30) 2311-999 999
Fax: (+30) 2311-999 997
Email: verginis.conslux(at)gmail.com

Source: Ministry of Foreign Affairs Luxembourg

 

Economic and Commercial Attaché (AWEX) in charge of Greece, Cyprus, Kosovo and Albania:

Economic and Commercial AttachéMrs Geneviève WLAZEL 

Odos Sekeri, 3
10671 Athens
Tel: +30 210 36 10 120
Fax: +30 210 36 10 117
E-mail: athenes(at)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

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