1.1 Demographic Profile of the Greece

Total Page:16

File Type:pdf, Size:1020Kb

1.1 Demographic Profile of the Greece 1.1 DEMOGRAPHIC PROFILE OF THE GREECE The Demographics of Greece refer to the demography of the population that inhabits the Greek peninsula. As of January 2008, the population of Greece is estimated at 11,262,000 by Eurostat. Greece was inhabited as early as the Paleolithic period. Prior to the 2nd millennium BC, the Greek peninsula was inhabited by various pre-Hellenic peoples, the most notable of which were the Pelasgians. The Greek language ultimately dominated the peninsula and Greece's mosaic of small city-states became culturally similar. The population estimates on the Greeks during the 4th century BC, is approximately 3.5 million on the Greek peninsula and 4 to 6.5 million in the rest of the entire Mediterranean Basin,[5] including all colonies such as those in Magna Graecia, Asia Minor and the shores of the Black Sea. 1 Population: 11,329,618 Growth rate: 0.146% Birth rate: 9.45 births/1,000 population Death rate: 10.51 deaths/1,000 population Life expectancy: 79.66 years –male: 77.11 years –female: 82.37 years Fertility rate: 1.50 children born/woman Age structure: 0-14 years: 14.3% 15-64 years: 66.6% 65-over: 19.1% Sex ratio: At birth: 1.06 male(s)/female Under 15: 1.06 male(s)/female 15-64 years: 1.00 male(s)/female 65-over: 0.78 male(s)/female Nationality: Nationality: noun : Greek(s) adjective: Greek 2 1.2 GEOGRAPHY OF THE GREECE Continent: Europe Region: Southern Europe (Balkan Peninsula) Coordinates: 39°00′N 22°00′E / 39°N 22°E Area: Ranked 96th 131,940 km 2 (50,940 sq mi) 99.1% land 0.9% water Borders: Total land borders: 1,228 km (7 63 miles) Albania: 282 km (175 mi) Bulgaria: 494 km (307 mi) Turkey: 206 km (128 mi) Rep. Mace donia: 228 km (142 mi) Highest point: Mount Olympus: 2,919 m Lowest point: Mediterr anean Sea: 0 m Longest river: Haliacmo n: 322 km (200 mi) Largest lake: Trichonid a: 98.6 km2 (38.1 sq mi) 3 1.3 ECONOMIC REVIEW OF THE GREECE The economy of Greece is the 32nd largest in the world by nominal gross domestic product (GDP) and the 37th largest at purchasing power parity (PPP), according to data by the World Bank for the year 2010. Per capita, it is ranked 33rd by nominal GDP and 31st at PPP according to the 2010 data. A developed country, Greece is a member of the European Union, the euro zone, the OECD, the World Trade Organization and the Black Sea Economic Cooperation Organization. The service sector contributes 78.8% of GDP, industry 17.9%, and agriculture 3.3%. The public sector accounts for about 40% of total economic output. Greece is the 31st most globalize country in the world and is classified as a high-income economy. GDP - per capita (purchasing power parity) $29,600 (2010) $31,000 (2009) $31,700 (2008) note: data are in 2010 US dollars 4 Ran k: 32nd (nominal, 2010) 37th (PPP, 2010) Curren cy: 1 euro = 100 cents Tr ade organi zations EU, WTO, OECD, BSEC Statistics GD P: $312.042 billion (nominal, 2011) $309.231 billion (PPP, 2011 GDP gr owth: 5.0% (Q3 2011 compared with Q3 2010, non-seasonally-adjusted) GDP per capit a: $27,875 (nominal, 2011) $27,624 (PPP, 2011) GDP by sec tor agri cultur e: 3.3%; industry: 17.9%; services: 78.8% (2010) Infl ation (CPI) 2.9% (November 2011) Unempl oyment : 17.7% (Q3 2011) Main industri es: tourism; shipping; industrial products, food and tobacco processing, textiles; chemicals, metal products; mining, petroleum Expor ts: €16.3751 billion (2010) Export good s: food and beverages, manufactured goods, petroleum products, chemicals, textiles Impor ts: €48.1074 billion (2010) Import goods machinery, transport equipment, fuels, and chemicals 5 1.4 Monetary Policy In October 2008, i.e. about a year and a half ago, the Bank of Greece stressed in its Monetary Policy Interim Report that the Greek economy was at a crucial juncture and that, as the global economic situation worsened, the macroeconomic imbalances and structural weaknesses of the domestic economy would become more severe and more difficult to address. • In the Monetary Policy Report that followed in February 2009, the Bank of Greece warned about everything that is happening today – stressing, in particular, the possibility of a rise in the cost of borrowing. As that Report stated, “a widening of the yield spread would increase the future burden on taxpayers”. • Lastly, in October 2009, the Monetary Policy Interim Report underlined the need to send a clear message to the markets that Greece is determined to implement a multi-year plan of fiscal consolidation and structural reforms. Unfortunately, the developments during the past few months have confirmed the Bank’s warnings and undermined confidence in the future of the Greek economy: Since April 2009, Greece has been subject to the Excessive Deficit Procedure, as the deficits of both 2007 and 2008 exceeded the reference value set by the Treaty. In 2009, as the Bank of Greece had warned, the general government deficit reached 12.9% of GDP and public debt stood at 115% of GDP. These developments triggered a series of downgrading of Greece’s credit ratings and led to a large widening in the yield spread between Greek and German government bonds – resulting in increased borrowing and debt-servicing costs for the Greek government. The increase in debt-service expenditures, in turn, increased the country’s budget deficit, made fiscal consolidation more difficult to achieve, and had serious repercussions for the real economy and the banking system. The Greek economy is caught in a vicious circle, with only one way out: the drastic reduction of the fiscal deficit and debt so that there is an immediate reversal of the current trend. 6 1.5 SOME COMPARISION S.No Fac tor Greece In dia 1 Population 11 ,329 ,61 8 11 891 728 64 2 GDP real growth rate 5.0 10 .4 3 Per capital income (US Dollar) $29 ,60 0 35 00 4 Inflation rate (%) (CPI) 2.9 11 .7 5 Exports (Billion $) 16 .375 1 225 6 Imports (Billion $) 48 .107 4 357 .7 7 Unemployment, youth ages 15-24 17 .7 9.4 (%) 7 1.6 India – Greece Trade Data Year Ind ia’s Ind ia’s To tal Trade Exports Imports 2006 -07 671.98 209.49 841 .47 2007 -08 530.95 126.81 657.44 2008 -09 878.43 69 .49 947.92 2009 -2010 452.80 154.13 606.93 (Source: Export Import Data Bank, Department of Commerce, Government of India) The main items of Greece’s exports to India are machinery, rubber and plastic products, cotton, copper products, iron and steel products and chemicals. The main items of India’s exports are machinery, automobiles and auto parts, iron and steel, aluminum, copper, dyes and chemicals, and textiles and garments 8 1.7 PEOPLE IN GREECE Nationality: Greek Population: 11,329,618 Population growth rate: 0.083 Region: Southern Europe (Balkan Peninsula) Birth rate: 9.21 births/1,000 population Death rate: 10.7 deaths/1,000 population Net migration rate: 2.32 migrant(s)/1,000 populations Urbanization: urban population: 61% of total population rate of urbanization: 0.6% annual rate of change 9 1.8 INDIA- GREECE RELATIONSHIP Greek-Indian relations are the relations between Greece and India. Greece has an embassy in New Delhi and 3 honorary consulates in Kolkata, Chennai and Mumbai. India has an embassy in Athens. The first contact between both civilization dates back from Alexander the Great’s and King Porus's Battle of the Hydaspes River . In modern time, diplomatic relations between Greece and India were established in May 1950. The new Greek Embassy building in New Delhi was inaugurated on February 6, 2001. 10 List of recent bilateral visits • In December 2000, Greek Foreign Minister George Papandreou visited India. • In February 2001, Prime Minister of Greece Kostas Simitis visited India. • In September 2006, Speaker of the Lok Sabha Somnath Chatterjee visited Greece. • In April 2007, President of India Avul Pakir Jainulabdeen Abdul Kalam made an unofficial visit to Athens. Political relations The most recent high-level visits date from December 2000, when the then Greek Foreign Minister, Mr. Georgios Papandreou, carried out an official visit to India, Nepal, and Bangladesh. In February 2001, the then Prime Minister of Greece, MrKonstantinos Simitis, carried out an official visit to India following an invitation by the then Prime Minister of India H.E. Mr A. Vajpayee. The former Speaker of the Hellenic Parliament Mr. A. Kaklamanis visited India from 15-21 February 2003 and had useful contacts with Indian officials.In 2007, the Minister of Economy and Finance, Mr. G. Alogoskoufis, carried out a visit to India from 7 to 11/2/2007, followed by Deputy Foreign Minister Mr. Petros Doukas (11- 14/11/2007). Economic and trade relations Greece and India have traditionally enjoyed close and amicable relations, and in recent years, there has been a trend towards broader bilateral economic and trade relations. Greek imports from India include cotton, synthetic fibers, fabrics, vehicles, iron, steel and fruit, while Greek exports to India include fibers, fertilizers, organic chemicals, pharmaceutical products, leather goods, metal processing machinery, etc. The Greek Embassy’s Office of Economic and Trade Affairs opened in 2000 in New Delhi, in an effort to promote closer economic cooperation between the two countries. 11 Cultural relations Cultural relations between Greece and India date back some three thousand years.
Recommended publications
  • Page 1 from 4 APPENDIX
    APPENDIX - Lists List of IAS / IFRS The following table summarizes all the active IAS / IFRS with reference to related interpretations SIC or IFRIC, as issued at January 1, 2011 IFRS • IFRS 1: First-time Adoption of International Financial Reporting Standards • IFRS 2: Share-based Payment Related IFRIC 19 • IFRS 3: Business Combinations Related SIC 32, IFRIC 17,IFRIC 19 • IFRS 4: Insurance Contracts Related SIC 27 • IFRS 5: Non-current Assets Held for Sale and Discontinued Operations • IFRS 6: Exploration for and Evaluation of Mineral Assets • IFRS 7: Financial Instruments: Disclosures Related IFRIC 12, IFRIC 17 • IFRS 8: Operating Segments • IFRS 9: Financial Instruments IAS • IAS 1: Presentation of Financial Statements Related SIC 7, SIC 15, SIC 25, SIC 29, SIC 32,IFRIC 1, IFRIC 14,IFRIC 15, IFRIC 17, IFRIC 19 • IAS 2: Inventories Related SIC 32 • IAS 7: Statement of Cash Flows • IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors Related SIC 7, SIC 10, SIC 15, SIC 21, SIC 25, SIC 27, SIC 31, IFRIC 1, IFRIC 4, IFRIC 5, IFRIC 6, IFRIC 12, IFRIC 13, IFRIC 14, IFRIC 15, IFRIC 16, IFRIC 18, IFRIC 19 • IAS 10: Events After the Reporting Period Related SIC 7, IFRIC 17 • IAS 11: Construction Contracts Related SIC 27, SIC 32,IFRIC 12, IFRIC 15 • IAS 12: Income Taxes Related SIC 21, SIC 25,IFRIC 7 • IAS 16: Property, Plant and Equipment Related SIC 21, SIC 29, SIC 32, IFRIC 1, IFRIC 4, IFRIC 12, IFRIC 18 • IAS 17: Leases Related SIC 15, SIC 27, SIC 29, SIC 32, IFRIC 4,IFRIC 12 • IAS 18: Revenue Related SIC 27, SIC 31,IFRIC
    [Show full text]
  • Pre-Boarding Health Declaration Questionnaire OUTBOUND
    OUTBOUND ATHENS-HYDRA Pre-boarding health declaration questionnaire (The questionnaire is to be completed by all adults before embarkation) Name of Vessel: Shipping Company: Date and time of itinerary: Port of disembarkation: FLYING CAT4 HELLENIC SEAWAYS 08:30 17/06/2021 PIREAS Contact telephone number for the next 14 days after disembarkation: First Name & Surname as shown Number of Aircraft in the identification Card/ Passport: Father’s name: Seat: Type Seat or Cabin Α B C D 1 Α) ECONOMY First Name & Surname of all children Β) AIRCRAFT TYPE travelling with you who are C) BUSINESS under 18 years old: D) CABIN Α B C D Α B C D Α B C D Α B C D Within the past 14 days have you or has any person listed above: YES NO 1. Presented sudden onset of symptoms of fever or cough or difficulty in breathing or sudden onset of anosmia, ageusia or dysgeusia? .................................................................................................. 2. Had close contact with anyone diagnosed as having coronavirus COVID-19 .......................................... 3. Provided care for someone with COVID-19 or worked with a health care worker infected with COVID-19?.......................................................................................................................... 4. Visited or stayed in close proximity to anyone with COVID-19? .............................................................. 5. Worked in close proximity to or shared the same classroom environment with someone with COVID-19?........................................................................................................................ 6. Travelled with a patient with COVID-19 in any kind of conveyance? ....................................................... 7. Lived in the same household as a patient with COVID-19? ..................................................................... TEST RESULTS AND VACCINATION 8. Have you been tested for COVID-19 with a molecular method (PCR) within the past 72 hours? NO PENDING RESULTS POSITIVE1 NEGATIVE 9.
    [Show full text]
  • Panel 3 CIVIL SOCIETY-ORGANISATIONS
    Greek Ethical Identities in Continuity and Change: A Social Networks Approach of Applied Philotimo in Economo-scape of Local Communities; the Case of Cooperative Banking Theodoros A. Katerinakis, MSc, PhD Candidate Tel: +215 895 6143, e-mail: [email protected] Department of Culture & Communication, Drexel University, 3141 Chestnut St., Philadelphia, PA 19104, USA Μail Address: 106A North 21st St., Philadelphia, PA 19103, USA Abstract: The core value of Greek philotimo derives from the root concept of kalokagathia and is manifested in the institutional and transactional ethos of Cooperative Banks in Greece. A major case study of Cooperative Bank of Chania (CBC) is presented to introducing the analytical approach of social network analysis, via UCINET, to represent membership ties and managerial ties in the second largest Greek cooperative bank. The concept of ethics in doing business is extended in a deliberate tendency to build transactional networks that enforce pre-existing social networks and stay tuned with sustainable local economies, a notion consistent with locality in multicultural Europe. Cooperative banking operates in intersection of emotional capitalism and social enterprise, as a cultural process through which new interactional- emotional scripts of economic relationships are illustrated by the cultural frames of cooperation or team work. The case of CBC of Chania shows how non-commercial ties of buyers- sellers matter in “major purchases” and insulate from crisis. Most such transactions take place among kin, friends, or acquaintances that substitute impersonal markets, especially when decisions involve high uncertainty; so common values like philotimo promote connectedness and builds trust that prevails in dealing with risk in order to make financial decisions, sustain and support them.
    [Show full text]
  • Educating the Whole Person? the Case of Athens College, 1940-1990
    Educating the whole person? The case of Athens College, 1940-1990 Polyanthi Giannakopoulou-Tsigkou Institute of Education, University of London A thesis submitted for the Degree of EdD September 2012 Abstract This thesis is a historical study of the growth and development of Athens College, a primary/secondary educational institution in Greece, during the period 1940-1990. Athens College, a private, non-profit institution, was founded in 1925 as a boys' school aiming to offer education for the whole person. The research explores critically the ways in which historical, political, socio-economic and cultural factors affected the evolution of Athens College during the period 1940-1990 and its impact on students' further studies and careers. This case study seeks to unfold aspects of education in a Greek school, and reach a better understanding of education and factors that affect it and interact with it. A mixed methods approach is used: document analysis, interviews with Athens College alumni and former teachers, analysis of student records providing data related to students' achievements, their family socio-economic 'origins' and their post-Athens College 'destinations'. The study focuses in particular on the learners at the School, and the kinds of learning that took place within this institution over half a century. Athens College, although under the control of a centralised educational system, has resisted the weaknesses of Greek schooling. Seeking to establish educational ideals associated with education of the whole person, excellence, meritocracy and equality of opportunity and embracing progressive curricula and pedagogies, it has been successful in taking its students towards university studies and careers.
    [Show full text]
  • The Role of Turkey As Energy Hub in the Greek REPEC
    Munich Personal RePEc Archive The role of Greece and Turkey as energy hubs in the region Ketenci, Natalya Yeditepe University 2017 Online at https://mpra.ub.uni-muenchen.de/83862/ MPRA Paper No. 83862, posted 11 Jan 2018 15:20 UTC The role of Greece and Turkey as energy hubs in the region. Dr. Natalya Ketenci Yeditepe University Abstract The Greek-Turkish relations have been complex in different aspects for a long time. However, neighborhood makes these countries close to each other in political, military and economic terms. Geopolitical location of Turkey makes it strategically important for Greece. Despite of the economic crisis in Greece bilateral trade between these two countries almost doubled for the last five years. Energy and minerals are significant part of this trade and it is expected that natural gas will be one of the most important determinants of the bilateral trade. The energy products trade is two sided and creates strategic meaning for both countries. This chapter analyzes energy markets in Greece and Turkey separately and the Greek-Turkish relations in terms of energy. Completed natural gas pipeline of 296 km connects Turkey and Greece and delivers natural gas of Azerbaijan to Europe. There are several planned or under construction projects that connect Turkey and Greece. Impact of Turkey and Greece as energy hubs on the Greek-Turkish relations and various possibilities for the future cooperation at the energy market are discussed in this chapter. 1 Energy – economic growth relationships The Energy Union is the European Union’s (EU) long-term project, which consists of five targeting dimensions.
    [Show full text]
  • Greek Energy Directory 2 0 1 6
    ) ENERGIA•gr Greek Energy Directory 2 0 1 6 t n e m Business The Oil Sector Natural Gas The Electricity SectorRenewable EnergyEnergy Sources Efficiency &The Co Genera2on Legal FrameworkResearch & DevelopDirectory TERNA ENERGY is a major player in the Renewable Energy Market and specifically in the development of Wind Parks, in Hydroelectric Projects, Solar Energy Plants as well as Waste to Energy and Biomass Projects, with presence in Greece, Europe and the USA. The total installed capacity of the Group accounts for 664 MW: 394 MW in Greece, 138 MW in the USA, 102 MW in Poland and 30 MW in Bulgaria, while 274 more MW are currently under development in Greece and abroad. Overall, the company operates, is constructing or has fully licensed 938 MW of RES installations in Europe and the USA. The company is targeting to reach almost 1,000 MW of RES projects in operation in all countries where it is active, over the following years. T A B L E O F C O N T E N T S Publisher’s Foreword 9 Preface by the Minister of Environment and Energy, Mr. PANOS SKOURLETIS M.P. 11 1. An introduction to Greece’s Energy Sector by COSTIS STAMBOLIS, Execu=ve Director, IENE and Managing Editor of Energia.gr 14 2. The Oil Sector Overview of Greece’s Oil Sector by COSTIS STAMBOLIS 40 Hellenic Petroleum, A Market Leader in SE Europe by GRIGORIS STERGIOULIS, CEO, HELPE 49 Hydrocarbon E &P sector: When the Vision Becomes a Reality by Professor SOFIA STAMATAKI, ex - Chairman, Hellenic Hydrocarbons Managements Company (ΕΔΕΥ) 53 A New Era for Greece’s Upstream Sector by MATHIOS RIGAS, CEO, Energean Oil & Gas 61 Greece’s Oil Retail Market by DIMITRIS MEZARTASOGLOU, Research Associate, IENE 67 3.
    [Show full text]
  • This Report in PDF, 471 KB
    The Most Important and Urgent Environmental Problems in Greece in the Last Decade (2000-2010) Athanasios Valavanidis and Thomais Vlachogianni Department of Chemistry, University of Athens, University Campus Zografou, 15784 Athens, Greece ([email protected]) Abstract A comprehensive state of the Greek environment in the last decade is presented in this review as well as the most important and urgent environmental issues. Greece's major efforts in the last decades to achieve economic convergence with the other European Union countries and material prosperity for its citizens, resulted in the neglect of the environmental impact by tourism, construction, intensive agriculture, industrial development and rapid urbanization. Greece's environment faces some major environmental challenges, such as air emissions from transport and electricity power stations, overexploitation of its water resources, water pollution, degradation of its coastal zones, loss of biodiversity in terrestrial and marine ecosystems and increasing municipal and industrial waste. In the last decade major problems of management, funding and implementation of policies with strict environmental regulations have appeared in every aspect of environmental protection. Limited enforcement of environmental laws and practices and giving in to various demands of organized local interests has been the Achilles' heel of policy implementation. This situation resulted in the lack of clear strategies for the major environmental problems and the necessity for environmental reforms in many areas. Although funding and environmental taxes have been a major problem for Greece, corruption and malpractices by local authorities, private citizens and state institutions is another important issue. It is hoped that EU regulations and international obligations will force consultation and encouragement of public participation, as well as education and environmental information that will increase public awareness.
    [Show full text]
  • Investor Presentation June 2017 Table of Contents 2
    Investor Presentation June 2017 Table of Contents 2 Page Section 1: Group overview 3 Section 2: Portfolio companies 18 Attica Group 26 Vivartia 36 Hygeia Group 48 SingularLogic 59 Hilton Cyprus 66 RKB 68 Section 3: Financial Statement information 71 Appendix: Management biographies 84 Section 1 Group Overview MIG at a snapshot 4 High-quality portfolio of leading companies across key defensive sectors Net Asset Value (NAV) (2016) €666m Group Assets (2016) €2,715m NAV per share (2016) €0.71 Group Net Fixed Assets (2016) €1,134m Group Revenues (2016) €1,104 EBITDA Business Operations (1) (2016) €172m Group Gross Debt (€m) (2016) €1,674m EBITDA Consolidated (2016) €134m Tourism & Transportation Food & Dairy Healthcare Real Estate IT (32% of GAV) (32% of GAV) (15% of GAV) (15% of GAV) Leisure (2% of GAV) (4% of GAV) March 2017: MIG announced the sale of its entire stake in Sunce Koncern d.d. (1) EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (€15m impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property Highly diversified operations across attractive sectors 5 Revenue breakdown (2016 data) EBITDA breakdown (2016 data) Gross Asset Value breakdown (2016 data) 4% 11% 19% 3% 27% 21% 32% 2% 18% 51% 15% 24% 41% 32% Food & Dairy Transportation Healthcare IT Other (Real Estate, Leisure) 2014 2015 2016 (in €m) 2014 2015 2016 2014 2015 2016 Group Sales (€m) 1,117 1,143 1,104 EBITDA Business Ops 1 89 163 172 Gross Asset Value (€m) 1,534 1,480 1,381 % margin 8.0% 14.2% 15.6% y-o-y chg (%) +4% +2% -3% GroupGross Debt (€m) 1,752 1,693 1,674 EBITDA Consolidated 66 125 134 3 NAV (€m) 923 783 666 Greek GDP 2 0.4% -0.3% -0.1% y-o-y chg (%) % margin 5.9% 10.9% 12.1% NAV pershare (€) 0.98 0.83 0.71 (1) EBITDA Business Operations = Group EBITDA excl.
    [Show full text]
  • Linguistic Study About the Origins of the Aegean Scripts
    Anistoriton Journal, vol. 15 (2016-2017) Essays 1 Cretan Hieroglyphics The Ornamental and Ritual Version of the Cretan Protolinear Script The Cretan Hieroglyphic script is conventionally classified as one of the five Aegean scripts, along with Linear-A, Linear-B and the two Cypriot Syllabaries, namely the Cypro-Minoan and the Cypriot Greek Syllabary, the latter ones being regarded as such because of their pictographic and phonetic similarities to the former ones. Cretan Hieroglyphics are encountered in the Aegean Sea area during the 2nd millennium BC. Their relationship to Linear-A is still in dispute, while the conveyed language (or languages) is still considered unknown. The authors argue herein that the Cretan Hieroglyphic script is simply a decorative version of Linear-A (or, more precisely, of the lost Cretan Protolinear script that is the ancestor of all the Aegean scripts) which was used mainly by the seal-makers or for ritual usage. The conveyed language must be a conservative form of Sumerian, as Cretan Hieroglyphic is strictly associated with the original and mainstream Minoan culture and religion – in contrast to Linear-A which was used for several other languages – while the phonetic values of signs have the same Sumerian origin as in Cretan Protolinear. Introduction The three syllabaries that were used in the Aegean area during the 2nd millennium BC were the Cretan Hieroglyphics, Linear-A and Linear-B. The latter conveys Mycenaean Greek, which is the oldest known written form of Greek, encountered after the 15th century BC. Linear-A is still regarded as a direct descendant of the Cretan Hieroglyphics, conveying the unknown language or languages of the Minoans (Davis 2010).
    [Show full text]
  • SBA Fact Sheet — Greece 2
    2019 SBA Fact Sheet GREECE Key points Past & future SME performance1: Greek SMEs represent 63.5% of total value added (EU average 56.4%) and an employment share of 87.9% (EU average 66.6%). In 2014-2018, overall SME value added increased by 11.8%, with small firms generating the largest rise (25.7%) and micro firms showing a fall of 11.9%. The overall outlook for Greek SMEs is positive, with predicted growth of 21.3% in value added and of 13.1% in employment in 2018-2020. Implementing the Small Business Act for Europe (SBA): Greece is above the EU average in State aid & public procurement and in line with the EU average in two other SBA areas, 'responsive administration' and skills & innovation. The country is below the EU average in entrepreneurship and single market, however, and is one of the three worst performers in the EU in ‘second chance’, access to finance, environment and internationalisation of SMEs. Since 2008, there has been substantial progress in single market, ‘responsive administration' and State aid & public procurement. In 2018 and the first quarter of 2019, the reference period for this fact sheet, Greece implemented 24 measures addressing 8 of the 10 policy areas under the SBA. SME policy priorities: Policy action is needed to improve the productivity and internationalisation of Greek SMEs. Although various activities focusing on access to finance have been launched in recent years, they need to be stepped up to further improve SME access to credit and to increase the availability to start-ups of venture capital and equity funding.
    [Show full text]
  • Tourism and Income in Greece: a Market Solution to the Debt Crisis1
    Athens Journal of Tourism - Volume 4, Issue 2 – Pages 97-110 Tourism and Income in Greece: A Market Solution to the Debt Crisis1 By Henry Thompson The tourism industry is showing increased income due to specialization and trade offers Greece the solution to its sovereign debt crisis. Opening the economy to investment and competition, not only in tourism but across all sectors, would raise income and relieve the burden of paying the government debt. This paper assesses the potential of tourism to lead the transformation of Greece into a competitive economy.1 Tourism has steadily grown in Greece over recent decades due to rising incomes worldwide, declining travel cost, and steady investment by the industry. Tourism is showing that moving toward a competitive market economy could raise income and relieve the taxpayer burden of government debt. The present paper evaluates the expanding tourism industry and its potential to influence the rest of the economy. Tourism is an expanding global industry critical to economic growth in a number of countries. The literature on tourism and growth documents this potential especially among developing countries. The situation of Greece is different in that it is a developed country in the European Union. Greece faces a number of well known structural challenges based on the inefficient legal system, archaic labor laws, restricted international investment, burdensome income and sales tax rates, a weak property tax system, and corrupt government. While the tourism industry has the potential to continue raising income, more critically it illustrates the gains from open market competition, specialization, and trade. The first section presents a brief history of the debt crisis in Greece followed by sections on the tourism sector, its relation to the economy, and macroeconomic issues related to tourism.
    [Show full text]
  • I Bullets Slew Attica Hostages, Medical Examiner Reports
    The Weather assenvbly in a numbe'r-of timely Clei^ng and cooler tonkpit The VFW Auxiliary will meet St. Mary’s Episcopal Church choruses. ' _ ’ . with low In low 60e. Wedneedity tomorrow at 7:80 p.m.'. at the has scheduled choir rehearsals Bandsman Wallace Shauger, ■unny and pteneant;' high In up­ Poet Hoihe. Members are re­ to begin tomorrow. The Junior who was program chairman, per 70a. Thureday’e outlook,. Manohefter WA/TB16 will go on minded to bring items for the choir will meet at 6:80 p.m. and becoming cloudy agnln. a mystery ,rlde tomorrow. spoke on the topic, “ Are You in teacup auction which will be af­ the Senior choir at 7:46 p.m. at ■ The muslcsof bag pipes filled Focus?" Mancheuter^A City of Village Charm Weighing in at the Italian-Amer- ter the 'buelnesa niee'ting. meet in October. the church. This will be the last- loan CSUb will be from 6 to 7 the Youth Cenlar of the Salva­ Following the benedlcation by rehearsal with Steven Lowry. tion Army yesttelday ns Roger Capt. Lawrence Beadle, Ritchie p.m.- Mrs. James Desautels will The executive board of VOL. LXXXX, NO. 293 (EIGHTEEN PAGES) (Olaaetfled Adverttalng on Page 15) PRICE FIFTEEN CENT! Manchester Registered Ifuines New members are welcome. Ritchie played a ^ ^ ed ley of again played the bag pipes. MANCHESTER, CONN;, 1*UESDAY, SEPTEMBER 14, 1971 he inoharge of the program. Church Women United will Association will meet Wednes­ tunes for the opening egerclsee The program was arranged meet tomorrow at 13 ;80 p.m.
    [Show full text]