The achievement of a sound and forward-looking economy within the framework of the European Union is a major factor in the development of contemporary Greece. Rapid economic progress has enhanced Greece's international status, particularly in the surrounding region. Greece's GDP surpasses that of all Balkan countries (except Turkey) combined.

The economic policies that increased Greece's GDP per capita (purchasing power parity) to $19,000 (est.) in 2002 include:

• Increased funding of education
• Training and welfare programs
• More employment opportunities in the fields of technology and telecommunications
• Administrative reforms to increase efficiency in public services
• Taxation changes, to tackle tax evasion and help narrow the gap between rich and poor

On 1 January 2001 Greece qualified for European Monetary Union.

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Greek industry has traditionally concentrated on textiles, processed foods and cement. New industries are now emerging in technology and telecommunications.

Shipping continues to be a key industrial sector. The Greek merchant fleet is the largest in the world. In the 1960s and '70s, Greek shipowners invested heavily in oil refining and shipbuilding. In recent decades, Tourism has been one of the mainstays of the Greek economy. Tourist arrivals tripled between the early 1970s and the late 1980s. Last year, some 11.5 million tourists visited Greece - more than the country's total population.

Greece's major industries are:
Tourism - Food Processing - Textiles - Chemicals - Tobacco Processing - Metal Products - Mining - Petroleum.

Greece has embarked on a policy of privatising major public enterprises, including some leading banks. To date, this privatisation programme has affected 27 previously state-owned corporations, producing revenues of $7 billion for the state treasury. Many key companies, including the state telecommunications company (OTE) and the national airline, Olympic, have either been privatised or are being prepared for this step.

Key indicators of Greece's thriving economy include:

• Government deficit has dropped from 13.8% of GDP in 1993, to 0,8% in 2000.
• Yields on government bonds have fallen from 10.7% in 1997 to less than 5% in 2003.
• The growth rate has averaged 3.5% over the past three years - substantially higher than the EU average of closer to 2%.
• Salomon Smith Barney international investment group have upgraded the Athens Stock Exchange from an "emerging" to a "developed" market.

The three major business opportunities for investments and joint ventures in infrastructure, tourism, energy, and telecommunications are:

• A $50 billion plan for major Infrastructure Projects in the period 2000-2006, partly financed by the European Union
• The Economic Reconstruction of the Balkans
• The 2004 Athens Olympics

Greece's main trading partners are other European Union members, primarily Germany and Italy. Greece's main exports are: Commodities - Manufactured Goods - Textiles - Food - Petroleum Products - Fuel - Minerals - Tobacco - Cotton. Shipping and tourism contributed over 10% to the GDP during the 1990s.

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