Greece Economy

Working abroad sounds like an adventure to many people. However, job search in Greece requires more than just the obvious Greece CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to get an employment in Greece.

Do not take too lightly the influence a job in Greece can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Greece EconomyMost visits to Greece are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Greece economy - overview: Greece has a mixed capitalist economy with the public sector accounting for half of GDP and with per capita GDP 70% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in menial jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of GDP. The economy has improved steadily with economic growth averaging 4% between 2003 and 2007, exceeding EU growth by more than 1 percentage point partly due to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending.

But the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. The economy contracted by 2% in 2009, 4% in 2010, and 5% in 2011.

Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP.

Austerity measures reduced the deficit to 11% of GDP in 2010 and about 9% in 2011. Eroding public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, and has led the country into a financial crisis.

Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, reworking the health-care and pension systems, and reforming the labor and product markets.

These austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.

Labor force - by occupation: industry 20%, agriculture 20%, services 59% (2000 est.)

Unemployment rate:  17% (2011 est.), 10.3% (2002 est.)

Natural resources: bauxite, lignite, magnetite, petroleum, marble, hydropower potential

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

euro_banknotes Greece EconomyCurrency: Euro (EUR; symbol €) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2, 1 and 50, 20, 10, 5, 2 and 1 cents.

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted.

Traveler’s Cheques: All major currencies are widely accepted and can be exchanged easily at banks. Generally, banks in Greece charge a flat commission rate of €6.00 for the cashing of traveler’s cheques. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in Euros, Pounds Sterling or US Dollars.

Exchange rates: Euros (EUR) per US dollar - 0.7107 (2011 est.), 0.755 (2010 est.), 0.7198 (2009 est.), 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

Inflation rate (consumer prices): 2.9% (2011 est.), 4.4% (2008 est.)

Other Greece Economy Info

We hope that your Greece job search has been successful and you will get Greece visa too. So, if your Greece cover letter and Greece CV are ready, you may distribute them to your prospective employers and start preparing for a Greece job interview.

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Good luck with the Greece economy info!

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