May 9th 2012
£620 / $1085 / €775
On-line, PDF by Email and Paper
Greece is one of the least affluent members of the European Union. GDP is US$269.5 billion in 2012, with a 5.7% fall predicted this year. The economy is not expected to move out of recession until 2014. Greece’s budget deficit in 2009 was 12.7%, four times the EU limit.
In November 2011, an interim government was appointed, led by Lucas Papademos, a former economist and former vice–president of the European Central Bank. The EU approved in principal the next tranche of the loan at the end of November 2011. The IMF cut growth forecasts in December 2011 fearing a default on the loan.
A 110 billion euro (US$142.6 billion) EU bailout plan for Greece funded by the EU and IMF, running to 2014, was ratified in May 2010. Austerity measures were agreed in December 2010, June 2011, and December 2011. The 2010 cuts included the government trimming 5 billion euros off the deficit by increasing taxes and reducing health and defence spending.
On 13th February 2012, amid violent public protests, Greece agreed to further austerity measures to qualify for the second 130 billion euro bailout from international lenders, securing its place for the moment in the EU common currency block.
Imports supply approximately 93% of the domestic market. Since 2008 imports have fallen dramatically, due to the severe economic problems in Greece. The latest total for 2011 was US$725.9 million which equals a CAGR of -12.6% for 2007-11.
China, keen to gain a foothold in Europe and a gateway to the Balkan peninsular, announced 14 euro trade deals worth billions of euros, and its support for Greece in June 2010.
Includes 3 quarterly updated outlook reports!
Please note: Report sections are periodically updated and some sections may have been updated more recently than the publication date given for the full report.
The Medical Device Market Germany
The Medical Device Market Ireland