Macroeconomics

Final Project- Greece

Emely Ortiz and Fidaa Janoudi

GDP Data GDP in Greece Over time

400.00
350.00
300.00
250.00
GDP in billions

200.00
150.00
100.00
50.00
-

Year

Source: imf.org

2007-2009 Recession

Oddly, 2007-2009 have been the best three years economically.

(According to Data)
The Great Recession has created a peak in the business cycle, for Greece.
Why: Between the years of 2007-2009 Greeces economy greatly
improved. This may be due to the fact that Greece did not have a
recession at the time we did.
Greece had a recession after 2009. They suffered tremendously and have
recently just started their recovery stages.
Unemployment rate has been gradually going up as well.

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/11/14/greeces-recession-is-over-but-unemployment-is-still-25-9-percent
/

Components of Nominal GDP

C

72.7%

G
I (fc)
I (i)
E
I

17.4%
12.3%
0.9%
28.4%
-31.7%
Source: cia.gov

Population Rate
People in
Millions

Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Population Rate Over Time

10.904
10.935
10.969
10.999
11.038
11.074
11.112
11.144
11.182
11.191
11.184
11.123
11.123
11.063
11.04

11.25
11.2
11.15
11.1
11.05
People in Millions

11
10.95
10.9
10.85
10.8
10.75

Year

World Rank: #81

Source: imf.org

Unemployment Rate
Unemployment
Rate %

Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

11.35
10.784
10.314
9.714
10.494
9.853
8.891
8.276
7.654
9.461
12.531
17.653
24.238
27.251
25.763

Unemployment Rate Over Time

30
25
20

Unemployment Rate %

15
10
5
0

Year

World Rank: #177

Source: imf.org

Below Poverty Line

As of 2009, the population under poverty line added
up to 20%....
2009: 11.191 million people (total)
2.2382 million of them were under poverty line
Source: cia.gov

Currency Exchange Rates

Euros to US Dollars:
0.7634

(2013)

0.7752

(2012)

0.7550

(2010)

0.7198

(2009)

0.6627

(2008)

Source: cia.gov

Exported Goods & Partners (2013)

In 2013, $30.39 billion was profited.
In 2012, $28.31 billion was profited.

Goods:
-foods & beverages
-manufactured goods
-petroleum products
-chemicals
-textiles

World Ranking: #65

Partners:
Turkey

11.6%

Italy

9.9%

Germany

6.5%

Bulgaria

4.9%
Source: cia.gov

Imported Goods & Partners (2013)

In 2013, $50.58 billion was profited.
In 2012, $53.53 billion was profited.

Goods:
-machinery
-transport equipment
-fuels
-chemicals

World Ranking: #56

Partners:
Russia

13.8%

Germany

9.9%

Italy

7.9%

Iraq

7.8%

Netherlands

4.7%

France

4.5%

China

4.5%
Source: cia.gov

Honors: Country Comparison

GDP Comparisons Within Region
1000
800
600
GDP in Billions

400
200
0

Albania

Bulgaria

Turkey

Greece

Country
GDP (2013)

Series 3
Source: imf.org

Honors: Country Comparison

Population Rate Comparisons Within Regions
Population Rate by Millions 90
80
70
60
50
40
30
20
10
0

Albania

Bulgaria

Turkey

Greece

Country
Population (2013)

Column1
Source: imf.org

Honors: Country Comparison

Unemployment Rate Comparisons Within Region
30
25
20
Unemployment Rate % 15
10
5
0

Albania

Bulgaria

Turkey

Greece

Country
Unemployment (2013)

Column1
Source: imf.org

Honors: Countrys Economic Relationship with US

Greece is an important partner of the United States on many policy priorities.
As a leader in the region,
Greece has been an ally to the U.S. promoting Balkan stability and economic
development
Supporting Turkeys bid for accession to the European Union
Supporting the diversification of Europes energy supplies
Greeces geostrategic position also makes it an important ally in engagement and
dialogue with the Muslim world. Greece is the primary entry point into the Schengen
visa area for migrants from the Middle East, North and Sub-Saharan Africa, and
Southwest Asia (Bureau of European and Eurasian Affairs).
Source: state.gov

Honors: Fall of Countrys Economy?

Considering the fact that Greece just hit
bankruptcy
- Value of Euro increases (inflation)
- Prices of products go up
- Demand of goods/services > supply
- GDP decreases immensely
- Businesses crash