Best of Greece

Little economic growth occurred during the long period of Turkish rule (1456-1830), and when Greece gained independence in 1830, it was a backward, peasant country with no industry above the level of rural crafts. Athens was little more than a large village. Economic growth was slow in the 19th century. Greece offered little scope for industrial development, having only scanty resources in metals and solid fuels. Economic development began following World War II and was assisted by foreign aid from the United States. Greece became a member of the European Community (now the European Union, or EU) in 1981. A high rate of inflation and chronic budget deficits have made Greece dependent on financial help from the EU. In 1992 this aid amounted to 5% of the country’s Gross Domestic Product. In 1993 an EU-approved plan was adopted to help bring the inflation rate and public-sector spending under control.
Greece has only a skeletal railroad system, which focuses on Athens. The capital city has a subway system, which is scheduled for a major expansion by 1997. The main roads that link Athens with the principal provincial centers are well built, and more than 80% of the road system is surfaced. A canal, used by small ships, cuts through the Isthmus of Corinth, linking the Ionian Sea with the Aegean. Greece has a large fleet of merchant ships and tankers that contribute to Greece’s balance of payments but have little relationship to the country’s foreign trade.
Greece has a small volume of foreign trade. Exports consist mainly of fruit, alcoholic drinks, and tobacco. Imports include fuel and manufactured goods. In the 1990s the value of imports has been more than double that of exports, creating a large balance-of-payments deficit. Most foreign trade is with other members of the EU.