Greece  

Large amounts of physical capital per worker boost Greece’s productivity. Household expenditure equalling 26% ranks the country in the top 25 on this variable, indicating that there is currently a large domestic market. Domestic savings are extremely low at only 12%, placing Greece in the bottom quintile with respect to this variable. An unemployment rate of 9%, although moderate by European standards, is relatively high when compared globally. Greece performs better in terms of its inflation rate at a low 3%. Greece’s export concentration on raw materials is low at 6%; however, terms of trade are slightly below international average. Foreign direct investment equalling only 1% of GDP indicates that Greece is not an attractive destination for foreign investment. However, the banking sector seems relatively healthy with net interest margins of 2.2 percentage points, and with only a small percentage of loans defaulting, banks appear highly efficient.

Greece has one of the highest number of procedures required to start a business and this is reflected in the relatively low number of new businesses registered 2007. Figures indicate that while internet security is strong with 40 secure internet servers per million capita, internet bandwidth is average by international standards. There are 94 computers per 1,000 citizens, indicating a low availability of technological goods in the country. Similarly only very few of Greece’s exports are technology based: ICT exports account for only 3.3% of all goods, and high-tech exports account for 11% of manufactured goods. Greece also falls just outside the top 30 with an R&D expenditure equalling 0.9% of its GDP. Royalty receipts and license fees arising from innovative activities are high, demonstrating strong commercialisation of innovations. In terms of value added in the service industry, Greece ranks fouth internationally.

Greek citizens enjoy high levels of political rights and, although slightly limited, very well-established civil liberties such as freedom of expression and association, which ranks the country at 31 on the latter variable. The highly democratic political system boasts a healthy level of competition with multiple parties competing in free and fair elections at both executive and legislative levels. Although not perfect, checks and balances are in place, restricting politicians from enacting arbitrary policy or legislative changes. However, the judiciary is not independent from the executive, which could lead to interference in legal proceedings. The current political system has been established since the 1970s, ranking Greece 35th in regards to political stability.

Greece ranks within the top 20 countries for both primary and secondary school enrolment rates and, despite receiving low levels of government funding, has one of the lowest ratios of pupils per teacher at the primary school level, with one teacher for every 11 students. Greek workers benefit from high levels of secondary schooling, ranking the country 29th, and extremely high levels of tertiary education, placing the country fifth, internationally. High levels of tertiary education per worker can be partially attributed to an extremely elevated rate of enrolment, which is the highest worldwide. A relatively low female to male enrolment figure shows that gender inequality in education, though improved, is still an issue as Greece ranks 68th on this variable.

Despite having a relatively low number of hospital beds, Greek citizens benefit from having the highest number of doctors and nurses per 1,000 capita of all countries surveyed. Greeks enjoy a health-adjusted life expectancy of 71 years. Infant mortality is low, with only four deaths per every 1,000 births. Other health concerns are also minimal: 98% of the population has access to improved sanitation facilities, and only 3% of the population is deemed undernourished. However, only 68% of those questioned thought the water quality was good, and one in four people reported experiencing pain the day prior to being surveyed, putting the Greeks 57th on this subjective health variable.* Only 19% of those questioned reported health problems, placing Greece in the top 20 countries, internationally.* A high 83% reported being satisfied with their health, while only three in five Greeks reported feeling well rested, placing Greece amongst the bottom 15 countries according on this variable.*

Greece faces comparatively few security challenges related to internally displaced persons and refugees. There are also very few instances of violence towards targeted groups and no casualties due to civil strife and ethnic violence. Instances of government-sponsored violence and political imprisonment are minimal. As a result, Greece does not suffer from a high level of human flight. Domestic security is favourable with only one homicide per 100,000 capita and assault rates as low as 4%.* Only 9% reported theft in 2007, placing Greece amongst the top 15 with respect to theft rates.* Despite this safe environment, only three in five individuals feel safe walking alone, a moderate rate by international standards.*

Police and judicial activities are generally well regulated, although only 48% of Greeks have confidence in the judicial system.* Economic and financial regulations encourage open and competitive markets, placing Greece in the top third for this variable. However, 87% of Greeks believe that local businesses are corrupt while a lower 79% believe the same is true for the government.* Ranking 38th in the Index on factors of government efficiency, Greece’s institutional framework is rarely ineffective when it comes to carrying out political objectives. In Greece, political participation is free and fair, as reflected by more than two-thirds reporting confidence in the honesty of the electoral process.*

Despite having good levels of freedom of speech, movement and religion, Greek freedoms are very limited when compared with other members of the European Union. Accordingly, only two-thirds of Greeks reported that they were satisfied with their daily freedoms, placing the country in the bottom third with respect to this variable.* Tolerance of immigrants and ethnic minorities is moderate, with only 64% of respondents believing that Greece was a good place for ethnic minorities to live, and only 67% believing the same to be true for immigrants.*

Greeks benefit from moderate amounts of social capital, mainly from their trust in family and friends. Less than one in four people believe that others are trustworthy. Furthermore, variables relating to charitable giving, volunteering, and instances of helping strangers all rank the country in the bottom third of the Index.* Friends in Greece are seen as fairly important, ranking Greece 36th on this variable; however, only 82% of respondents thought they could rely on friends and family in times of need, ranking the country in the bottom third.* Greece ranks in the top half of the Index in terms of religiosity, demonstrating a moderate level of service attendance and importance of religion in one’s daily life.*

* Data taken from the Gallup World Poll

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