Greece

Overview

• Greece is an import dependent country with the total dollar amount of imports almost doubling that of exports.
• The Greek commercial environment is favorable toward U.S. products and services.
• Sales agents and distributors handle 80 percent of Greece’s import trade.
• Investment and consumer confidence remains strong.
• The Greek economy continues to steadily improve despite structural economic problems due to a chronic current account deficit.
• Growth of GDP has slightly declined over the past two years.
• Inflation continues to decline from 4.7% in 1998 to 2.5% in 1999.
• To address economic weaknesses, the government is focusing on cutting back the public sector through a privatization program.
• The government is in the midst of an austerity program that is designed to meet the European Economic and Monetary (EMU) convergence criteria.

Opportunities

• Fresh and processed fruits and vegetables
• Canned goods
• Durum wheat
• Tobacco
• Aircraft and spacecraft equipment
• Arms and ammunition
• Telecommunications equipment
• Computers
• Renewable energy equipment
• Packaging equipment
• Cement and building products
• Wood products
• Fabricated construction material
• Medical, Dental Instruments
• Arts and Antiques

Marketing Tips

• Trade is handled through sales agents and distributors.
• Distributors operate wholesale. They control exclusive sales rights for certain districts or for the entire country.
• Many successful businesses tend to operate as small shopping centers where the “shop-in-ship concept is applied.
• Greece uses Direct Marketing, but the limited use of personal checks stands in the way of its development.
• Mail and telephone order services in Greece are scarce and door-to-door selling barely exists.
• Franchising is becoming increasingly popular due to a lack of governing laws. Most franchises are in fast food.

Business Culture

• Business people in Greece are adamant bargainers. Success in business dealings usually depends on patience and quick judgment.
• Greeks are very warm and cordial in their business and personal relationships.
• Restaurants and places of entertainment are a common place for visitors to conduct business meetings.
• The average workday is eight hours, starting around 7 a.m. and ending around 3 p.m.
• Greek is the official language, but the majority of local officials and business people speak English and French.

Governmental System

• Greece operates under a Presidential Parliamentary Republic system.

Legal System

• Civil, criminal, and administrative courts are derived from Roman Law.

Religions

• The two most dominant religions consist of Greek Orthodox and Muslim.