Factbox: The Greek economy

Here are some basic economic figures for Greece, after eurozone ministers approved a second bailout package for Athens.

Greece was the first eurozone member state to be bailed out by the European Union and the International Monetary Fund in May 2010.

EUROZONE ENTRY: Greece joined the eurozone as its 12th member state on January 1, 2001. Greece had failed to meet the Maastricht Treaty criteria for eurozone membership when the Economic and Monetary Union was formally launched January 1, 1999.

PUBLIC DEBT: Greece has the highest debt ratio in the bloc, owing more than 350 billion euros ($462 billion), and exceeds by far the eurozone limit of 60 percent of GDP. In 2010, total debt was equal to 144.9 percent of GDP and is expected to have jumped to 161.7 percent in 2011. It is forecast to fall to 145.5 percent in 2012 and to 120.5 percent by 2020 under the terms of the second bailout.

PUBLIC DEFICIT: The annual public deficit was 10.6 percent in 2010. Government officials put it at 9.6 percent of GDP in 2011. The latest European Commission forecast is for it to fall to 7.0 percent in 2012 before taking into account debt-reduction measures.

GROSS DOMESTIC PRODUCT: 227.3 billion euros in 2010 (Eurostat)

ECONOMIC GROWTH: The economy shrank 4.5 percent in 2010 and was estimated to have contracted by more than 5.5 percent in 2011.

But last week, official estimates said the economy shrank by 7.0 percent in the fourth quarter of 2011 compared with output a year earlier. If confirmed in later updates, this would correspond to a 6.8-percent contraction for 2011.

The economy is forecast to shrink 2.8 percent in 2012 and then return to growth of 0.7 percent in 2013.

ECONOMY: The Greek economy is small, accounting for less than 3.0 percent of total eurozone economic output. The unofficial economy is believed to account for a third of all activity. Tourism and shipping dominate. Much of the economy is not competitive. The country has been in recession since 2008. The EU estimates that the economy will have contracted by 15 percent since the beginning of the debt crisis.

INFLATION: 4.7 percent in 2010, 2.8 percent in 2011 and 0.6 percent in 2012 (2012 budget). Official data said 12-month inflation in January was 2.3 percent.

UNEMPLOYMENT: Official data put the number of unemployed in the population of nearly 11 million at 1.02 million, a record rate of 20.9 percent.

CREDIT RATINGS: Standard and Poor's rates Greece at "CC", almost equivalent to default. Fitch and Moody's have the country at "CCC" and "Ca".

POPULATION: 10.78 million, down from 11.28 million in 2009, according to the latest official figures in May, as migrants leave due to the economic downturn and birth rates remain low.

CAPITAL: Athens

OFFICIAL LANGUAGE: Greek

POLITICAL INSTITUTIONS: Parliamentary democracy with 300 deputies elected for four years, forming a government led currently by technocrat Lucas Papademos, ex vice-president of the European Central Bank. The president is Carolos Papoulias, elected by parliament in 2010 for five years, whose office is largely ceremonial.

INTERNET SITES:

- http://www.statistics.gr

- http://www.primeminister.gr