Post-Olympic growth to ease

Click on the globe for Key Economic Forecast & Indicators

Buoyant domestic demand enabled Greece to maintain brisk growth in the first three quarters of 2004. GDP growth is set to ease to 3.25% in 2005, as strong Olympics-related investment comes to an end and fiscal policy tightens, but it should pick up again in 2006. Inflation is expected to increase, reflecting strong demand and higher oil prices, averaging around 3.25% over the next two years.
The recently-revealed sharp deterioration in the fiscal position underlines the need for substantial retrenchment in public expenditure to put public finances on a sustainable path. This should be complemented by improved administrative efficiency and decisive reforms of the pension and health systems. Measures to enhance labour market flexibility and increase product market competition are also required to reduce the inflation differential with the euro area.
Population (000s), 200311 036
Area (000 sq km)132
GDP (Billion USD), 2003172.7
Life expectancy at birth (Women, Men), 2002 80.7, 75.4
Total labour force (000s), 20034 507
Government typeRepublic
Indicators% change unless otherwise indicated
GDP growth3.83.23.5
Consumer price index3.13.43.2
Short-term interest rate (%)
Unemployment rate (%)
General government financial balance (% GDP)-5.3-3.5-3.2
Current account balance (% GDP)-6.0-5.8-5.6
Source: OECD© OECD Observer No 245, November 2004

Economic data


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