Greece: Brisk growth

The economy grew briskly in 2006 on the back of a strong rebound in investment activity and robust consumption spending. Output growth is expected to continue to grow at around 3.75% over the next two years and unemployment is set to fall further. Headline inflation should decline, as the contribution from oil prices wanes, but remain well above the euro area average. The current account deficit is expected to remain high.
For the first time in many years the authorities may durably bring the deficit below 3% of GDP. However, fiscal objectives should now become more ambitious by aiming for a substantial primary surplus, given the high level of debt and favourable outlook for demand. Moreover, comprehensive reforms of the pension and health care systems are needed to ensure long-run fiscal sustainability.
Population (000s), 200511 099
Area (000 sq km)132
CurrencyEuro
GDP (Billion USD), 2005257.2
Life expectancy at birth (Women, Men), 2004 81.4, 76.6
Total labour force (000s), 20054 849
Government typeRepublic
Indicators% change unless otherwise indicated
200620072008
GDP growth4.03.83.8
Consumer price index3.42.92.8
Unemployment rate (%)9.69.28.8
General government financial balance
(% GDP)
-2.6-2.6-2.6
Current account balance (% GDP)-10.8-10.1-9.7
Source: OECD©OECD Observer No. 258/259, December 2006


Economic data

GDP growth: +0.6% Q3 2017 year-on-year
Consumer price inflation: 2.3% Dec 2017 annual
Trade: +4.3% exp, +4.3% imp, Q3 2017
Unemployment: 5.5% Dec 2017
Last update: 12 Feb 2018

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