Growth has rebounded in the second half of 2016 and is projected to gain strength in 2017 and 2018 as structural reforms start to bear fruit, the conclusion of a policy review with creditors raises business and consumer confidence and the economic and political environment stabilises. Exports of services are underperforming because of structural rigidities and capital controls (which particularly affect the export revenue from the shipping industry). Employment is projected to increase but unemployment remains far too high.
The talks have stalled between Greece and its international creditors, causing uncertainty both in Greece and Europe, and indeed around the world. All eyes are now on the referendum which Prime Minister Alexis Tsipras has called for next Sunday.
The Greek economy has become good headline material for newspapers in recent years, but for all the wrong reasons. Having experienced a boom following its hosting of the 2004 Olympic Games, the party ended in spectacular fashion when Greece failed to meet its debt obligations in 2010 and came close to leaving the euro.
Greece Snapshot 2013
Find key economic figures and trends for Greece from OECD Yearbook 2013
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