Greece: After the fires

Activity has been strong so far in 2007, despite the impact of forest fires and a slowing of housing investment towards a more sustainable level. Growth is set to weaken in 2008, before edging up to around 4% in 2009. Inflation is likely to rise in light of demand pressures and the current account deficit is expected to remain large.
The correction of fiscal imbalances has been impressive, but consolidation needs to continue, given the sizeable future costs from population ageing. Long-run fiscal sustainability requires strict control of primary spending and wide-ranging reforms of the pension and healthcare systems. Greater administrative efficiency is also critical. Fostering competition in key network industries and reducing labour market rigidities are essential for maintaining strong growth while keeping a lid on inflation.

©OECD Observer No. 264/265, December 2007-January 2008

OECD Economic Outlook No. 82, December 2007
All OECD Observer articles on Greece

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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