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  1. OECD Economic Surveys: Greece
  2. Volume 2002
  3. Issue 013
  4. OECD Economic Surveys: Greece 2002
  5. Chapters
  6. Macroeconomic Developments and Prospects
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Volume 2016
Volume 2013
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Volume 2002
Issue 013
OECD Economic Surveys: Greece 2002
Chapters
Assessment and Recommendations
Macroeconomic Developments and Prospects
Fiscal Policy Issues
Public Expenditure in Greece
Progress in Structural Reform
Volume 2001
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Macroeconomic Developments and Prospects

Content Provider OECD iLibrary
Organization OECD
Abstract The Greek economy has expanded continuously since 1993, with growth particularly strong and averaging almost 4 per cent during the five-year period starting in 1997, exceeding that of the European Union by more than 1 percentage point. The economy was barely affected by the downturn which hit most OECD countries in the second half of 2001 and appears well placed to outperform growth of the OECD area by a substantial margin this year and next. The current expansion was led by robust domestic demand, which entailed a widening of the current external deficit to more than 6 per cent of GDP in 2000 and 2001. Notwithstanding accelerating growth, consumer price inflation, which was still in two-digit rates in 1994, has been reduced to 2 to 3 per cent in 1999-2000, before edging up somewhat in 2001. Dark spots in an otherwise bright picture are low labour market participation and the high level of structural unemployment. The actual unemployment rate appears to have fallen in 2001, but remains the second highest in the OECD (Figure 1).
Page Count 63
Starting Page 21
Ending Page 39
Language English
Publisher OECD Publishing
Publisher Date 2002-06-26
Access Restriction Open
Subject Keyword Economics
Content Type Text
Resource Type Chapter
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