Greece: Background Paper

October 3, 1995

Summary

This Background Paper reviews economic developments in the real economy and the labor market of Greece during 1990–95. It presents the calculation of an index of coincident economic indicators, which is used to gauge the strength of the recovery. The paper highlights that in 1994, Greece’s external accounts strengthened considerably: the current account deficit improved to near-balance reflecting strong invisible receipts (mostly tourism), and substantial capital inflows—following the successful handling of the speculative attack against the drachma in May 1994—boosted official reserves to a record US$16.5 billion at end-June 1995.

Subject: Banking, Budget planning and preparation, Government consumption, Inflation, National accounts, Prices, Private savings, Public debt, Public financial management (PFM)

Keywords: accrual basis, average earnings, balance of payments, Budget planning and preparation, CR, Eastern Europe, economic activity, Europe, exchange rate, foreign currency, GDP deflator, Government consumption, Inflation, inflation rate, ISCR, market share, Private savings, rate of depreciation

Pages:
171
Volume:
1995
DOI:
---
Issue:
095
Series:
Country Report No. 1995/095
Stock No:
1GRCEA0011995
ISBN:
9781451816051
ISSN:
1934-7685

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Notes

This background paper on Greece was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. In releasing this document for public use, confidential material may have been removed at the request of the member.

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