{
  "title": "Greece: Staff Report for the 2003 Article IV Consultation",
  "publication": "IMF Staff Country Reports, June 11, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/greece-staff-report-for-the-2003-article-iv-consultation-16614",
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  "summary": "This 2003 Article IV Consultation highlights that the economic expansion that began in Greece in the mid-1990s has continued unabated, with some employment gains in 2002 for the first time in four years.",
  "sections": [
    {
      "heading": "Overview of recent performance",
      "content": "- The economic expansion that began in Greece in the mid-1990s \"has continued unabated.\"\n- GDP increased by 4 percent in 2002, \"well above the European Union (EU) average.\"\n- Employment recorded \"some employment gains in 2002 for the first time in four years.\"\n- Consumer price inflation averaged close to 4 percent in 2002, keeping inflation \"well above the euro area average.\""
    },
    {
      "heading": "Drivers of growth and investment",
      "content": "- High capacity utilization supported activity.\n- EU transfers contributed to domestic demand.\n- Preparations for the 2004 Olympics underpinned investment."
    },
    {
      "heading": "Major imbalances and inflation dynamics",
      "content": "- External imbalances \"remained large.\"\n- Divergent cyclical positions across economies and \"relatively high labor cost increases\" were factors that kept inflation elevated relative to the euro area."
    },
    {
      "heading": "Key findings (concise)",
      "content": "- GDP growth: 4 percent in 2002.\n- Consumer price inflation: averaged close to 4 percent in 2002.\n- Employment: first net gains in 2002 after four years of declines.\n- External imbalances: characterized as large.\n- Investment drivers: high capacity utilization, EU transfers, and Olympic preparations.\n\nSource: Greece: Staff Report for the 2003 Article IV Consultation (IMF Staff Country Report No. 2003/156).\n\n---\n\n Content in this bundle\n\n- cr03156\n  - cr03156 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr03156 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 11, 2003",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451816112.002",
    "The economic expansion that began in Greece in the mid-1990s \"has continued unabated.\"",
    "GDP increased by 4 percent in 2002, \"well above the European Union (EU) average.\"",
    "Employment recorded \"some employment gains in 2002 for the first time in four years.\"",
    "Consumer price inflation averaged close to 4 percent in 2002, keeping inflation \"well above the euro area average.\"",
    "High capacity utilization supported activity.",
    "EU transfers contributed to domestic demand.",
    "Preparations for the 2004 Olympics underpinned investment.",
    "External imbalances \"remained large.\"",
    "Divergent cyclical positions across economies and \"relatively high labor cost increases\" were factors that kept inflation elevated relative to the euro area.",
    "GDP growth: 4 percent in 2002.",
    "Consumer price inflation: averaged close to 4 percent in 2002.",
    "Employment: first net gains in 2002 after four years of declines.",
    "External imbalances: characterized as large.",
    "Investment drivers: high capacity utilization, EU transfers, and Olympic preparations.",
    "**_cr03156**"
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