Greece: Staff Report for the 2004 Article IV Consultation

IMF Staff Country Reports, February 9, 2005

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Greece: Staff Report for the 2004 Article IV Consultation

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Bibliographic details

• Published: February 9, 2005
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451816211.002

Executive summary: economic developments and policies

• Rising incomes and a falling, though still high, unemployment rate underpinned strong household consumption.
• Increased profitability spurred investment spending, especially construction.
• Inflation has been above the euro area average, eroding international competitiveness and export market shares.
• Authorities recognized that Greece still lags significantly behind the European Union in real per capita income despite the economic boom.

Key findings

• Household sector:
  • Strong household consumption supported by rising incomes and a falling, though still high, unemployment rate.
• Investment and corporate sector:
  • Increased profitability led to higher investment spending, with construction receiving particular impetus.
• Prices and external competitiveness:
  • Inflation has been above the euro area average.
  • Higher inflation has eroded international competitiveness and export market shares.
• Structural issues:
  • The authorities acknowledged substantial lag in real per capita income relative to the European Union despite the economic boom.

Policy implications and priorities (implied in report focus)

• Address inflation dynamics to restore international competitiveness and recover export market shares.
• Strengthen structural policies aimed at closing the gap in real per capita income with the European Union.
• Monitor and manage investment growth, particularly in construction, to ensure sustainability.

Administrative/subject metadata (as stated in source)

• Subject: Expenditure, Fiscal policy, Public debt, Public financial management (PFM)
• Keywords: authorities' growth, Budget planning and preparation, CR, deficit, Europe, Fiscal stance, GDP, Global, government, Government debt management, inflation assumption, ISCR, Medium-Term Program, Olympics spending, state intervention
• Pages: 53
• Volume: 2005
• Issue: 043
• Series: Country Report No. 2005/043
• ISBN: 9781451816211
• ISSN: 1934-7685

Greece: Staff Report for the 2004 Article IV Consultation

Content in this bundle

• _cr0543 — Executive Summary and Key Findings
  • _cr0543 — Executive Summary and Key Findings (Markdown version)
  • _cr0543 — Executive Summary and Key Findings (PDF)