{
  "title": "Greece: Staff Report for the 2004 Article IV Consultation",
  "publication": "IMF Staff Country Reports, February 9, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-staff-report-for-the-2004-article-iv-consultation-18046",
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  "summary": "The staff report for the 2004 Article IV Consultation on Greece focuses on economic developments and policies. Rising incomes and a falling, though still high, unemployment rate underpinned strong household consumption, while increased profitability spurred investment spending, especially constructi",
  "sections": [
    {
      "heading": "Executive summary: economic developments and policies",
      "content": "- Rising incomes and a falling, though still high, unemployment rate underpinned strong household consumption.\n- Increased profitability spurred investment spending, especially construction.\n- Inflation has been above the euro area average, eroding international competitiveness and export market shares.\n- Authorities recognized that Greece still lags significantly behind the European Union in real per capita income despite the economic boom."
    },
    {
      "heading": "Key findings",
      "content": "- Household sector:\n  - Strong household consumption supported by rising incomes and a falling, though still high, unemployment rate.\n- Investment and corporate sector:\n  - Increased profitability led to higher investment spending, with construction receiving particular impetus.\n- Prices and external competitiveness:\n  - Inflation has been above the euro area average.\n  - Higher inflation has eroded international competitiveness and export market shares.\n- Structural issues:\n  - The authorities acknowledged substantial lag in real per capita income relative to the European Union despite the economic boom."
    },
    {
      "heading": "Policy implications and priorities (implied in report focus)",
      "content": "- Address inflation dynamics to restore international competitiveness and recover export market shares.\n- Strengthen structural policies aimed at closing the gap in real per capita income with the European Union.\n- Monitor and manage investment growth, particularly in construction, to ensure sustainability."
    },
    {
      "heading": "Administrative/subject metadata (as stated in source)",
      "content": "- Subject: Expenditure, Fiscal policy, Public debt, Public financial management (PFM)\n- 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\n- Pages: 53\n- Volume: 2005\n- Issue: 043\n- Series: Country Report No. 2005/043\n- ISBN: 9781451816211\n- ISSN: 1934-7685\n\nGreece: Staff Report for the 2004 Article IV Consultation\n\n---\n\n Content in this bundle\n\n- cr0543 — Executive Summary and Key Findings\n  - cr0543 — Executive Summary and Key Findings (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr0543 — Executive Summary and Key Findings (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 9, 2005",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451816211.002",
    "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.",
    "Household sector:",
    "Investment and corporate sector:",
    "Prices and external competitiveness:",
    "Structural issues:",
    "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.",
    "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",
    "**_cr0543 — Executive Summary and Key Findings**"
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