## Greece: Staff Report for the 2004 Article IV Consultation

_IMF Staff Country Reports, February 9, 2005_

## Source details

**Canonical URL:** [Greece: Staff Report for the 2004 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-staff-report-for-the-2004-article-iv-consultation-18046)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/greece-staff-report-for-the-2004-article-iv-consultation-18046/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/greece-staff-report-for-the-2004-article-iv-consultation-18046/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/greece-staff-report-for-the-2004-article-iv-consultation-18046/bundle-manifest.json)

## Bibliographic details
- Published: February 9, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451816211.002

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### 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*

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## Content in this bundle

- **_cr0543 — Executive Summary and Key Findings**
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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-staff-report-for-the-2004-article-iv-consultation-18046_