Greece: Staff Report for the 2005 Article IV Consultation

IMF Staff Country Reports, January 6, 2006

Source details

Economic growth in Greece has been strong for several years.
The strong growth was underpinned by a large fall in interest rates owing to adoption of the euro and subsequent European Central Bank easing.
In 2005, the authorities implemented substantial fiscal consolidation, reducing the budget deficit to 4.6 percent of GDP on IMF staff calculations.
Economic growth in 2006 and beyond is likely to be moderate compared with the high rates enjoyed in previous years, though it should remain comfortably above the euro area average.

Fiscal stance:
- 2005 fiscal consolidation materially lowered the budget deficit to 4.6 percent of GDP (IMF staff calculations).
Monetary and financial conditions:
- A large fall in interest rates following euro adoption and ECB easing contributed materially to past growth performance.
Medium-term outlook:
- Growth prospects for 2006 and beyond are projected to be moderate relative to prior high rates, but expected to exceed the euro area average.

Publication title: Greece: Staff Report for the 2005 Article IV Consultation
Series: Country Report No. 2006/004
Issue: 004
Volume: 2006
Pages: 60
DOI: https://doi.org/10.5089/9781451816235.002
ISBN: 9781451816235
ISSN: 1934-7685
Stock No: 1GRCEA2006001
Format noted on landing page: IMF Staff Country Reports
Availability note: Visit the IMF eLibrary (over 25,000 IMF publications noted on the page)

Subject: Banking, Expenditure, Fiscal consolidation, Fiscal policy, Fiscal stance, Public debt, Revenue administration
Keywords: authorities' strategy, CR, deficit, Fiscal consolidation, Fiscal stance, fund staff estimate, fund staff projection, GDP deflator, Global, government, investment expenditure, ISCR, Olympics expenditure, Western Europe

Source: Greece: Staff Report for the 2005 Article IV Consultation (IMF Staff Country Reports, 2006/004).