Greece: Staff Report for the 2003 Article IV Consultation
IMF Staff Country Reports, June 11, 2003
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- Greece: Staff Report for the 2003 Article IV Consultation
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Bibliographic details
- Published: June 11, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451816112.002
Overview of recent performance
- 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."
Drivers of growth and investment
- High capacity utilization supported activity.
- EU transfers contributed to domestic demand.
- Preparations for the 2004 Olympics underpinned investment.
Major imbalances and inflation dynamics
- 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.
Key findings (concise)
- 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.
Source: Greece: Staff Report for the 2003 Article IV Consultation (IMF Staff Country Report No. 2003/156).