Greece: Staff Report for the 2003 Article IV Consultation

June 11, 2003

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Greece: Staff Report for the 2003 Article IV Consultation, (USA: International Monetary Fund, 2003) accessed December 22, 2024

Summary

This 2003 Article IV Consultation highlights that the economic expansion that began in Greece in the mid-1990s has continued unabated, with some employment gains in 2002 for the first time in four years. GDP increased by 4 percent in 2002, well above the European Union (EU) average, but external imbalances remained large. High capacity utilization, EU transfers, and preparations for the 2004 Olympics underpinned investment. Divergent cyclical positions and relatively high labor cost increases kept inflation well above the euro area average. Consumer price inflation averaged close to 4 percent in 2002.

Subject: Balance of payments, Current account deficits, Expenditure, Fiscal consolidation, Fiscal policy, Public debt

Keywords: Budget risk, Cash data, CR, Current account deficits, Fiscal consolidation, Fixed capital capital formation, Global, Headline HICP differential, HICP, ISCR, Risk, Staff appraisal

Publication Details

Pages:

52
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2003/156
Stock No:

1GRCEA0012003
ISBN:

9781451816112
ISSN:

1934-7685

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