The Future of Productivity:

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Presentation transcript:

The Future of Productivity: Comment Dimitris Malliaropulos* Bank of Greece April 2016 *Chief Economist, Head of Economic Analysis and Research 1

The distance to the global frontier has widened in the recession Source: Giuseppe Nicoletti 2

Greece: Rebalancing the economy Tradable sector gained a higher share in the economy. Change in relative prices favours rebalancing towards tradable sector (indices refer to tradable sector relative to non-tradable sector) Tradables: agriculture, industry, business and financial services, telecommunications and services related to tourism (transport and accommodation and restaurants). Non-tradables: else except public administartion and non-market services. Source: Eurostat, Bank of Greece calculations 3 3

Greece: Potential growth (accounting) Source: Bank of Greece estimates 4

Greece: GDP growth accounting Source: Eurostat, Ameco, Bank of Greece estimates 5

Total Factor Productivity Average growth 1960-2008 = 1.6% pa Source: Eurostat, Ameco 6