The Greek Economy Recent Developments Elias Ioakimoglou 2/10/2000.

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Presentation transcript:

The Greek Economy Recent Developments Elias Ioakimoglou 2/10/2000

A. The real economy GDP and Productivity, Investment, Labour Cost and Profitability

Fact 1. From Crisis to Recovery Moving Average (9 terms) Annual % changes GDP Growth

Annual % changes Labour Productivity Moving Averages (9 terms) Fact 2. The revival of productivity... GDP Growth

As a % of GDP : OECD Forecast...due to a rise in Fixed Private Investment

As a % of GDP : DGII Forecast Investment in Machinery

Labour Compensation as a % of GDP Business sector Fact 3. Labour Cost is decreasing...

Gross Profit as a % of Fixed Capital (%) Manufacturing...and Profitability is rising Business Sector

: Forecast Fact 4. Domestic Demand is accelerating Annual % changes

Domestic Demand Profitability Private Investment Labour Cost Productivity Wages GDP Public Investment EU funds Unemployment + Flexibility in the labour market Structural Change The recovery of the late ’90s Capital devaluation Organisational change

B. Nominal Convergence Inflation, Public Deficit, Interest Rates and the Stock Exchange

Inflation is falling

The Public Deficit below 2%

Interbank Interest Rates (%)

Number and Market Value of Listed Companies on the Athens Stock Exchange

C. The Social Deficit Unemployment and Inequality

Thousand Employment Fact 5. The Labour Force is growing faster than Employment Labour Force

% of the Labour Force...and Unemployment is increasing

Inequality Index Labour Cost and Inequality Index Unit Labour Cost (EU=100)