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Greece: Clear slowdown of the economy after the Olympia boom

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  • Oscar-Erich Kuntze

Abstract

After a very high-powered first quarter and subsequent weakness, the economy gained strength in Greece in 2003. The real gross domestic product increased by 4.2%, according to initial calculations. The situation on the labour market continued to improve, along with increasing employment but also with little change in the unemployment rate (9.3% for the year) because of strong immigration. The rise in the cost of living abated somewhat and stood at 3.4%. This year GDP should increase by 4¼%. The unemployment rate will fall to 8½% for the year. Prices will increase by 3¾%. In 2005 GDP will expand by 3%, the unemployment rate will fall to 8¼%, and consumer prices will increase by 3¾%.

Suggested Citation

  • Oscar-Erich Kuntze, 2004. "Greece: Clear slowdown of the economy after the Olympia boom," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(09), pages 23-31, May.
    • Handle: RePEc:ces:ifosdt:v:57:y:2004:i:09:p:23-31
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    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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