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Greece: Staff Report for the 2003 Article IV Consultation

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2003. "Greece: Staff Report for the 2003 Article IV Consultation," IMF Staff Country Reports 2003/156, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2003/156
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16614
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    Cited by:

    1. Michal Brzoza-Brzezina, 2005. "Lending Booms in Europe’s Periphery: South-Western Lessons for Central-Eastern Members," Macroeconomics 0502002, University Library of Munich, Germany.
    2. Brzoza-Brzezina, Michał, 2005. "Lending booms in the new EU Member States: will euro adoption matter?," Working Paper Series 543, European Central Bank.

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