Greece: Staff Report for the 2005 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 004

Publication date: January 2006

ISBN: 9781451816235

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , government , deficit , investment expenditure , fund staff estimate , GDP deflator , Olympics expenditure , authorities' strategy , fund staff projection , Fiscal stance , Fiscal consolidation , Western Europe , Global

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Republic of Congo : 2001 Article IV

Summary

This 2005 Article IV Consultation highlights that economic growth in Greece has been strong for several years, underpinned by a large fall in interest rates owing to adoption of the euro and subsequent European Central Bank easing. In 2005, the authorities implemented substantial fiscal consolidation, reducing the budget deficit to 4.6 percent of GDP on IMF staff calculations. Economic growth in 2006 and beyond is likely to be moderate compared with the high rates enjoyed in previous years, though it should remain comfortably above the euro area average.