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Greece is changing 2010 – 2012

Greece is changing 2010 – 2012. April 2012. Fiscal consolidation. Primary budget deficit decreased from € 24.1 bn in 2009 to € 10.7 bn in 2010 to € 4.7 bn in 2011. Source: ELSTAT/ Eurostat , April 2012. Cyclically adjusted Primary Balance* (% GDP).

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Greece is changing 2010 – 2012

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  1. Greece is changing2010 – 2012 April 2012

  2. Fiscal consolidation • Primary budget deficit decreased from €24.1 bn in 2009 to €10.7 bn in 2010 to €4.7 bn in 2011 Source: ELSTAT/Eurostat, April 2012

  3. Cyclically adjusted Primary Balance* (% GDP) *i.e. correcting for the effect of the business cycle (structural budget deficit) Source: IMF, Fiscal Monitor, April 2012

  4. The fastest fiscal consolidation*Primary Balance Improvement (percentage points of GDP) * Fiscal consolidation episodes as defined in OECD Economic Outlook 81, May 2007 Source: AMECO

  5. Current Account Deficit declining % GDP Current Account Deficit fell from 14.9% GDP in 2008 to 9.8%GDP in 2011 Current Account Deficit (excl. Oil and Gen. Govnt Net Interest) in 2011 was around 0% GDP, down from 6% GDP in 2008 This demonstrates the burden of the debt servicing cost Source: Bank of Greece

  6. Competitiveness recovering Within two years, 2010-11, Greece managed to regain over 50% of competitiveness lost during 2000-09 From 2009 to 2011, the Real Effective Exchange Rate (vis-à-vis its 26 EU trade partners), based on Unit Labor Cost, fell from 114.9 to 107.5 index points Competitiveness Recovery (2010-11) Recovery Source: European Commission

  7. The 2nd Fastest Changing Economy According to the Euro Plus Monitor, Greece ranks No. 2 in terms of the degree of adjustment in its economy during 2009-2011 Fastest adjusting Eurozone economies (Adjustment Progress Indicator) Source: The 2011 Euro Plus Monitor: progress amid the turmoil, The Lisbon Council/Berenberg Bank, November 2011

  8. Greece is changing fast South Source: OECD, Economic Policy Reforms: Going for Growth 2012

  9. Greeks are the hardest working in Europe! Source: OECD, StatExtracts: Labour productivity levels in the total economy, 2010

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