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Greece: Background Paper
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 1995: Issue 095
Language:
English
Publication Date:
03 Oct 1995
DOI:
https://doi.org/10.5089/9781451816051.002
ISBN:
9781451816051
ISSN:
1934-7685
Pages:
171
Keywords:
ISCR; CR; economic activity; foreign currency; exchange rate; market share; rate of depreciation; GDP deflator; balance of payments; accrual basis; average earnings; inflation rate; Private savings; Inflation; Budget planning and preparation; Government consumption; Europe; Eastern Europe
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This Background Paper reviews economic developments in the real economy and the labor market of Greece during 1990–95. It presents the calculation of an index of coincident economic indicators, which is used to gauge the strength of the recovery. The paper highlights that in 1994, Greece’s external accounts strengthened considerably: the current account deficit improved to near-balance reflecting strong invisible receipts (mostly tourism), and substantial capital inflows—following the successful handling of the speculative attack against the drachma in May 1994—boosted official reserves to a record US$16.5 billion at end-June 1995.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund