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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.

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Presentation on theme: "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."— Presentation transcript:

1 GREECE IS CHANGING 2010 – 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 2 Source: ELSTAT/Eurostat, April 2012

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

4 The fastest fiscal consolidation * Primary Balance Improvement (percentage points of GDP) 4 CountryFromminTomaxTotalYearsAvg Greece2009-10.42011-2.28.224.10 Denmark1982-2.6198611.614.243.55 Latvia2009-8.22011-2.35.922.95 Portugal2009-7.32011-1.65.75.722.85 Ireland1986-1.319895.15.16.46.432.13 Germany1995-6.020004.34.310.352.06 Netherlands1995-3.620005.65.69.29.251.84 Sweden1993-5.520007.17.112.671.80 Austria1995-1.819971.81.83.63.621.80 UK1993-4.920006.36.311.271.60 Finland1992-2.920009.69.612.581.56 Belgium1981-7.419904.94.912.391.37 Italy1987-3.619932.62.66.26.261.03 Spain1995-2.120012.52.54.64.660.77 US1992-0.920005.15.16.06.080.75 France1993-3.220001.41.44.64.670.66 Japan1981-0.719915.35.36.06.0100.60 Source: AMECO * Fiscal consolidation episodes as defined in OECD Economic Outlook 81, May 2007

5 Current Account Deficit declining 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 5 Source: Bank of Greece This demonstrates the burden of the debt servicing cost % GDP

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 6 Recovery Competitiveness Recovery (2010-11) Source: European Commission

7 The 2 nd 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 7 Source: The 2011 Euro Plus Monitor: progress amid the turmoil, The Lisbon Council/Berenberg Bank, November 2011 Fastest adjusting Eurozone economies (Adjustment Progress Indicator)

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

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

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