";s:4:"text";s:6571:" Greece's GDP growth has also, as an average, since the early 1990s been higher than the EU average. Summer 2020 Economic Forecast: A deeper recession with wider divergences The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. The debt-to-GDP values for 2006 and 2007 (about 105%) were established after The Greek crisis was triggered by the turmoil of the The aforementioned budget deficit and debt revisions were connected with findings that, through the assistance of As a consequence, there was a crisis in international confidence in Greece's ability to repay its sovereign debt, as reflected by the rise of the country's borrowing rates (although their slow rise – the 10-year government bond yield only exceeded 7% in April 2010 – coinciding with a large number of negative articles, has led to arguments about the role of international news media in the evolution of the crisis). The greater use of cards was one of the factors that had already achieved significant increases in VAT collection in 2016.In terms of GDP per capita, Attica (€23,300) far outranks any other Greek region.In 2011, 53.3 percent of employed persons worked more than 40 to 49 hours a week and 24.8 percent worked more than 50 hours a week, totaling up to 78.1 percent of employed persons working 40 or more hours a week.Recent trends in employment indicate that the number of workings hours will decrease in the future due to the rise of part-time work. However, the Greek economy continues to face significant problems, including high unemployment levels, an inefficient public sector After fourteen consecutive years of economic growth, Greece went into recession in 2008.Greece was accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis.As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011,Between 2008 and 2013 unemployment skyrocketed, from a generational low of 7.2% in the second and third quarters of 2008 to a high of 27.9% in June 2013, leaving over a million jobless.Most of the differences in the revised budget deficit numbers were due to a temporary change of accounting practices by the new government, i.e., recording expenses when military material was ordered rather than received.The original accounting practice for military expenses was later restored in line with Eurostat recommendations, theoretically lowering even the ESA95-calculated 1999 Greek budget deficit to below 3% (an official Eurostat calculation is still pending for 1999). The economy of Greece is the 51st largest in the world with a nominal gross domestic product (GDP) of $209.853 billion per annum. The draft submitted Monday to parliament includes growth forecasts of 2.0% and 2.8% for 2019 and 2020 — above the European Commission’s forecast of 2.2% growth in Greece next year. In 2009 Since the fall of communism, Greece has invested heavily in neighbouring Since the start of the debt crisis, Greece's negative The Greek road network is made up of 116,986 km of roads,In 2008 renewable energy accounted for 8% of the country's total energy consumption,In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece,In addition to the above, Greece is also to start oil and gas exploration in other locations in the Also under the new austerity measures and among other changes, the personal income tax-free ceiling has been reduced to €5,000 per annumThe Ministry of Finance expected tax revenues for 2012 to be €52.7 billion (€23.6 billion in direct taxes and €29.1 billion in indirect taxes),Greece's "shadow economy" was estimated at 24.3% of GDP in 2012, compared with 28.6% for Estonia, 26.5% for Latvia, 21.6% for Italy, 17.1% for Belgium, 14.7% for Sweden, 13.7% for Finland, and 13.5% for Germany, and is certainly related to the fact that the percentage of Greeks that are self-employed is more than double the EU average (2013 est. In order to avert a default (as high borrowing rates effectively prohibited access to the markets), in May 2010 the other Eurozone countries, and the IMF, agreed to a "rescue package" which involved giving Greece an immediate €Public sector workers have come out on strike in order to resist job cuts and reductions to salaries as the government promises that a large scale privatisation programme will be accelerated.By July 2014 there were still anger and protests about the austerity measures, with a 24-hour strike among government workers timed to coincide with an audit by inspectors from the International Monetary Fund, the European Union and European Central Bank in advance of a decision on a second bailout of one billion euros ($1.36 billion), due in late July.Greece exited its six-year recession in the second quarter of 2014,A third bailout was agreed in July, 2015, after a confrontation with the newly elected leftist government of Alexis Tsipras. Distribution of total income in Greece over the years One method of evasion is the so-called black market, grey economy or shadow economy: work is done for cash payment which is not declared as income; as well, VAT is not collected and remitted.The shortfall in the collection of VAT (sales tax) is also significant. The requirement applied to around 400,000 firms or individuals in 85 professions. In 2014, the government collected 28% less than was owed to it; this shortfall was about double the average for the EU. Greece has progressed well in implementing its specific reform commitments for the end of 2019 and should take “further significant action” for the financial sector, the Commission said.After losing around 25% of its economic output during a decade-long debt crisis, Greece now needs to mainly focus in fixing its banking sector. According to IMF figures for 2018, Greece's GDP per capita was $20,317 at nominal value and $29,072 at purchasing power parity. The high ratio of NPLs - just below 40% - constrains deleveraging and banks’ profitability, reducing the amount of credit that can be channeled to the economy, which suffers from underinvestment and slow productivity growth, it said, acknowledging “signs of improvement for companies.”European authorities are also worried about Greece’s high government debt, even if it’s forecast to drop to 169.3% of GDP in 2020 from 175% of GDP last year. ";s:7:"keyword";s:19:"greece economy 2020";s:5:"links";s:8951:"Tmb App Barcelona,
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