Going for Growth - Greece

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Greece GDP per capita is recovering from a deep and extended recession, but remains around half of that of the upper half of OECD countries. The gap in labour productivity is substantial. The employment rate is improving and a larger share of new jobs are full-time, but it remains low especially among the youth. High poverty rates have declined slightly in recent years but income inequality remains above the OECD average. Greenhouse gas emissions per capita are below the OECD average and they have decreased since the crisis. Exposure to air pollution and poor waste management practices harm well-being. Progress has been significant over the past two years across many reform priorities, notably in expanding and improving the effectiveness of the social protection system, strengthening revenue collection and public financial management, and easing product market regulations. A National Growth Strategy frames ongoing reforms to improve judicial processes, education quality, the public administration, management of state assets and reducing the regulatory burden. Continuing to reduce regulatory burdens and improve administrative processes would address major impediments to investing and doing business in Greece. Improving the quality of all levels of education and better linking curricula with workplace needs would raise skills. Better support for poor households, while ensuring that new requirements that beneficiaries engage in effective active labour market programmes are implemented, would relieve Greece’s high poverty rates and avoid poverty traps. Growth performance, inequality and environment indicators: Greece A. Growth Average annual growth rates (%) GDP per capita Labour utilisation of which: Labour force participation rate Employment rate1 Employment coefficient2 Labour productivity of which: Capital deepening Total factor productivity Dependency ratio

2002-08 3.0 1.6 0.9 0.5 0.2 1.7 0.5 1.2 -0.4

2012-18 0.5 0.9 -0.1 1.1 -0.1 -0.4 -0.5 0.0 0.0

C. The gap in GDP per capita has stopped widening Gap to the upper half of OECD countries5 Per cent 0 -5 -10 -15 -20

B. Inequality and environment

Gini coefficient3 Share of national disposable income held by the poorest 20%

GHG emissions per capita4 (tonnes of CO2 equivalent) GHG emissions per unit of GDP4 (kg of CO2 equivalent per USD) Share in global GHG emissions4 (%) * OECD simple average (weighted average for emissions data)

Level

Annual variation (percentage points)

2016 33.3 (31.7)*

2013-16 -0.3 (0)*

6.7 (7.6)*

0.1 (0)*

2016 8.2 (10.9)* 0.3 (0.3)* 0.2

Average of levels 2010-16 9.3 (11.3)* 0.4 (0.3)* 0.2

-25 -30 -35 -40 GDP per capita -45

GDP per hour worked -50

Source: Panel A: OECD, Economic Outlook Database; Panel B: OECD, Income Distribution and National Accounts Databases; United Nations Framework Convention on Climate Change (UNFCCC) Database and International Energy Agency (IEA), Energy Database; Panel C: OECD, National Accounts and Productivity Databases. StatLink 2 https://doi.org/10.1787/888933954933


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Going for Growth - Greece by OECD - Issuu